GAO Tek News, Market Report

Cold Chain Monitoring: Global Growth

The Cold Chain Monitoring Market, which recorded a value of USD 5.1 billion in 2022, is poised for substantial growth at a Compound Annual Growth Rate (CAGR) exceeding 12.5% from 2023 to 2032. This growth is primarily fueled by the global surge in demand for perishable goods, encompassing pharmaceuticals, food, and other temperature-sensitive products. A pivotal factor influencing this demand is the noteworthy expansion of the pharmaceutical and food industries, particularly evident in India. Projections indicate that the valuation of the pharmaceutical sector in India, currently standing at USD 50 billion, is anticipated to reach USD 65 billion by 2024, with further exponential growth to a projected USD 130 billion by 2030. The increasing reliance on a robust and efficient cold chain is driven by the imperative need to maintain the quality and safety of products from their production stages to consumption. Technological advancements, particularly in the realms of Internet of Things (IoT) and data analytics, play a pivotal role in ensuring the integrity of temperature-sensitive products during their journey through the supply chain. Real-time monitoring, data logging, and analytics capabilities provided by IoT-enabled devices and sensors offer enhanced visibility and control over the cold chain. However, challenges include infrastructure issues in developing regions and high implementation costs. The COVID-19 pandemic has accelerated the adoption of cold chain monitoring technologies, emphasizing the importance of resilient and reliable temperature-controlled supply chains.

Additionally, the integration of blockchain technology and the use of AI and ML in cold chain monitoring solutions are anticipated to increase, offering greater traceability and efficiency in temperature control processes. North America, with a 37% market share in 2022, is a significant contributor, driven by the expansion of its pharmaceutical sector and the emphasis on precise temperature control in transportation. Major companies in the industry include GAO RFID, Cold Chain Technologies, Inc., Descartes Systems Group Inc., and Emerson Electric Co.