New York, United States , April 16, 2024 (GLOBE NEWSWIRE) -- The Global Cold Chain Equipment Market Size is to Grow from USD 16.4 Billion in 2023 to USD 117.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.76% during the projected period.
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Cold chain equipment is crucial for storing and transporting temperature-sensitive products including pharmaceuticals, vaccinations, and perishable foods within the supply chain. Ice packs, refrigerators, vaccine carriers, foam pads, biotech products, insulin, and cold boxes are all examples of cold chain equipment. In recent years, the increasing global demand for frozen diets has resulted in a significant demand for cold chain equipment. Furthermore, cold chain equipment plays a vital role in the healthcare industry's vaccination supply chain. According to studies, cold chain equipment such as freezers, cold rooms, vaccine carriers, cold boxes, and refrigerators must exceed World Health Organization performance requirements. The rapid growth of the pharmaceutical business, along with the growing need for temperature-sensitive drug storage and transportation, is driving demand for advanced cold-chain solutions. Pharmaceutical companies are investing heavily in dependable and efficient cold chain equipment to accommodate the growing demand for biopharmaceutical items and vaccines, which require precise temperature control throughout the supply chain. However, the high initial investment and operational costs associated with creating and maintaining modern cold chain infrastructure limit the growth of the cold chain equipment market. The procurement of cutting-edge refrigeration technology, monitoring systems, and energy-efficient equipment has substantial upfront expenses, which can be a significant barrier for small and medium-sized enterprises (SMEs) or firms with limited funds.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Cold Chain Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Storage Equipment, Transportation Equipment), By Application (Meat, Dairy & Frozen Desserts, Bakery & Confectionary, Processed Food, Pharmaceuticals, Vegetables & Fruits, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The storage equipment segment is anticipated to hold the greatest share of the global cold chain equipment market during the projected timeframe.
Based on the type, the global cold chain equipment market is divided into storage equipment and transportation equipment. Among these, the storage equipment segment is anticipated to hold the greatest share of the global cold chain equipment market during the projected timeframe. The storage equipment is intended to maintain a certain temperature range suitable for the product being stored. Some goods, like immunizations, can be stored at temperatures ranging from below freezing to slightly above freezing, whilst others, such as fruits and vegetables, can be stored above freezing. Product quality, safety, and efficacy must be maintained throughout the cold chain process, which requires the use of adequate storage equipment and temperature control.
The pharmaceuticals segment is anticipated to grow at the fastest pace in the global cold chain equipment market during the projected timeframe.
Based on the application, the global cold chain equipment market is divided into meat, dairy & frozen desserts, bakery & confectionary, processed food, pharmaceuticals, vegetables & fruits, and others. Among these, the pharmaceuticals segment is anticipated to grow at the fastest pace in the global cold chain equipment market during the projected timeframe. The demand for temperature-sensitive drug storage and distribution is rising, especially in areas where vaccination campaigns are being promoted. The pharmaceuticals division is in charge of storing and distributing temperature-sensitive drugs, vaccines, and biopharmaceuticals.
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North America is expected to hold the largest share of the global cold chain equipment market over the forecast period.
North America is expected to hold the largest share of the global cold chain equipment market over the forecast period. The cold chain equipment market in North America is mature and established, servicing a wide range of sectors including food, pharmaceuticals, and chemicals. Several well-known companies provide cold chain equipment solutions in the region. One example is Lineage Logistics, the world's largest temperature-controlled warehouse and logistics company. Lineage Logistics has around 300 facilities in North America and provides a wide range of services such as blast freezing, cross-docking, and import/export.
Asia Pacific is predicted to grow at the fastest pace in the global cold chain equipment market during the projected timeframe. Asia Pacific had the fastest growth rate over the forecast period, owing to increasing industrialization, expanding pharmaceutical manufacturing, and rising demand for high-quality food products. The region's dynamic economies, particularly China and India, are investing heavily in cold chain infrastructure.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global cold chain equipment market include LINEAGE LOGISTICS HOLDING, LLC, Fermod, Intertecnica, ebm-papst Group, Americold, Burris Logistics, NICHIREI CORPORATION, Schmitz Cargobull, Thermo King, Zanotti SpA, Viessmann, Carrier Transicold, Schmitz Cargobull, CAREL, Bitzer, Kelvion, and Others.
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Recent Developments
- In February 2023, Americold Realty, a temperature-controlled storage and transportation company, announced plans to open its first site and co-locate Americold warehouse facilities on the CPKC network as part of a strategic partnership. By combining CPKC's huge rail network with its cold storage capabilities, Americold would be able to offer a unique offering to a larger number of North American clients.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cold chain equipment Market based on the below-mentioned segments:
Global Cold Chain Equipment Market, By Type
- Storage Equipment
- Transportation Equipment
Global Cold Chain Equipment Market, By Application
- Meat
- Dairy & Frozen Desserts
- Bakery & Confectionary
- Processed Food
- Pharmaceuticals
- Vegetables & Fruits
- Others
Global Cold Chain Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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