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HomeEditor's PickRapid growth on the horizon for the cold chain tracking solutions market

Rapid growth on the horizon for the cold chain tracking solutions market

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

Shipments of remote tracking systems with cellular or satellite communications capabilities for refrigerated cargo carrying units including trailers, intermodal containers, rail freight wagons and air freight ULDs reached 725,000 units worldwide in 2022. Growing at a compound annual growth rate (CAGR) of 9.8 percent, shipments are expected to reach 1.2 million units in 2027. During the same period, the installed base of active tracking devices used for refrigerated cargo carrying units is forecasted to grow at a CAGR of 13.0 percent from 2.4 million units at the end of 2022 to 4.4 million units by 2027.

The number of active tracking devices and real-time data loggers in use for general cargo applications, including insulated cargo boxes and pallet shippers, reached 1.6 million units at the end of 2022.. The number of active devices is forecasted to reach 5.2 million units at the end of 2027. Yearly device shipments in this category will grow from 5.9 million units in 2022 to reach 22.5 million units in 2027.

The cold chain tracking and monitoring market is served by a wide range of players. ORBCOMM has a large installed base of connected vehicles and assets. The company is the number one player in the refrigerated trailer and container tracking segment with close to 0.5 million units installed. Maersk has rolled out a system for real-time tracking of its entire fleet of 380,000 refrigerated containers, making it the largest refrigerated container tracking project worldwide. The Denmark-based tracking specialist Globe Tracker is the third largest provider of tracking solutions for refrigerated containers. The company has equipped the major shipping company Hapag-Lloyd’s entire fleet of around 160,000 reefer containers with tracking units.

Additional leading players in the refrigerated intermodal container tracking segment include Envotech, Cooltrax and Copeland (formerly Emerson Climate Technologies). Leading refrigerated trailer tracking players moreover include Spireon, Schmitz Cargobull, CalAmp and Idem Telematics. Intermodal Telematics and SAVVY Telematics Systems are leading vendors of temperature-controlled tank container tracking solutions.

“The market for real-time tracking solutions for cold chain applications continues to grow as the demand for up-to-date and relevant logistics data increases”, says Martin Backman, Principal Analyst at Berg Insight. The data can provide benefits for several departments within an organization and be used not only to optimize logistics processes but also to improve customer service, settle claims faster and more. A single load of cargo transported in the cold chain can be worth millions of euros.

Mr. Backman continues:

“Real-time tracking is a very cost-effective way to prevent high-value cargo from being spoiled or damaged.”

As the cost for IoT devices and connectivity services continues to decrease it becomes financially viable to also track goods of lower value. “The addressable market for cold chain tracking solutions will expand substantially in the next years”, concludes Mr. Backman.

The post Rapid growth on the horizon for the cold chain tracking solutions market appeared first on IoT Business News.