$6.4 Bn Cold Chain Monitoring Market - Global Forecast to 2023: Analysis & Forecasts by Component, Application, Logistics and Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 24, 2018--The “Cold Chain Monitoring Market by Component (Hardware (Sensors and Data Loggers) and Software), Application (Pharmaceuticals & Healthcare, Food & Beverages, and Chemicals), Logistics (Storage and Transportation), and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The cold chain monitoring market is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023, at a CAGR of 11.17% between 2018 and 2023.
Growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America, increasing demand for temperature-sensitive drugs, rising demand for better food and need to reduce food wastage, and growing demand for generic drugs owing to higher accessibility are the major factors driving the cold chain monitoring market growth. The growth of the cold chain monitoring market is hindered due to the high cost of its implementation.
The market for the software segment is expected to grow at a higher CAGR between 2018 and 2023. The software helps to improve the efficiency of complex cold chain management that needs fast execution, high precision, and appropriate temperature control upon every transaction, that is, reception, storage, release, transportation, and distribution of goods. The growth of the software segment is attributed to the value added by analytical and predictive tools, which help provide real-time information on the cold chain.
The high growth of the transportation segment is driven by the growing distribution network of the cold chain. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at a specific temperature or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Cold Chain Monitoring Market, By Component
8 Cold Chain Monitoring Market, By Application
9 Cold Chain Monitoring Market, By Logistics
10 Cold Chain Monitoring Market, Geographic Analysis
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/h5z6j4/6_4_bn_cold?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180824005379/en/
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Related Topics:Logistics,Industrial Refrigeration
INDUSTRY KEYWORD: TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 08/24/2018 02:21 PM/DISC: 08/24/2018 02:21 PM