An increase in demand for perishable goods, in the last few years, has given way to a growing inclination toward appropriate storage mechanisms. Therefore, to deal with the intricacies of operations of these temperature-controlled storages, IoT aids in cold chain management by offering top-end temperature tracking and monitoring solutions. It takes keeping a tab on a product’s flow from acquiring raw materials to dispersing the final product.
For example, in the month of February this year, one of the prominent bio-cold chain technology organizations in Korea, M2Cloud brought forth an IoT-driven LTE monitoring solution designed for biopharmaceutical monitoring with another global spearhead in IoT communication units, namely Thales, to hone up the development of advanced bio-cold chain solutions by coalescing exclusive IoT and technology. Thus, the emergence of IoT and the incorporation of automated software systems for cold chain logistics have paved the way for lucrative opportunities for the key players in the industry.
According to the recent report published by Allied Market Research, the global cold chain tracking & monitoring market is projected to cite a striking CAGR from 2020 to 2030.
Businesses across the world happen to capitalize on millions of dollars in their cold chain procedures to generate highly operative, effective, and steadfast courses due to highly pertinent cold chain solutions, which is estimated as a weedy link in the complete cold chain monitoring and tracking system altogether. The emergence of refrigerated haylofts, however, has managed to cater to the end-to-end requirements of the manufacturers of these products that are highly sensitive to temperature.
Back in 2021, Lineage Logistics Holding, LLC proclaimed the premeditated expansion of its convenience network near Savannah, Georgia, that doles out extra capacity for exported as well as imported frozen products. The rise in the number of refrigerated warehouses has driven the market growth in more than one way.
Increasing efforts of several government bodies to drop off food waste and growing trade liberalization are generating huge demand for cold chain services so as to properly accumulate temperature-sensitive goods. Several free trade agreements such as FTA and NAFTA have created huge opportunities for exporters across Europe and the USA for strengthening the trade of fragile foods. At the same time, European Union is giving subsidies to other countries for coming up with upgraded cold storage facilities to help the agricultural sector. For example, the European Union has settled over enough funds for the construction of four cold storage units for pomegranate agronomists in Balkh province, Afghanistan. The dearth of standard cold storage facilities has been a serious challenge for planters and farmers across Afghanistan. The majority of their agricultural products were getting misused while holding back the cargo carters. The project intends to offer proper storage facilities for the farmer clan to keep their products fresh while putting off sending them on to domestic and foreign markets.
Both the developed and developing countries, on the other hand, are focusing on the enactment of dictums and regulations that exclusively home in on consumer health & safety. Proficiency in utilizing cold chain solutions was never a top priority before the outbreak of Covid-19. Throughout the global health crisis, one of the grimmest challenges was to yield enough vaccines to inoculate the citizens, which was indeed a significant undertaking to make sure that the vaccines were distributed to people intact. Because of lockdowns and other boundaries snapped up by the outbreak, some businesses were enforced to modify their business plans and incorporate home delivery options. Furthermore, this entailed effectual cold chain logistics solutions.
Last but not the least; increasing focus on quality standards, growing consumer awareness, rise in the number of refrigerated warehouses, and developments in the pharmaceutical sectors have supplemented the growth of the cold chain tracking & monitoring market yet more. Additionally, transformations in government regulations & policies and advancements in the organized retail sector have also been beneficial for the industry. Especially, rapid adoption of RFID solutions and improvements in cold chain software packages have opened up new avenues in the sphere. The frontrunners in the sector are also taking recourse to avant-garde strategies to strengthen their foothold in the market.