Cold Chain Tracking And Monitoring Market Size
The Business Research Company recently released a comprehensive report on the Global Cold Chain Tracking And Monitoring Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The cold chain tracking and monitoring market size has grown rapidly in recent years. It will grow from $6.24 billion in 2023 to $7.19 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to globalization of supply chains, stringent regulatory standards, rise in demand for perishable goods, focus on food safety.
The cold chain tracking and monitoring market size is expected to see rapid growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to e-commerce growth in food and pharmaceuticals, increased complexity in supply chains, growing pharmaceutical industry, focus on sustainability and environmental impact, pandemic-driven changes in healthcare logistics. Major trends in the forecast period include environmental sustainability, data security concerns, collaborations and partnerships, real-time visibility and analytics.
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Market Drivers and Trends:
The increasing demand for food and beverages is expected to propel the growth of the cold chain tracking and monitoring market going forward. Food and beverages refer to the large group of goods and sectors of the economy involved in manufacturing, processing, supplying, and consuming food and drink. The food and beverage sector can guarantee that products reach customers in a safe, new, and high-quality state using comprehensive cold chain tracking and production processes. For instance, in April 2022, according to a report shared by Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales increased from $435.3 billion in 2021, to $506 billion in 2022. Further, worldwide food and beverage sales are expected to reach $857 billion by 2025. Therefore, the increasing demand for food and beverages is driving the cold chain tracking and monitoring market.
Technology innovations are a key trend gaining popularity in the cold chain tracking and monitoring market. Major companies operating in the cold chain tracking and monitoring market are adopting new technologies to sustain their position in the market. For instance, in May 2023, Tridentify, a Sweden-based MedTech company, launched a real-time cold chain monitoring system. The new technology offers a thorough picture of pharmaceutical items’ stability and remaining shelf life in real-time. Tridentify has transformed the industry with the debut of this new monitoring system, allowing businesses to monitor their operations and the stability of their shipments in real-time. The new solution delivers an accurate and real-time assessment of a consignment, allowing businesses to make data-driven decisions. It is uniquely designed with state-of-the-art technology, including advanced sensors and machine-learning algorithms that help monitor systems.
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Major Key Players of the Market:
Carrier Global Corporation, Emerson Electric Co., AmeriCold Logistics LLC, Lineage Logistics LLC, Digi International Inc., ORBCOMM Inc., Cryoport Inc., Controlant AGM, Sensitech Inc., SpotSee Holdings LLC, ELPRO-BUCHS AG, Berlinger & Co AG, Hanwell Solutions Ltd., Tippmann Group, Cryopak Industries Inc., Savi Technology Inc., Rotronic AG, Maven Systems Pvt. Ltd., Klinge Corporation, Monnit Corporation, LogTag Recorders Ltd., Testo SE & Co. KGaA, Verigo, SecureRF Corporation, BT9 Ltd., Zest Labs Inc., Blulog, Gemini Data Loggers UK Ltd., Intelleflex Corporation, Infratab Inc.
Cold Chain Tracking And Monitoring Market 2024 Key Insights:
• The cold chain tracking and monitoring market size is expected to see rapid growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Meeting The Rising Demand For Food And Beverages With Enhanced Supply Chain Processes
• Real-Time Cold Chain Monitoring System Revolutionizes Supply Chain Visibility
• North America was the largest region in the cold chain tracking and monitoring market in 2023
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