The global smart pallet sensors Market is expected to exhibit a CAGR of 4.2% over the forecast period, according to the Global Smart Pallet Sensors Market Report, by Application (Inventory Management, Condition Monitoring, Asset Tracking & Monitoring, and Security Management), By End-use Industry (Healthcare, Warehousing & Transportation, Manufacturing, Food & Beverage, and Retail), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Large number of items, which include perishable and electronic items such as fresh food, vegetables, and mobile phones, move through complex supply chains across the world. Smart pallets are being adopted for material handling, which are equipped with sensors for temperature monitoring, humidity monitoring, and location tracking. This method of monitoring will help in optimal supply chain control, lowers the supply chain monitoring cost, and it can reduce the supply chain cost.
Moreover, smart pallet manufacturers are engaged in manufacturing of IoT embedded smart pallets, which will help in continuous communication with the receiver, thereby improving the consignment handling. For instance, in June 2016, Ahrma Holding BV launched IoT-enabled smart pallet. This smart pallet can communicate with intelligent low-cost receivers mounted at strategic places on customer premises.
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Browse 60 market data tables* and 40 figures* on "Global Smart Pallet Sensors Market” - Global forecast to 2027.
Key Trends and Analysis of the Global Smart Pallet Sensors Market:
- Among end-use industry, manufacturing segment is expected to exhibit a considerable growth rate over the forecast period. For instance, according to the International Monetary Fund, in 2020, the global manufacturing output is expected to increase 3.4% when compared to 2019
- Moreover, the governments of major economies across the globe are focusing on boosting the manufacturing sector of their country, which in turn will increase employment for local people and bring advanced technology for product manufacturing in the country. For instance, in August 2019, the Central Government of India permitted 100 percent FDI in contract manufacturing sector, and in union budget 2018-19, the Central Government of India reduced the income tax rate to 25% for all the companies who have their annual turnover up to US$ 38.75 million, which will majorly benefit new startups and small companies.
Key Takeaways of the Market:
- Asia Pacific region is expected to exhibit the highest growth rate over the forecast period, owing to growing food and beverages, and healthcare industry in the region. For instance, according to Coherent Market Insights’ analysis, India is expected to exhibit strongest annual growth in F&B sales with an annual growth rate of 13.1% during year 2017-20. Indonesia and the Philippines are both expected to exhibit a strong acceleration in growth of F&B sales, with expected annual growth rate of 10.1% and 9.6%, respectively. This is expected to create lucrative opportunity for smart pallet sensors market in the region over the forecast period.
- In addition, growing healthcare industry in the region is expected to boost the adoption of pallet sensors in the region. Healthcare system providers across the region are focusing on improving healthcare system, owing to increasing need for quick transportation of medical samples and specimens for testing, and increasing focus on reducing the logistics cost. This may be achieved by optimizing the supply chain with proper tracking and reducing the downtime during the supply chain, which can be achieved by using smart pallet sensors.
- Some of the major players operating in the global smart pallet sensors market include ADLINK Technology Inc., Ahrma Group, Ambrosus, Chainvu, Ennomotive, Lightning Technologies LLC., LogTrade, Metiora, NFC Group, RM2., TronicsZone, and others