A pallet is a portable, horizontal, rigid, composite stand, which is majorly getting adopted as a base for assembling, storing, arranging, stacking, handling, and transportation of a goods. Moreover, pallets are used to stack, store, and transport materials through the material handling equipment such as forklifts, pallet jacks or conveyors. Moreover, pallets are majorly adopted during the racking or bulk storage of various products. These pallets are equipped with various sensors for temperature monitoring, humidity monitoring, and location tracking, which in turn increases transparency across the whole supply chain.

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Market Dynamics

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.
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.  

Detailed Segmentation:
• Global Smart Pallet Sensors Market, By Application:
◦ Inventory Management
◦ Condition Monitoring
◦ Asset Tracking & Monitoring
◦ Security Management
• Global Smart Pallet Sensors Market, By End-use Industry:
◦ Healthcare
◦ Warehousing & Transportation
◦ Manufacturing
◦ Food & Beverage
◦ Retail
Moreover, smart pallet sensors are majorly used in retail industries for inventory control and smart shelving of products, which will help in locating the products in the warehouse, reduce theft, and avoid unwanted replacements. Furthermore, smart pallet sensors can monitor, collect, and aggregate real-time temperature, proximity, and movement data. In addition, smart pallet sensors also detect the change in temperature of the product, which is loaded on the pallet, which in turn helps organizations to manage the quality of the product and reduce spoilage of products. 

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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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