Selbyville, Delaware,, June 19, 2024 (GLOBE NEWSWIRE) --
The cold chain equipment market valuation is estimated to reach USD 69.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the rising demand for temperature-sensitive products, particularly in the pharmaceutical and food industries. For instance, in May 2022, Tower Cold Chain launched a new lightweight, handleable solution for temperature-controlled transportation of pharmaceuticals, biotech, and life-science products. The extensive consumption of perishable foods, such as milk, fruits, vegetables, and meat is necessitating complex cold chain solutions to maintain quality and safety during storage and transport. The expansion of the pharmaceutical industry, with a focus on vaccines, and other thermosensitive drugs also requires an improved cold chain system to ensure that the material has improved.
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Technological advancements and innovation in cold chain solutions will also influence the cold chain equipment market growth. The development of energy-efficient and sustainable cooling technologies helps reduce operating costs and the environmental impacts, making them increasingly attractive to businesses. The combination of IoT and advanced monitoring systems enables real-time temperature monitoring and control for improving reliability and cold chain operations. Increasing cold chain investments in developing regions, driven by globalization, and expanding perishables trade, is further fueling the product uptake.
Growing usage of transportation equipment
Based on equipment type, the cold chain equipment market from the transportation equipment segment may exhibit a decent growth rate over 2024-2032 backed by the integrity of temperature-sensitive products during transit. The growing trade in perishables goods coupled with the increasing demand for fresher and higher quality food and pharmaceutical products are driving the need for advanced refrigeration trucks, containers, and transport vehicles. The strong ability to ensure consistent temperature control throughout the supply chain to a greater extent will favor the product demand.
Rising adoption in dairy products
Cold chain equipment market from the dairy products segment will register a noteworthy CAGR from 2024 to 2032. This is due to the stringent temperature requirements necessary to maintain the quality and safety of products such as milk, cheese, yogurt, and butter. Dairy products are highly perishable and can spoil if not stored and transported in optimal conditions. Increased consumer demand for fresh and organic milk, coupled with the expansion of the dairy industry is further necessitating the use of reliable cold solutions to extend shelf life while ensuring food safety regulations.
Europe to emerge as a lucrative market
Europe cold chain equipment market will register significant CAGR from 2024 to 2032, attributed to the stringent food safety and pharmaceutical regulations, which mandate precise temperature control during storage and transportation. The growing focus on reducing food waste in the supply chain along with the European Union’s sustainability goals are stimulating investments in cold chain technologies. The rise of e-commerce and the increasing demand for home delivery of fresh and frozen food will further stimulate the regional market growth.
Cold Chain Equipment Market Participants
Some of the leading cold chain equipment companies are NICHIREI CORPORATION, LINEAGE LOGISTICS HOLDING, LLC, Americold, Kelvion, Burris Logistics, Bitzer, Schmitz Cargobull, CAREL, Thermo King, ebm-papst Group, Carrier Transicold, Intertecnica, Zanotti SpA, Fermod, Viessmann, and Schmitz Cargobull. These market players are working on new product developments, acquisitions, and mergers to widen their product portfolio. For instance, in February 2023, Lineage Logistics introduced lineage fresh in Europe to offer fresh storage solutions for importers, grocers, and producers of fruit and produce.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cold chain equipment market 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.1.7 Retailers
3.2 Raw material analysis
3.3 Regulatory landscape
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Consumer buying behavior analysis
3.6.1 Demographic trends
3.6.2 Factors affecting buying decision
3.6.3 Consumer product adoption
3.6.4 Preferred distribution channel
3.6.5 Preferred price range
3.7 Porter’s analysis
3.8 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
