Cold Chain Monitoring Market to be Worth $119.74 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 17, 2023 /PRNewswire/ — The global cold chain monitoring market size is expected to reach USD 119.74 billion by 2030, growing at a CAGR of 22.5% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The main factors driving the market’s growth are the increasing demand for pharmaceutical and other temperature-sensitive products worldwide, stringent regulations regarding the storage and shipment of pharmaceutical products, and increasing private and government investments in the cold storage warehouse industry.

Key Industry Insights & Findings from the report:

Growing technological advancements are expected to boost cold chain monitoring solutions innovation. The growing trade of pharmaceutical and temperature-sensitive products globally is anticipated to spur industry growth over the forecast period
In terms of component, the software segment is projected to grow at the fastest CAGR of 23.7% from 2023 to 2030. The need to analyze data collected from hardware devices to improve the overall cold chain operations is driving the growth of the software segment
Based on application, the food & beverages segment dominated the market in 2022 with a revenue share of 78.8% and is projected to grow at a CAGR of 20.6% from 2023 to 2030. The growing demand for processed food and changes in consumer preferences is driving the demand for cold chain monitoring solutions across the food & beverages sector

Read full market research report, “Cold Chain Monitoring Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.

Cold Chain Monitoring Market Growth & Trends

The increasing demand for vegetables, meat, fruits, and dairy products globally is projected to drive the market’s growth. Processed food items require continuous temperature monitoring during transportation and storage to prevent contamination and maintain the quality of the products. The cold chain service providers adopt the monitoring solutions as it delivers benefits such as safety, cost efficiencies, real-time tracking, and lower downtime, which help them in achieving their revenue goals. The technological advancements in connected devices technologies such as the Internet of Things (IoT), radio frequency identification (RFID), intelligent sensors, and others are also expected to bolster the market’s growth.

The North America region is estimated to maintain the largest market share of revenue over the forecast period owing to the factors such as well-developed transportation and distribution systems, high technology adoption rate, and increasing demand for processed food products. In North America, the U.S. market is expected to hold the largest revenue share from 2023 to 2030, owing to the presence of many cold chain monitoring solution providers and the ever-increasing demand for pharmaceutical and processed food products. The Asia Pacific region is projected to witness a high growth rate over the forecast period due to the rising population, rapid industrialization, and advancements in transportation & warehousing technologies in emerging economies such as India and China. The key players in the market are adopting different development strategies, such as mergers and acquisitions, to expand their presence and market share in the cold chain monitoring industry.

Cold Chain Monitoring Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 28.89 billion
Revenue forecast in 2030	USD 119.74 billion
Growth rate	CAGR of 22.5% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 – 2021
Forecast period	2023 – 2030

Cold Chain Monitoring Market Segmentation

Grand View Research has segmented the global cold chain monitoring market based on component, application, and region:

Cold Chain Monitoring Market – Component Outlook (Revenue, USD Million, 2017 – 2030)

Hardware

Sensors
RFID Devices
Telematics
Networking Devices
Others

Software

On-premise
Cloud-based

Cold Chain Monitoring Market – Application Outlook (Revenue, USD Million, 2017 – 2030)

Food & Beverages

Fruits & Vegetables
Fruit Pulp & Concentrates
Dairy Products

Milk
Butter
Cheese
Ice cream
Others

Fish, Meat, and Seafood
Processed Food
Bakery & Confectionary
Others

Pharmaceuticals

Vaccines
Blood Banking
Others

Others

Cold Chain Monitoring Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

North America

U.S.
Canada

Europe

Germany
UK
France
Spain
Italy
Norway
Netherlands
Switzerland
Russia

Asia Pacific

China
Japan
India
Singapore
South Korea
Australia

Latin America

Brazil
Mexico

Middle East & Africa

Kingdom of Saudi Arabia (KSA)
UAE
South Africa

List of Key Players in the Cold Chain Monitoring Market

ELPRO-BUCHS AG
Carrier
Berlinger & Co. AG
Savi Technology
ORBCOMM
Geotab Inc.
Monnit Corporation
Controlant
Zest Labs, Inc.
Infratab, Inc.

Check out more market research studies published by Grand View Research:

Cold Chain Market – The global cold chain market size is expected to reach USD 892.3 billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing demand for quality foods, rising Information Technology (IT) spending in cold storage logistics, and growing investment in developing cold chains drive market growth. Moreover, increasing e-commerce sales, accelerated by the COVID-19 pandemic, drive the need for cold chain solutions.
Pharmaceutical Logistics Market – The global pharmaceutical logistics market size is estimated to reach USD 170.17 billion by 2030, registering a CAGR of 9.2% from 2023 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain and non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients. The import and export of various medicines to treat coronavirus are increasing across all countries, including U.S. and China.
Secure Logistics Market – The global secure logistics market size is anticipated to reach USD 153.44 billion by 2030, registering a CAGR of 8.9% over the forecast period, according to a new report by Grand View Research, Inc. ATMs play a vital role in maintaining the core banking touchpoint with consumers. Initially, ATMs were introduced to reduce congestion in branches. However, the types of services provided at ATMs have expanded significantly. The increasing trend of introducing cash recycling ATMs is likely to accelerate the ATM market growth. Economic size and population density have a positive impact on the financial sector. The densely populated countries have a higher ATM penetration and higher geographic branch.

Browse through Grand View Research’s Automotive & Transportation Research Reports.

About Grand View Research

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