The cold chain monitoring is well-defined as the procedure of implementing, controlling the flow, effectively planning and storage of the perishable goods the point of the source to the point of manufacture, consumption for temperature-controlled supply chain identifying, distribution or cold chain monitoring. Such type of the supply chain system is vastly used by the food, chemical, and pharmaceutical industries to monitor the transportation of the goods, with the support of numerous hardware and software devices such as sensors, networking devices, RFID devices, and telemetry & telematics. Moreover, the key players of this market are playing an effective role by doing significant developments in the techniques of making improvements in the specification of cold chain monitoring which further proved to be beneficial for leading the fastest market growth during the forecasted period with the handsome amount of share around the globe.
According to the report analysis, “Cold Chain Monitoring Market Research Report” states that there are several key players which are presently functioning in this market more significantly for accounting the handsome amount of share around the globe by developing and upgrading the techniques of doing work with the effective implementation of innovated technologies includes NXP Semiconductors N.V (Netherlands), NEC Corporation (Japan), ORBCOMM Inc. (US), Sensitech, Inc. (US), Berlinger & Co AG (Switzerland), Control (Iceland), Infratab Inc. (US), Monnit Corporation (US), Zest Labs Inc. (Ecoark Holdings) (US), and Elpro-Buchs A G (Switzerland). Moreover, the key players of this market are making a huge amount of investments in the research and developments programs for upgrading the applications of existing technology more efficiently which further proved to be beneficial for leading the fastest market growth in the short span of time.
Although, the global market of the cold chain monitoring is segmented into variorum segments which majorly includes component, application, logistics, and region. Whereas, on the basis of components, the sector of hardware is led the market by creating the foremost amount of revenue of USD 1902.4 million in 2017 and is anticipated to account an 8.3% CAGR in the coming years. While, the global cold chain monitoring market is anticipated to reach approximately USD 7158.8 million by 2023, accounting a significant CAGR of 9.6% between 2017 and 2023.
Additionally, on the basis of application, the food & beverages sector produced the foremost revenue of USD 1303.1 million in 2017 and is anticipated to lead the market registering an 11.1% CAGR during the forecast period. Nevertheless, the market of cold chain monitoring is spread around the globe which significantly includes North America, Europe, Asia-Pacific, and the rest of the world. For instance, Global cold chain monitoring market, by region, is led by North America with the CAGR of 10.5% during the forecast period. It is followed by Europe has attained the second position in the global cold chain monitoring with the effective CAGR of 8.9%. Asia-Pacific is the fastest rising market with 11.3% CAGR. However, the rest of the world is increasing at a leisurely rate with a CAGR of 5.2% during the forecast period. Therefore, in the near future, it is expected that the market of cold chain monitoring will increase around the globe more efficiently over the recent few years.
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Ankur Gupta, Head Marketing & Communications