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The cold chain tracking solutions market set for rapid growth

Berg Insight, the world’s leading IoT market research provider, today released a new market report covering the cold chain tracking market.

The number of active tracking devices deployed for refrigerated cargo and cargo carrying units including trailers, intermodal containers, rail freight wagons, air cargo containers, cargo boxes and pallets reached 4.1 million worldwide in 2021. Growing at a compound annual growth rate (CAGR) of 17.4 percent, this number is expected to reach 9.2 million by 2026. In terms of installed base, tracking devices for general refrigerated cargo applications is today the largest market, followed by refrigerated intermodal containers and trailers. The markets for tracking solutions for refrigerated rail freight wagons and air cargo containers are considerably smaller. The total market value for cold chain tracking solutions reached an estimated € 720 million in 2021. Growing at a CAGR of 11.4 percent, the total market size is forecasted to reach € 1.2 billion in 2026.

The cold chain tracking and monitoring market is served by a wide range of players. Maersk has rolled out a system for real-time tracking of its entire fleet of 385,000 refrigerated containers, making it the largest refrigerated cargo container tracking project worldwide. ORBCOMM is the second largest player in terms of the number of connected units with an estimated 380,000 units installed on both refrigerated trailers and reefer containers. The Denmark-based tracking specialist Globe Tracker is the third largest provider of tracking solutions for refrigerated cargo carrying units. The company is collaborating with the major shipping company Hapag-Lloyd to equip the ocean carrier’s entire fleet of around 140,000 reefer containers with tracking units.

Additional leading players in the refrigerated intermodal container and trailer tracking segment include Envotech, Cooltrax, Emerson, Spireon, Schmitz Cargobull, CalAmp and Idem Telematics. DeltaTrak, Sensitech (part of Carrier), Controlant, Tive and Frigga (part of Dewav Electronic Technology) are leading players in the refrigerated cargo tracking segment, each with more than 100,000 active trackers at any given time. Additional players in the segment include OnAsset Intelligence, Roambee, Adapt Ideations, Tempmate, Escavox, 7PSolutions and Intelyt.

“The logistics industry is currently undergoing a major transformation”, says Martin Backman, Senior Analyst at Berg Insight. Accelerated by the supply chain disruptions following the COVID-19 pandemic, the industry is now investing heavily in digital solutions that will increase visibility and security in the supply chain. Cold chain tracking solutions provide significant value for shippers and logistics providers by providing real-time data on the location and condition of temperature-sensitive cargo in-transit. “The lack of up-to-date and relevant shipment data is one of the main reasons that lead to spoiled cargo”, continues Mr. Backman. This can potentially lead to major losses as products transported in the cold chain are typically of high value.

Mr. Backman concludes:

“2021 was a stellar year for the cold chain tracking industry and the future looks bright as the industry is now ready for investing in the technology.”

Download report brochure: The Cold Chain Tracking and Monitoring Market

The post The cold chain tracking solutions market set for rapid growth appeared first on IoT Business News.

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