Cold Chain Tracking and Monitoring Global Market Opportunities and Strategies to 2033

This report describes and explains the cold chain tracking and monitoring market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cold chain tracking and monitoring market reached a value of nearly $6.24 billion in 2023, having grown at a compound annual growth rate (CAGR) of 10.1% since 2018. The market is expected to grow from $6.24 billion in 2023 to $11.37 billion in 2028 at a rate of 12.8%. The market is then expected to grow at a CAGR of 12.1% from 2028 and reach $20.17 billion in 2033.

Growth in the historic period resulted from the rising government support and investments, regulatory framework for poultry products and reducing foodborne illnesses and increase in demand for temperature-sensitive drugs and biopharmaceutical products. Factors that negatively affected growth in the historic period were the high initial cost and cost of energy consumption and extreme weather conditions and unforeseen natural disasters.

Going forward, the growth in e-commerce and online shopping, increase in demand for refrigerated warehouses, growing demand for poultry meat and perishable goods, increasing and aging population will drive the growth. Factor that could hinder the growth of the cold chain tracking and monitoring market in the future include lack of reliable power sources and limited transportation options.

The cold chain tracking and monitoring market is segmented by system into software and hardware. The hardware market was the largest segment of the cold chain tracking and monitoring market segmented by system, accounting for 65.3% or $4.07 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the cold chain tracking and monitoring market segmented by system, at a CAGR of 13.8% during 2023-2028.

The cold chain tracking and monitoring market is segmented by solution into storage and transportation. The transportation market was the largest segment of the cold chain tracking and monitoring market segmented by solution, accounting for 65.7% or $4.09 billion of the total in 2023. Going forward, the storage segment is expected to be the fastest growing segment in the cold chain tracking and monitoring market segmented by solution, at a CAGR of 14.8% during 2023-2028.

The cold chain tracking and monitoring market is segmented by end user into healthcare and pharmaceuticals, food and beverages, chemicals and other end users. The food and beverages market was the largest segment of the cold chain tracking and monitoring market segmented by end user, accounting for 52.9% or $3.3 billion of the total in 2023. Going forward, the healthcare and pharmaceuticals segment is expected to be the fastest growing segment in the cold chain tracking and monitoring market segmented by end user, at a CAGR of 14.4% during 2023-2028.

North America was the largest region in the cold chain tracking and monitoring market, accounting for 35.1% or $2.18 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cold chain tracking and monitoring market will be Asia-Pacific and Western Europe where growth will be at CAGRs of 14.5% and 13.4% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 11.9% and 1.1% respectively.

The global cold chain tracking and monitoring market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 13.92% of the total market in 2022. Carrier Global Corporation was the largest competitor with a 3.59% share of the market, followed by AmeriCold Logistics LLC with 2.42%, Controlant with 1.97%, Sensitech Inc with 1.83%, Testo with 1.61%, Emerson Electric Co with 0.70%, Lineage Logistocs Holdings LLC with 0.69%, ELPRO-BUCHS AG with 0.38%, ORBCOMM, Inc.with 0.37% and Berlinger & Co. AG with 0.37%.

The top opportunities in the cold chain tracking and monitoring market segmented by system will arise in the hardware segment, which will gain $3.15 billion of global annual sales by 2028. The top opportunities in the cold chain tracking and monitoring market segmented by solution will arise in the transportation segment, which will gain $2.99 billion of global annual sales by 2028. The top opportunities in the cold chain tracking and monitoring market segmented by end user will arise in the food and beverages segment, which will gain $2.68 billion of global annual sales by 2028. The cold chain tracking and monitoring market size will gain the most in the USA at $1.59 billion.

Market-trend-based strategies for the cold chain tracking and monitoring market include on the strategic collaboration to drive innovation and expansion, introduction of technology in the cold chain tracking and monitoring market, integration of RFID technology to improve traceability and inventory systems, focus on developing innovative and advanced products and development of new generation temperature sensors.

Player-adopted strategies in the cold chain tracking and monitoring market include focus on strengthening operational capabilities through strategic partnerships, providing best-in-class service to all the customers through expanding business operations and strengthening its operational capabilities through new product developments.

To take advantage of the opportunities, the analyst recommends the cold chain tracking and monitoring companies to focus on technological innovations for enhanced cold chain monitoring, focus on RFID technology implementation for enhanced traceability, focus on product innovation for enhanced cold chain monitoring, expand in emerging markets, continue to focus on developed markets, focus on distribution channel expansion, provide competitively priced offerings, focus on strategic pricing for market competitiveness, participate in trade shows and events, continue to use B2B promotions, focus on strategic promotion for market visibility and focus on the healthcare and pharmaceuticals segment for market growth.