The cold chain tracking solutions market has been given a boost by the global Covid-19 pandemic.
A new report released by Berg Insight shows that in 2020 the number of tracking devices deployed for refrigerated cargo loading units including trailers, intermodal containers, rail freight wagons, air cargo containers, cargo boxes and pallets reached 2.5 million worldwide.
The report also predicts a compound annual growth rate of 20 per cent, meaning as many as 6.2 million of the devices could be in use by 2025.
It added refrigerated intermodal container tracking is currently the largest segment, followed by tracking devices for general refrigerated cargo applications and refrigerated trailer tracking.
Although the market for air cargo container tracking segments is considerably smaller, the report adds it is still part of a sector currently worth €465 million and expected to grow to €900 million by 2025.
Berg Insight senior analyst Martin Backman said: “Now more than ever, it is vital for shippers to know the exact location and condition of their cold chain products in transit.”
He added vaccines, pharmaceuticals and perishables are high-value goods that can easily be spoiled if correct actions are not taken when a disruption in the cold chain occurs, especially when a single shipment of this type of cargo can be worth millions of euros.