Cold Chain Temperature Monitoring Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Temperature Range (Chilled, Frozen, Deep-frozen), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 202

Cold Chain Temperature Monitoring Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Temperature Range (Chilled, Frozen, Deep-frozen), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2024 - 2030

Cold Chain Temperature Monitoring Market Growth & Trends

The global cold chain temperature monitoring market size is projected to reach USD 55.75 billion by 2030 and expanding at a CAGR of 19.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The expansion of the pharmaceutical sector is expected to boost the demand for products to monitor various drugs and vaccines. Continuous temperature monitoring of vaccines and medicines in the cold chain is necessary to ensure their integrity and quality. Exposure of medicines to high temperatures, whether in hospitals, healthcare homes, or pharmacies, can change the molecular form of the active chemicals in them and directly affect their effectiveness and lifespan. Moreover, the stringent regulations regarding the storage and shipment of pharmaceutical products, coupled with the continued investments from government agencies towards the healthcare industry, are also expected to drive the market growth.

Changing food preferences in various parts of the world are driving the demand for processed food, frozen food items, and dairy products. The dairy products and perishable frozen food items require continuous temperature monitoring during transportation and storage to annul any possibilities of contamination and compromise with the quality. At this juncture, cold chain temperature monitoring solutions can help cold chain service providers ensure that the products are stored at ideal temperatures.

Modern cold chain temperature monitoring solutions can deliver a myriad of benefits, such as real-time monitoring and wireless interaction with sensors. Advances in connected device technologies, such as the Internet of Things (IoT) and Radio Frequency Identification (RFID), coupled with cloud-based software, result in less human interference with refrigerated goods, thereby retaining product quality for an extended period. As such, the demand for wireless real-time temperature monitors, as well as cloud-based solutions, is anticipated to increase over the forecast period.

Cold Chain Temperature Monitoring Market Report Highlights

• Based on component, the software segment is expected to register the fastest CAGR. This growth is attributed to the growing availability of cloud-based cold chain temperature monitoring software solutions that offer benefits such as remote monitoring and scalability.
• Based on temperature range, the frozen (-18°C to -25°C) segment dominated the cold chain temperature monitoring market in 2023; the segment’s growth is driven by the growth in the demand for frozen foods, led by changes in consumer preferences.
• In terms of application, the pharmaceuticals segment is expected to register the fastest CAGR. This growth is attributed to the need to ensure regulatory compliance by maintaining the quality of pharmaceutical products.
• Based on region, North America dominated the cold chain temperature monitoring market in 2023, driven by its advanced transportation and distribution networks, high rate of technology adoption, and increasing demand for processed food products. The U.S. is experiencing a shift in dietary habits, with people prioritizing the consumption of fresh and organic foods such as organic milk, leafy vegetables, and organic eggs.
• In April 2024, TOWER Cold Chain Solutions, in collaboration with ELPRO-BUCHS AG, launched a live tracking feature for its KTEvolution containers, providing near real-time insights into shipments. This innovation enhances the monitoring of temperature-sensitive pharmaceutical products, ensuring end-to-end transparency and allowing for immediate intervention to maintain quality and compliance standards.

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