SMART PALLET SENSORS MARKET ANALYSIS

Smart Pallet Sensors MarketSize and Trends

The global smart pallet sensors market accounted for US$ 20.29 Bn in terms of value in 2023 and is expected to grow at a CAGR of 4.1% during the forecast period (2023-2030). 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 track the package effectively and optimize the supply chain.

Figure 1: Global Smart Pallet Sensors Market Share (%), By Region, 2022

Global Smart Pallet Sensors Market Trends:

Shift From RFID to the Internet of Things (IoT) Technologies

The integration of RFID(Radio Frequency Identification) with IoT is called RFID-IoT. RFID-IoT strives to develop automated sensing, seamless, interoperable and highly secure systems by connecting IoT devices through the internet. The evidence of RFID advancements can be witnessed in the blooming integration of RFID(Radio Frequency Identification) and Internet of Things (IoT) technology. IoT constitutes Wireless Sensor Network (WSN) to form a complete IoT system. WSN is a technology that integrates multiple small and intelligent sensors and scales in a more extensive area for various applications, including retail, healthcare, agriculture, and military surveillance, to overcome the limitation of wired solutions. Conceptually, IoT can be defined as a dynamic global network infrastructure where physical and virtual objects are seamlessly integrated based on standard and interoperable communication protocols. The adoption of RFID-IoT technologies improves operational processes and reduces SCM costs. This is because RFID(Radio Frequency Identification) and other IoT technologies can provide information transparency, product traceability, compatibility, scalability, and flexibility.

Figure 2: Global Smart Pallet Sensors Market Share (%), By Application, 2022