PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299767
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299767
Smart Pallet Sensors Market size was valued at USD 18,870.2 Million in 2022, expanding at a CAGR of 5.2% from 2023 to 2030.
Smart pallets are wooden or plastic pallets equipped with sensors for tracking products, which are in the supply chain. Additionally, it can measure temperature and humidity inside the packages when keep on the smart pallet. Moreover, it plays an essential role in the transportation of healthcare and food & beverages product. Further, they can communicate with the central management system continuously that assists the organization to optimize the supply chain and track the package effectively.
The growing requirement for inventory monitoring and tracking in manufacturing industries to optimize their supply chain and production process with the help of wireless technology will likely drive the market demand for smart pallet sensors. However, ongoing expenses and the initial investment can be costly that may restrain the smart pallet sensors market growth. Moreover, advancements in artificial intelligence (AI) technology and the Internet of Things (IoT) are the major drivers that may propel the market demand for smart pallet sensors.
Furthermore, a rise in demand from retailers and manufacturers in the food & beverages, healthcare industries, and chemicals is expected to increase sales for the smart pallet sensors market. The COVID-19 crisis has thrown the entire food and beverages industry in disarray. The supply chain was disrupted, and office shutdowns and events cancelation. This in turn impacted the smart pallet sensors market negatively.
The global smart pallet sensors market is segmented on the basis of product type, application, end-use, and region.
The market is divided into three categories based on product type: humidity sensors, pressure sensors, and proximity sensors. The humidity sensors sector is expected to possess the market. The sensors help to detect changes in pallet temperature as a result the logistics can transfer the goods before they start to deteriorate.
The market is divided into four categories based on application: inventory management, condition monitoring, asset tracking & monitoring, and security management. The inventory management sector is likely to maintain its dominance. They are adopted for increasing supply chain efficiency. Additionally, it also improves the movement of products that saves time, and improves supply chain process management.
The market is divided into four categories based on end-use: warehousing & transportation, manufacturing, food & beverage, retail, and others. Warehousing & transportation is expected to hold the largest market share. Pallet plays an important role in case of transportation of perishable goods and the increasing adoption of smart pallet sensors in warehousing & transportation.
The increasing attention being paid to improving workplace safety & preventing accidents and the requirement to save operating expenses & increase productivity are major drivers for the growth of smart pallet sensors. Market players compete on a variety of aspects such as product making, reputation, performance, product cost, and end-use. Additionally, key players are focusing on primary techniques to enlarge their business including R&D spending, mergers & acquisitions, and new product launches. For instance, in February 2022, Interroll launched a new Smart Pallet Mover to boost manufacturing logistics. Additionally, an awarded solution can be adopted as a modular and flexible management system to meet a wide range of application requirements in industrial manufacturing.
This proposed research study on smart pallet sensors market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for smart pallet sensors market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the smart pallet sensors market.
Impact of COVID-19 on smart pallet sensors market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on smart pallet sensors market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the smart pallet sensors market, we have also included competitive landscape and key innovator analysis for the smart pallet sensors market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the smart pallet sensors market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global smart pallet sensors market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: