Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Cold Chain Equipment Market Size, Share & Trends Analysis Report By Equipment Type (Storage Equipment, Transportation Equipment), By Application (Fruits & Vegetables, Dairy Products), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global cold chain equipment market is projected to witness remarkable growth, reaching USD 67.26 billion by 2030, with an impressive Compound Annual Growth Rate (CAGR) of 22.3% from 2023 to 2030.
The industry plays a crucial role in producing, distributing, and servicing equipment used to maintain the quality and safety of temperature-sensitive products during storage and transportation. This includes refrigerated trucks, refrigerators, freezers, and specialized equipment designed to keep products within specific temperature ranges.
The market has witnessed substantial growth due to the increasing demand for perishable goods such as food, pharmaceuticals, and chemicals, necessitating efficient and reliable cold chain equipment to ensure the safe delivery of these products to their destinations.
Growing Demand for Perishable Goods and Pharmaceuticals Driving Market Growth:
The pharmaceutical industry is a significant driver for the cold chain equipment market, producing and distributing various medications, including vaccines, drugs, and biologics. These products require specific storage and transportation conditions to preserve their potency and efficacy. As the global demand for vaccines and biologics rises, the need for cold chain equipment is expected to grow in tandem. The COVID-19 pandemic has highlighted the importance of cold chain equipment, especially for vaccines like the Pfizer-BioNTech and Moderna vaccines, which require ultra-cold temperatures for storage and distribution.
Role of IoT Sensors in Cold Chain Equipment:
In recent years, Internet of Things (IoT) sensors have gained prominence in cold chain equipment. These small devices are embedded in refrigerators, freezers, and shipping containers to measure temperature, humidity, and other environmental conditions, transmitting data to a central system. Utilizing IoT sensors allows real-time data collection and analysis to monitor equipment condition and product temperature. Any deviations from the required temperature range trigger immediate alerts to relevant personnel, preventing spoilage and degradation of products. IoT sensors enhance product quality, reduce financial losses, aid regulatory compliance, and optimize cold chain management processes.
Market Report Highlights:
- The growth of the cold chain equipment market is driven by the increasing demand for frozen and chilled food products, the expansion of the pharmaceutical industry, and growing international trade.
- Transportation equipment is expected to witness the fastest CAGR during the forecast period, attributed to the rise of e-commerce and global trade, leading to higher demand for temperature-controlled transportation for perishable goods.
- The off-grid segment is projected to see the fastest CAGR during the forecast period. Off-grid storage equipment plays a critical role in regions with limited or unreliable grid access by providing reliable power to refrigeration units.
- Asia Pacific dominates the market and is expected to expand at a CAGR of 26.0% during the forecast period. Regional governments are actively implementing initiatives to reduce food wastage by enhancing cold chain infrastructure.
Prominent Market Players:
The global cold chain equipment market boasts several prominent players, including:
- Thermo King
- Carrier Transicold
- Zanotti SpA
- Viessmann
- Schmitz Cargobull
- Fermod
- Intertecnica
- ebm-papst Group
- CAREL
- Bitzer
- Kelvion
- Incold S.p.A.
- Rivacold srl
- Kason Industries, Inc.
- CHG Europe BV
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $13.67 Billion |
| Forecasted Market Value (USD) by 2030 | $67.26 Billion |
| Compound Annual Growth Rate | 22.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8ijovc
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