The global cold chain monitoring market is forecast to be worth $8.5 billion by 2022, according to research carried out by MarketsandMarkets. Valued in 2015 at US$3.11 billion ($4.3 billion), reaching US$ 6.23 billion ($8.5 billion) will represent a 9.84 per cent compound annual growth rate.
Pharmaceutical and healthcare applications held the largest share of the cold chain monitoring market in 2015, while the market for food and beverages applications is expected to experience rapid growth during the forecast period.
The market for the transportation sector is expected to grow at the highest rate during the forecast period. “The transportation sector is exposed to external influences, which are detrimental to the cold chain,” The MarketsandMarkets report stated. “This necessitates the use of enhanced monitoring solutions to effectively control the losses due to environmental changes and mismanagement. The growing cold chain also results in the rising transportational support required in the distribution activities of the cold chain.”
The report further predicts hardware components to hold the largest market share during the forecast period, though it expects the market for software components to grow at the highest rate.
