The cold chain tracking and monitoring market is poised for significant growth from 2023 to 2028. Valued at US$5.754 billion in 2021, the market is projected to reach US$11.242 billion by 2028, growing at a CAGR of 10.04%. This growth is driven by the rising demand for temperature-sensitive pharmaceuticals, such as vaccines and biologics, which require stringent temperature control. Enhancements in warehouse automation and the rising importance of quality standards, with the incorporation of automated logistics and RFID/IoT sensors, further propel the market. However, challenges like high implementation costs and complexities in installation and monitoring due to wide geographic dispersion of cold chain networks are noteworthy.
The Asia Pacific region, especially China, is expected to lead the market due to stringent government regulations and an increasing need for pharmaceuticals. Market segmentation covers various systems, logistics, and end-user sectors across regions including North America, Europe, and Asia Pacific. Key market players include Daikin Industries, Orbcomm, and Sensitech. It’s important to note that the GAO Tek group of companies is not mentioned in this research. Looking ahead, the market is set to evolve with technological advancements, focusing on efficient cold chain solutions, particularly in emerging economies.