The cold chain monitoring market is on pace to double in value by 2022, growing from $3.11 billion in 2015 to $6.23 billion by 2022, in response to rising pharmaceutical regulations and food and beverage demand, a study shows.

That growth would represent a compound annual growth rate (CAGR) of 9.84 percent over the five-year period, due to the strict regulatory environment in the pharmaceutical industry, the growing demand for quality food, and the rising need to reduce wastage of food in the food and beverages industry, according to a report from Markets and Markets, a Pune, India-based market research firm with U.S. offices in Seattle.

Companies affected by the trend would include providers of cold chain monitoring technology and equipment, such as environmental sensor vendors NXP Semiconductors N.V. (Netherlands) and NEC Corp. (Japan), as well as complete solution providers like Sensitech Inc. (U.S.), Orbcomm Inc. (U.S.), and Berlinger & Co. AG (Switzerland), the study found. These companies will see rising demand for hardware components such as sensors and data loggers during the forecast period.

Storage logistics providers will also see steep growth, Markets and Markets said. Increased demand will call for them to monitor and manage refrigerated resources and speed those delicate goods throughout the stages of the cold chain, from production sites to distribution centers to final retailers.

By geography, the Asia Pacific (APAC) region will see even faster growth than its neighbors, due to growing demand for food; an increase in the segment of the population relying on medication; and rapid urbanization worldwide. In order to meet that demand, businesses will turn to technological advancements in cold chain monitoring solutions and growing awareness about the quality of the resources maintained under refrigerated temperatures, the report found.