Global Cold Chain Temperature Monitoring Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Definition Of The Global Cold Chain Temperature Monitoring Market?
Cold chain temperature monitoring refers to the process of continuously monitoring and tracking the temperature of perishable goods, pharmaceuticals, vaccines, and other temperature-sensitive products as they are transported or stored within a controlled environment. It utilizes various technologies, including sensors and data loggers, to consistently oversee the temperature conditions of perishable items to guarantee that these products are stored and transported within ideal temperature parameters, thereby preserving their quality, safety, and overall integrity.
Cold Chain Temperature Monitoring Global Market Report 2024 provides data on the global cold chain temperature monitoring market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cold chain temperature monitoring market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Cold Chain Temperature Monitoring Market Size And Annual Growth Rates?
The cold chain temperature monitoring market has shown significant growth, rising from $7.52 billion in 2023 to $8.79 billion in 2024 at a CAGR of 16.9%. This increase is primarily due to factors such as expanded global trade, heightened demand for pharmaceutical products, emphasis on maintaining product quality, improved availability of cold chain logistics, and a focus on predictive maintenance. The market is expected to grow further, reaching $16.64 billion in 2028 at a CAGR of 17.3%. Future growth drivers include the integration of emerging technologies by industry players, enhancements to product portfolios, innovative temperature monitoring solutions, increased demand for cold chain tracking in developing regions, and a focus on automation and cold storage technologies. Prominent trends include the adoption of sensors and data loggers, development of software for cold chain monitoring, enhanced security and safety features, preference for on-premise software solutions, and efforts to improve operational efficiency.
Which Key Drivers Are Propelling The Cold Chain Temperature Monitoring Market's Growth?
The growth of e-commerce is expected to drive the cold chain temperature monitoring market in the future. E-commerce involves buying and selling goods and services over the internet, and its expansion is fueled by convenience, technological advancements, and the surge in online shopping during the COVID-19 pandemic. Cold chain temperature monitoring systems provide real-time tracking and control of temperature-sensitive products, ensuring e-commerce businesses maintain product quality, meet customer expectations, and comply with regulations. According to the US Census Bureau, total e-commerce sales in the US reached $1,118.7 billion in 2023, up 7.6% from 2022. Consequently, the expansion of e-commerce is expected to stimulate growth in the cold chain temperature monitoring market.
Get Your Free Sample of the Global Cold Chain Temperature Monitoring Market ReportWhat Are The Key Segments Within The Global Cold Chain Temperature Monitoring Market?
The cold chain temperature monitoring market covered in this report is segmented –
1) By Hardware: Conventional Temperature Loggers, Real Time Monitoring Devices, Resistance Temperature Detectors, Temperature Indicators, Other Hardware
2) By Software: On Premise, Cloud Based
3) By End User: Fish, Meat And Seafood, Processed Food, Pharmaceuticals, Bakery And Confectionaries, Fruits And Vegetables, Dairy Products, Other End Users
How Are New Trends Impacting The Size Of The Cold Chain Temperature Monitoring Market?
Leading companies in the cloud telephony service market are concentrating on expanding communication services by offering cloud phone systems in new locations. Cloud phone services provide flexibility, allowing users to make and receive calls from any location with internet access. These services include call routing, voicemail transcription, and integrations with other business tools, increasing productivity and efficiency. For instance, in June 2023, RingCentral, Inc., a US-based cloud communications company, launched a cloud telephony service in India. This marked the country's first fully compliant global cloud phone system, enabling multinational businesses in India to streamline communication with employees, customers, and partners.
Which Region Drives The Highest Growth In The Cold Chain Temperature Monitoring Market?
North America was the largest region in the cold chain temperature monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cold chain temperature monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.