Cold Chain Monitoring Market to reach USD 22.1 billion by 2032 with 16.2% CAGR

From GlobeNewswire: 2024-12-02 08:49:00

The Cold Chain Monitoring Market is projected to reach USD 22.1 billion by 2032, with a CAGR of 16.2% from 2024 to 2032. Key drivers include minimizing food spoilage and growth in the pharmaceutical sector. Strict regulations are enforcing the use of advanced monitoring technologies to ensure compliance and reduce waste.

The hardware segment led the market in 2023, holding a market share of 78.6%. Devices such as temperature loggers and RFID sensors play a crucial role in monitoring environmental conditions. These devices are essential for maintaining the integrity of pharmaceutical cold chains and safeguarding perishable goods.

The pharmaceutical sector saw the fastest-growing market segment in 2023, with a CAGR of 15.75%. The demand for cold chain monitoring in this industry is driven by the need for stringent temperature controls for biologics and vaccines. Advanced technologies like IoT-enabled sensors are revolutionizing the pharmaceutical supply chain.

The Asia-Pacific region held a significant market share of around 30% in 2023, driven by rapid industrialization and a growing e-commerce sector. Countries like China and India are making significant investments in cold storage infrastructure and logistics to reduce food wastage and meet the demand for temperature-sensitive products.

Recent developments include Sensitech, Inc. launching an upgraded temperature monitoring device for vaccine transportation and ELPRO-BUCHS AG expanding its footprint in the Asia-Pacific market. With advancements in IoT, RFID, and AI-based technologies, the Cold Chain Monitoring market is set to witness substantial growth through 2032.



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