IoT For Cold Chain Monitoring Market is anticipated to increase, growing at a CAGR greater than 13.6% from 2021 to 2031, to reach a valuation of 17.8 Bn.
IoT for cold chain monitoring demand drivers are discussed in detail in a recent study by Future Market Insights (FMI), a market research and consultancy business with ESOMAR certification. The paper examines the effects of COVID-19 on the pharmaceutical and healthcare, food and beverage, and IoT for cold chain monitoring industries in general as well as the global sales of IoT for cold chain monitoring in more than 20 high-growth markets.
IoT technologies can utilize data that exists within the physical environment to unlock the business value across the cold chain in the form of brand equity, reduced waste, and return on investments. The web-based platform leverages real-time information from the manufacturing, production, storage and distribution stages to help companies monitor and manage asset health, temperature, work flow, vehicle location, and environmental data.
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Key Takeaways: IoT for Cold Chain Monitoring Market
- The global IoT for cold chain monitoring market is estimated to register a CAGR of 13.6% during the forecast period of 2021-2031
- The U.S. will continue leading the market, accounting for 86.7% of North America in 2021
- The U.K. will remain a key market in Europe, exhibiting 10.8% Y-o-Y growth in 2021
- Demand from Germany and France will continue increasing through 2031
- While growth exhibited by Japan and South Korea is expected to increase at accelerated pace, over half of East Asia market will be accounted by China through the forecast period
COVID-19 Impact Analysis on IoT for Cold Chain Monitoring Market
As the world is struggling with the COVID-19 pandemic, cold storage companies are working for ensuring that there are enough fresh products to buy. Due to COVID-19 the adoption of IoT sensors for cold chain monitoring is increasing has the sensors help to collect, analyze light, humidity and temperature as well as send notification with location details if any issue arises.
Cold chain management has emerged as a crucial factor during the pandemic. As governments and other entities has started COVID-19 vaccines distribution the demand is increased for cold chain monitoring. Cold chain management maintains the necessary refrigeration levels of temperature-sensitive coronavirus vaccine across manufacturing, transportation, storage, and distribution process.
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Adoption of IoT Technology is Driving the Market Growth
IoT adoption is increasing in response to the increasing awareness regarding the use of IoT in business and benefits of using IoT technologies is increasing. In emerging countries, the governments are announcing the plan to set up an IoT institute for developing IoT in automation, robotics, healthcare and other industries as the smartphone usage is increasing and there is availability of strong network of fourth generation broadband and data centers. Adoption of IoT will increase in various industries for different purposes such as adoption of IoT in cold chain monitoring will help the companies to monitor and manage the products and prevent them from damage.
Who is Winning?
Some of the leading players operating in the market are TE Connectivity, Huawei Technologies, Zebra Technologies, Aeris, Laird Connectivity, Roambee Corporation, MosChip Technologies Limited. SenseGiz Inc, HC Technologies, Dycodex.
These companies have been focusing on innovations to gain competitive advantage. For instance, in 2017 Orbcomm unveiled a state-of-the-art cold chain monitoring solution, which it called PT 6000.
Key Segments Covered of the IoT for Cold Chain Monitoring Market
Component
- Hardware
- IoT Temperature/Humidity Sensors
- Data Logger
- Others
- IoT Software/Platform for Cold Chain Monitoring
- Services
- Integration & Installation
- Consulting
- Support & Maintenance
Enterprise Size
- SMEs
- Large Enterprises
Industry
- Healthcare & Pharma
- Retail & CPG
- Food & Beverages
- Chemicals
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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