Businesses across different industries are striving not only to reopen but also to grow. Business leaders are leveraging the rescue packages from the government to restructure themselves with digital conversions and agile organizational structures. They are taking swift actions to get ready for greater resilience and better productivity in a future where the usual business does not exist. The industry leaders are investing in future technologies to automate facilities and physical processes to comply with social distancing norms.
The industrial sector is transforming towards centralized and automated non-core tasks. The businesses are evaluating and re-aligning service capabilities and network models to adapt with the new normal. To overcome the impact of disrupted supply chain models, the businesses are creating transparent system with help of big data, connected ecosystem and intelligent system. Besides all the organizational level changes, the market players in industrial sector are increasing work safety precautions to fall in line with the social-distancing norms issued by the government.
Cold chain monitoring is a supply chain monitoring/logistics solution that helps in effective tracking of perishable products, food items, pharmaceutical and health care with assured freshness. Monitoring and efficient management depends on the hardware and software selected for monitoring. Increased awareness of preserving foods and beverages in supply chain/logistics drives the cold chain monitoring market.
Cold chain monitoring is commonly used in food, agriculture and pharmaceutical industries to maintain sustainable temperature-controlled supply chain. It plays a vital role by providing monitoring solutions and increases performance with the help of real-time data about the storage and distribution network in various applications.
Effective monitoring in pharmaceutical and health care sectors reduces wastage and increases shelf life and effectiveness of drugs. Continuous monitoring of the cold chain is essential to ensure quality and integrity of vaccines, medicines, and other active ingredients. Whether in hospitals, pharmacies or care homes, temperature spikes during storage of medicines are a problem and can directly affect their lifespan and effectiveness.
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Effective monitoring is required not only to regulate temperature, but also to record data seamlessly. High inspections and strict guidelines demand a validated solution for temperature monitoring (GDP – Good Distribution Practice).
GMP (Good Manufacturing Practice) and GDP (Good Distribution Practice) regulations are provisions governing medicines. It is essential to not only to regulate the temperature, but also to record it without fail. Food crises and awareness of reducing food wastage are factors expected to spur growth of the cold chain monitoring market. Rising awareness of these factors also offers environment betterment as an added benefit.
The illiberal regulatory environment in North America and Europe drives the adoption of cold chain monitoring to aid solving health care and pharmaceutical problems. Increased cognizance for quality food and demand in the food industry to incorporate solutions in the supply chain have immense potential in monitoring. These key benefits drive the cold chain monitoring market in the Asia Pacific region, which is expected to show high growth rate in the coming future. Awareness of quality products in foods and beverages, rapid urbanization, and a high amount of population depending on medications foster growth for the cold chain monitoring market in Asia Pacific.
Global Cold Chain Monitoring Market: Segmentation
The cold chain monitoring market is segmented as follows:
By component hardware, the cold chain monitoring market is segmented as:
- RFID Devices
- Data Loggers & Sensors
- Telemetry & Telematics
By type, the cold chain monitoring market is segmented as:
- Refrigerated Storage
By temperature type, the cold chain monitoring market is segmented as:
By technology, the cold chain monitoring market is segmented as:
- Air blown
By application, the cold chain monitoring market is segmented as:
- Meat, Fish & Sea Food
- Pharmaceutical Medicines
- Bakery & Confectionery
By logistics, the cold chain monitoring market is segmented as:
Global Cold Chain Monitoring Market: Key Trends and Drivers
Data loggers are essential in supply chain monitoring for food and beverage industries in order to increase effective monitoring in the logistics/supply chain, which drives growth for the cold chain monitoring market. Increased awareness of quality food and rapid urbanization drive the cold chain monitoring market. Storage inspections are beneficial to increase the life span of medication. Monitoring the stockroom for pharmaceutical industries and increased usage of medication are two major drivers for the cold chain monitoring market.
Strict regulatory environment in the pharmaceutical industry and effective usage of medicines and drugs and increased number of care homes and hospitals are forecasted to drive the cold chain monitoring market. Growing health consciousness and increasing cognizance to decrease the wastage of food are also expected to drive the cold chain monitoring market over the forecast period.
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Global Cold Chain Monitoring Market: Market Participants
Examples of some of the market participants identified across the value chain include,
- Preferred Freezer Services
- Americold Logistics
- Lineage Logistics Holding LLC
- Burris Logistics
- and Nichirei Logistics Group Inc. Other players include Cloverleaf Cold Storage
- AGRO Merchants Group
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