DUBLIN, The “Cold Chain Monitoring – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Cold Chain Monitoring Market to Reach $10.9 Billion by 2026
Increasing demand for refrigeration in healthcare, food and beverage, pharmaceuticals, and chemical industries is fueling growth for the global cold chain monitoring market. Increasing consumption of protein-rich and carbohydrate-rich foods is fueling growth for refrigerated storage market in developing economies.
Rising customer awareness regarding maintaining a healthy lifestyle is propelling food manufacturers to design high-end cold chain and refrigerated warehouses. Advent of novel RFID, networking, telematics, and remote temperature sensing devices are enabling cold chain operators to constantly monitor refrigeration temperatures. Driven by new growth opportunities created by the COVID-19 crisis within the cold chain industry, the relevance of various verticals of cold chain network, including refrigerated transportation and warehousing, became amplified instantly.
Amid the COVID-19 crisis, the global market for Cold Chain Monitoring estimated at US$4.3 Billion in the year 2020, is projected to reach a revised size of US$10.9 Billion by 2026, growing at a CAGR of 15.8% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 14% CAGR to reach US$8.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 20.7% CAGR for the next 7-year period. This segment currently accounts for a 24.2% share of the global Cold Chain Monitoring market. Cold chain monitoring comprises the use of software and hardware, which includes adaptors, communication devices, application platforms, telematics unit, sensors, and RF devices and readers, among others.
The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $1.59 Billion by 2026
The Cold Chain Monitoring market in the U.S. is estimated at US$1.6 Billion in the year 2021. The country currently accounts for a 30.83% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.59 Billion in the year 2026 trailing a CAGR of 19.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.1% and 15.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.4% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period.
The US dominates the global market owing to its advanced transportation as well as distribution network, which in turn allows companies to easily design cold chain facilities. Introduction of bilateral free trade agreements including North America Free Trade Agreement (NAFTA) and European Union Free Trade agreement (FTA) is enabling the US and European companies to export large quantities of perishable products.
In order to tap the available opportunity, various firms are now designing high-end and well-connected cold storage facilities. Propelled by bourgeoning manufacturing sector and positive economic scenario, market for cold storage systems is witnessing a significant growth in the Asia Pacific region.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire
