The global IoT for cold chain monitoring market was valued at US$ 5.5 billion in 2022 and is expected to rise at a CAGR of 13.9% from 2023 to 2033, reaching US$ 23.1 billion in 2033.
IoT solutions may use data from the physical environment to unleash corporate value across the cold chain in the form of brand equity, waste reduction, and return on investment. The web-based platform uses real-time data from the manufacturing, production, storage, and distribution phases to assist businesses in monitoring and managing asset health, temperature, workflow, vehicle position, and environmental data.
IoT provides numerous benefits and has been utilized in a variety of industries for cold chain monitoring. According to FMI, the healthcare and pharmaceutical segment is expected to grow at a CAGR of 16.1% during the forecast period.
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Because medicines and drugs are highly temperature sensitive and must be stored and transported at consistent temperatures, supply chain operators are turning to IoT for cold chain monitoring solutions for storing and transporting pharma products. A significant factor to remember here is that large firms will control 55.2% of the market in 2021.
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.
However, the IoT for cold chain monitoring market is estimated to grow around 10% to 12% Y-o-Y from 2019 to 2020.
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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.
More Valuable Insights on IoT for Cold Chain Monitoring Market
FMI’s report on the IoT for Cold Chain Monitoring market is segmented into four major sections such as component (hardware, IoT software/platform for cold chain monitoring, services), enterprise size (SMEs, large enterprises), industry (healthcare & pharma, retail & CPG, food & beverages, chemicals, and others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the IoT for cold chain monitoring market.
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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