The Global Smart Pallet Sensors Market is estimated to be valued at US$ 20.29 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart pallet sensors help in monitoring items on pallets through warehouses and supply chains. They provide product information such as location, temperature, atmosphere and ensure safety and quality of goods through real-time tracking.
Market key trends:
One of the major trends in the market is increase in adoption of smart pallet sensors in food and beverage supply chain. These sensors help in temperature monitoring of perishable goods to prevent spoilage and ensure food safety. They provide alerts in case temperature fluctuates beyond set limits during transportation and storage. This drives demand for smart pallet sensors in food supply chain.
Smart pallet sensors market is segmented based on type, technology, end-user, and region. Transportation and logistics segment accounted for a dominating share in 2023 due to rising demand for smart pallets in the transportation of goods and inventory. Smart pallet sensors help in tracking goods movement across the supply chain in real-time which boosts segment growth.
The Global Smart Pallet Sensors Market Trend is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing demand for real-time supply chain visibility and inventory management.
Regional analysis: North America dominated the global market in 2023 and is expected to continue dominance over the forecast period. This is attributed to escalating implementation of IoT and automation technologies across industries in the US and Canada. Asia Pacific is expected to exhibit the fastest growth owing to rising manufacturing activities and industries in emerging economies of China and India.
Key players operating in the Smart Pallet Sensors market are ADLINK Technology Inc., Ahrma Group, Ambrosus, Chainvu, Ennomotive, Lightning Technologies LLC., LogTrade, Metiora, NFC Group, RM2., TronicsZone, and others. The key players are focusing on new product launches and mergers & acquisitions to strengthen their global presence. For instance, in January 2023, Ambrosus partnered with Everledger to expand food supply chain solutions.