Wilmington, Delaware, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global refrigerated warehousing market stood at US$ 36.5 billion in 2022 and the global market is projected to reach US$ 96.3 billion by 2031. The global industry is projected to grow at a CAGR of 11.4% between 2023 and 2031. Growing concerns about product sustainability, demand for end-to-end services, and automated solutions are expected to propel business growth.
A global expansion of the food & beverage, pharmaceutical, and agricultural industries has increased the value of refrigerated warehousing. Environmental concerns are increasing among consumers, and companies are seeking ways to reduce their carbon footprints at the same time. Energy-efficient technologies and renewable energy sources are creating opportunities for companies that provide sustainable refrigeration solutions.
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The market is being further challenged by technological advancement and zero-carbon electricity. For example, United States Cold Storage's Tulare South warehouse in Southern California aims to produce 100% renewable and carbon-free electricity by 2045. By focusing on energy efficiency and better temperature control, USCS helped California meet its energy demand reduction goals.
Temperature-sensitive products, like pharmaceuticals, food, and beverages, have driven the growth of refrigerated warehousing. A growing number of millennials in Europe and North America are interested in this cold storage business, resulting in rapid global expansion for the market. Advanced refrigerators are being introduced in these regions to provide users with a more real-time temperature control experience.
Food warehouses containing refrigerated products consume a great deal of electricity and produce a great deal of waste heat. Using EU funding, an innovative energy storage technology is being developed to increase the energy profile of the sector, increase the use of renewable energy, and make the sector more sustainable. As a promising, long-duration energy storage technology that relies on simple and well-established technological processes, cryogenic energy storage (CES), or liquid air energy storage (LAES), has been widely observed as being a potential solution to energy storage problems.
Key Findings of Market Report
- Technological advancements in the field of refrigerated warehousing have made it possible to develop efficient and cost-effective solutions that are well-suited for the storage of perishable products.
- With this technology, companies can store products for longer periods of time while keeping their quality intact, leading to the growth of the refrigerated warehousing market.
- The refrigeration industry caters to a growing number of tailored demands based on the needs of its end users in the market.
- In the cold storage industry, the needs of customers are evolving in a variety of ways, and the demand goes beyond services that add value.
- As consumers become more aware of food safety, the refrigerated warehousing market is expected to grow between 2022 and 2031.
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Global Refrigerated Warehousing Market: Growth Drivers
- The global refrigerated warehousing market is expected to grow consistently between 2022 and 2031 in response to the growing expansion of food and beverage and pharmaceutical storage markets.
- An increase in the number of goods stooges, import and export businesses, which is expected to also contribute to the expansion of the market.
- A rise in consumerism in developing countries has made refrigerated warehousing more popular in the market.
- Transporting refrigerated goods and cold chain logistics industries are expanding at an unprecedented rate. Food perishability has created a market for these refrigerator warehouses around the world.
- A new generation of climate-controlled containers and trailers allows the transport of valuable, perishable biopharmaceuticals. Various manufacturers outsource their cold storage to third parties due to the high cost of refrigerated warehousing.
Global Refrigerated Warehousing Market: Regional Landscape
- According to the market report, the North American market will lead the global market. As a result of the presence of leading market players, the global refrigerated warehousing market is likely to grow in this region.
- The significant increase in the use of smart refrigerants and the growing popularity of frozen food products are expected to drive the refrigerated warehousing market in North America.
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Global Refrigerated Warehousing Market: Segmentation
Type
- Blast Freezers & Chillers
- Refrigerated Containers
- Others (Cold Rooms, Custom Cold Storage, etc)
Temperature
- 0 to 10
- -30 to 0
- Below -30
Application
- Food & Beverages
- Biopharmaceuticals
- Others (Chemicals, Botanicals, etc)
End-user
- Public Warehousing
- Private Warehousing
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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