Smart pallets are plastic or wooden pallets equipped with sensors for tracking products, which are in the supply chain. The smart pallets can measure the humidity and temperature inside the packages when placed upon the smart pallet. This plays an important role during the transportation of food and beverages, and healthcare products. In addition, smart pallet sensors can continuously communicate with the central management system, which helps organizations to track the package effectively and optimize the supply chain.
The global smart pallet sensors market is expected to exhibit a CAGR of 4.2% over the forecast period (2019–2027). This is owing to increasing demand for optimizing the supply chain and tracking all the products that are transported, which in turn reduces the operational cost and product spoilage during the transportation.
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Increasing manufacturing output across various end-use industries such as construction and furniture industries in emerging economies such as India and Canada is expected to drive demand for small pallet sensors over the forecast period. For instance, according to India Brand Equity Foundation, through Make in India initiative, the Central Government of India is trying to increase the share of manufacturing sector in GDP to 25% by the year 2022, from 16% in 2019.
Moreover, rising usage of IoT in supply chain is expected to propel market growth over the forecast period. IoT includes connecting any device to the Internet and/or to each other. It can be used for connecting the pallets with the central system through the internet, thereby increasing the efficiency of organizations spending on transportation of materials.
Global Smart Pallet Sensors Market, By Application:
Asset Tracking & Monitoring
Global Smart Pallet Sensors Market, By End-use Industry:
Warehousing & Transportation
Food & Beverage
Global Smart Pallet Sensors Market, By Region:
Asset Tracking & Monitoring
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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.
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