Cold Chain Tracking & Monitoring Market Size, Share, and Industry Analysis, By Component (Hardware and Software), By Logistics (Storage and Transportation), By Application (Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, and Others), and Regional Forecast, 2024-2032

Cold chain tracking and monitoring is the process of maintaining and monitoring the desired temperature range for temperature-sensitive products throughout the entire supply chain. Effective cold chain tracking and monitoring are essential for maintaining the quality and efficacy of temperature-sensitive products, reducing waste and product loss, and meeting regulatory requirements in pharmaceuticals, food, and chemical industries. Rising pharmaceutical and healthcare requirements and growing fresh food and perishable goods market will drive the market growth within the forecast period.

Implementing a comprehensive cold chain monitoring system can be capital-intensive, as it requires specialized equipment, software, and infrastructure. Different manufacturers and service providers often use proprietary technologies and protocols, leading to compatibility issues and difficulties in integrating various components of the cold chain monitoring system.

The COVID-19 pandemic had a considerable impact on the cold chain tracking and monitoring market. The pandemic caused widespread disruptions in global supply chains, affecting the transportation and distribution of temperature-sensitive products, including vaccines, pharmaceuticals, and perishable goods. The rapid distribution of COVID-19 vaccines globally created immense logistical challenges, as many vaccines required strict temperature controls during transportation and storage.

The pandemic denoted the critical importance of reliable cold chain monitoring for vaccine distribution and other temperature-sensitive products. This has led to the increased investment and adoption of advanced cold chain monitoring technologies by governments, healthcare organizations, and logistics providers. The pandemic prompted the development of innovative cold chain monitoring solutions.

Key Insights

The report covers the following key insights:

• Key Industry Developments


• Porter's Five Forces Analysis.


• Technological Developments


• Impact of COVID-19 on the Cold Chain Tracking and Monitoring Market

Segmentation

Analysis by Component

By component, the market is bifurcated into hardware and software. The software segment will grow at a rapid pace during the forecast period. The use of software solutions in cold chain tracking and monitoring has been increasing rapidly, driven by the need for greater visibility, real-time data access, and advanced analytics capabilities. Many cold chain monitoring solutions are implementing cloud-based platforms and data integration and analytics to improve efficiency. Hardware plays a crucial role in cold chain tracking and monitoring systems, enabling the collection, transmission, and analysis of temperature data throughout the supply chain. Hardware includes temperature sensors & data loggers, RFID tags & readers, GPS tracking devices, and wireless communication devices.

Analysis by Logistics

By logistics, the market is classified into storage and transportation. The storage segment is expected to capture a considerable share in the coming years. Temperature sensors and data loggers are strategically placed throughout storage facilities, such as refrigerated warehouses, cold rooms, and freezers, to monitor and record temperature data continuously. Cold chain monitoring can integrate data with inventory management systems to track the temperature history of individual products or batches. Cold chain monitoring systems often integrate with GPS tracking devices or telematics systems to monitor the real-time location of shipments.

Analysis by Application

By application, the market is classified into food & beverages, pharmaceutical & healthcare, chemicals, and others. The pharmaceuticals & healthcare segment will grow significantly during the forecast period. Many pharmaceutical products, such as vaccines and drugs, must be stored and transported within specific temperatures to maintain their efficacy and stability. The pharmaceutical industry’s strict regulatory requirements, combined with the high stakes involved in maintaining the quality and safety of temperature-sensitive products, have driven the widespread adoption of advanced cold chain tracking and monitoring systems. Cold chain tracking and monitoring are pivotal in the food and beverages industry to ensure the safety, quality, and freshness of perishable products throughout the supply chain.

Regional Analysis

The global market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America captured a significant market share. Regulatory bodies in North America, the U.S. Food and Drug Administration (FDA) and the Canadian Food Inspection Agency (CFIA) have strict guidelines and requirements for maintaining the quality of temperature-sensitive products during transportation and storage. Moreover, favorable trends associated with the pharmaceutical and healthcare industries will drive industry growth in North America. Expansion of e-commerce & online grocery delivery and the development of cold chain infrastructure will drive market growth in Asia Pacific over the next few years.

Key Players Covered

The report includes the profiles of key players, such as Orbcomm (U.S.), Sensitech Inc. (U.S.), Berlinger & Co. AG (Switzerland), Monnit Corporation (U.S.), Controlant (Iceland), ELPRO-BUCHS AG (Switzerland), Infratab (U.S.), Zest Labs (U.S.), Klinge Corporation (U.S.), Lineage Logistics (U.S.), Copeland (U.S.),  and TempSen Electronics (China).

Key Industry Developments

• In November 2023, Sensitech Inc. launched a new solution through the SensiWatch Platform for cold chain monitoring of outbound shipments for last-mile deliveries.


• In May 2023, Orbcomm, Inc. introduced the new RT 8000, which will automate operations with enhanced connectivity, speedy data access, and wireless sensors to digitize cold-chain decision-making.