Wilmington, Delaware, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market was valued at 48.6 billion in 2022. The cold storage equipment market is expected to reach US$ 84.3 billion by 2031. Market revenue is projected to expand at a CAGR of 6.6% from 2023 to 2031.
The market is projected to expand significantly as warehouse automation grows, and online shopping becomes popular. As apps have become popular, customers can place orders and track their delivery with a few clicks. Online shopping and accessibility of products and services have enabled customers to purchase products from anywhere in the world.
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More refrigerated facilities are likely to be constructed as e-commerce grocery deliveries increase. Food sales in the United States are worth about $ 2.5 trillion, of which grocery sales account for almost $ 1 trillion.
Grocery e-commerce in the United States accounts for just 3% of grocery shopping at present. Around 70% of American households are likely to shop regularly for groceries online within the next decade, according to the Food Marketing Institute.
Global Cold Storage Equipment Market: Key Players
Several large vendors dominate the market for cold storage equipment on a global scale. Developing environment-friendly products is the primary focus of most companies' research and development efforts. Key players operating in the market include
- Almcoe Refrigeration Company
- Carrier Global Corporation
- Cascade Thermal Solutions Inc.
- Cherry's Industrial Equipment Corp
- COLDMAX
- Daikin Industries, Ltd.
- Danfoss
- Guangzhou Icesource Co., Ltd.
- Henry Schein, Inc
- CRS Mobile Cold Storage
Key Developments
- In January 2023, Danfoss and Microsoft collaborated on empowering food retailers with digital solutions and reducing food loss and energy consumption. As a result of the collaboration, the company expects to be able to develop digital services to monitor supermarket refrigerator temperatures and energy use.
- In February 2023, Carrier, a global provider of building and cold chain solutions that are healthy, safe, sustainable, and smart, announced plans to limit global warming and support decarburization efforts. This is done by reducing greenhouse gas (GHG) emissions in accordance with science-based targets and initiatives.
Key Findings of Market Report
- E-commerce sales and online grocery purchases are predicted to drive demand for refrigerator containers.
- Based on end-use, the retail food industry is predicted to dominate the market in the forthcoming years.
- A direct sales channel is expected to dominate the cold storage equipment market.
- Asia-Pacific is expected to lead the cold storage equipment market in the coming years.
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Global Cold Storage Equipment Market: Growth Drivers
Food chains and retail outlets in the market are expected to increase demand for cold storage equipment. Cold storage equipment is closely related to the food industry.
There has also been an increase in the demand for food products in the global market with the growing global population. Cold storage solutions are therefore needed to ensure the safety and preservation of perishable goods.
The pharmaceutical and healthcare sectors have also seen an increase in demand for cold storage equipment in recent years. The market is expected to continue to grow with the increasing number of pharmaceutical companies.
Temperature-controlled environments are essential for maintaining the efficacy and safety of many drugs, vaccines, and medical supplies.
Technology has improved significantly in the field of cold storage equipment, including energy-efficient refrigeration systems, automated monitoring systems, etc. The demand for these innovations can be fueled by businesses looking to upgrade their facilities to be energy-efficient and environment-friendly.
The proper temperature and sanitation standards must be maintained for food storage and transportation in accordance with strict food safety regulations. The demand for modern cold storage equipment is driven in large part by compliance with these regulations.
Global Cold Storage Equipment Market: Regional Landscape
Cold storage equipment market demand is forecasted to grow substantially in the Asia Pacific region over the next few years. Asia Pacific is expected to see India lead the market for cold storage equipment. India's organized retail sector is expected to continue to expand, leading to increased demand for this equipment.
Fresh fruits and vegetables are now readily available in the market due to the growth of organized food retailers in India. Further, milk and poultry products are in high demand, which is likely to increase the market for cold storage equipment.
A growing number of healthcare centers and the development of vaccines in the countries of Asia Pacific are likely to drive the market forward.
Cold storage equipment is expected to hold a dominant position in Europe. Increasing numbers of cold storage warehouses and meat storage rooms are expected to increase the demand for meat storage rooms in the near future. Cold storage equipment demand is expected to be driven by stringent government policies and regulations related to food storage.
Global Cold Storage Equipment Market Segmentation
By Type
- Refrigerator Containers
- Blast Freezers
- Chillers
- Bulk/Mega Cold Stores
- Mini Units/Walk-in Cold Stores/Rooms
- Inline Pallet and Space Retrievers
- Stretch Wrappers
- Pallet Tunnels
- Freezer Spacers
- Others
By End-user
- Retail Food Industry
- Post-harvest Products
- Pharmaceuticals Industry
- Hospitality Industry
- Horticulture
- Others
By Distribution Channel
- Direct Sales
- Indirect Sales
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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