The global IoT for cold chain monitoring market was valued at US$ 5.5 billion in 2022. It is expected to experience steady growth, with a projected compound annual growth rate (CAGR) of 13.9% from 2023 to 2033. By 2033, it is anticipated that this market will reach a total value of US$ 23.1 billion.
IoT technologies can utilize data that exists within the physical environment to unlock the business value across the cold chain in the form of brand equity, reduced waste, and return on investments. The web-based platform leverages real-time information from the manufacturing, production, storage and distribution stages to help companies monitor and manage asset health, temperature, work flow, vehicle location, and environmental data.
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IoT offers a multitude of benefits and has been adopted across diverse industries for cold chain monitoring. According to FMI, healthcare & pharma segment is estimated to register a CAGR of 16.1% during the forecast period as the medicines and drugs are highly temperature sensitive and need to be stored and transported at consistent temperature levels so the supply chain operators are opting for IoT for cold chain monitoring solution for storing and transporting pharma products.
Key Takeaways: IoT for Cold Chain Monitoring Market
- The global IoT for cold chain monitoring market is estimated to register a CAGR of 13.6% during the forecast period of 2021-2031
- The U.S. will continue leading the market, accounting for 86.7% of North America in 2021
- The U.K. will remain a key market in Europe, exhibiting 10.8% Y-o-Y growth in 2021
- Demand from Germany and France will continue increasing through 2031
- While growth exhibited by Japan and South Korea is expected to increase at accelerated pace, over half of East Asia market will be accounted by China through the forecast period
COVID-19 Impact Analysis on IoT for Cold Chain Monitoring Market:
As the world is struggling with the COVID-19 pandemic, cold storage companies are working for ensuring that there are enough fresh products to buy. Due to COVID-19 the adoption of IoT sensors for cold chain monitoring is increasing has the sensors help to collect, analyze light, humidity and temperature as well as send notification with location details if any issue arises.
Cold chain management has emerged as a crucial factor during the pandemic. As governments and other entities has started COVID-19 vaccines distribution the demand is increased for cold chain monitoring. Cold chain management maintains the necessary refrigeration levels of temperature-sensitive coronavirus vaccine across manufacturing, transportation, storage, and distribution process.
Adoption of IoT Technology is Driving the Market Growth
IoT adoption is increasing in response to the increasing awareness regarding the use of IoT in business and the benefits of using IoT technologies is increasing. In emerging countries, governments are announcing the plan to set up an IoT institute for developing IoT in automation, robotics, healthcare, and other industries as smartphone usage is increasing and there is the availability of a strong network of fourth generation broadband and data centers.
Adoption of IoT will increase in various industries for different purposes such as the adoption of IoT in cold chain monitoring will help the companies to monitor and manage the products and prevent them from damage.
Leading Key Players:
- Huawei Technologies
- Aeris Communication
- HC Technologies
- SenseGiz Inc.
- Zebra Technologies
- TE Connectivity
- Moschip Technologies Limited
- Laird Connectivity
- Roambe Corporation
- Cisco Systems Inc.
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IoT for Cold Chain Monitoring Market Segmentation:
By Component:
- Hardware
- IoT Temperature/Humidity Sensors
- Data Logger
- Others
- Software
- Services
- Integration & Installation
- Consulting
- Support & Maintenance
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- Healthcare & Pharma
- Retail & CPG
- Food & Beverage
- Chemicals
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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