Pune, July 16, 2024 (GLOBE NEWSWIRE) -- Cold Chain Equipment Market Analysis:
“According to SNS Insider research, The Cold Chain Equipment Market size was valued at US$ 21.40 billion in 2023 and is expected to reach US$ 110.41 billion by 2032, with registering a significant CAGR of 20.06% in forecasted Period 2024-2032.”
Growing Demand and Technological Advancements
The Cold Chain Equipment Market represents a set of various equipment devices used to keep perishable goods at the required temperature. They include freezers, refrigerator, cold rooms, temperature sensors, data loggers, monitoring systems, and others. The increasing demand for fresh and high-quality products both for direct consumption and for intermediate and final processed goods determines the continuous growth of this market. Moreover, the stricter regulations imposed by the government with regard to food safety and pharmaceutical storage contribute to the dynamically growing demand for cold chain equipment.
This essential aspect has also contributed to the increasing focus of the leading players in the market on innovation and development of their equipment systems. For example, to meet the needs of food and beverage industry, Daikin Industries has designed and marketed its new VRV air conditioning system that promises to be one of the most manufacture’s most innovative technologies. It is characterized by its exceptional energy efficiency and improved accuracy of temperature control.
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Major Players Analysis Listed in this Report are:
- 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
- Other Players
Cold Chain Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 21.40 Bn |
| Market Size by 2032 | US$ 110.41 Bn |
| CAGR | CAGR of 20.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increased food safety means more stringent standards and current equipment of the cold chain. • New technology with smart monitoring and solar-powered storage can make cold chain more efficient and enable it to operate even in remote areas. |
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Segmentation Analysis
2023, the storage equipment segment accounted for an estimated 74.75% of the dominant market share. This is because cold rooms, refrigerators, and freezers are widely used to store a variety of perishable products from a wide range of industries. Throughout the forecast period, the transportation equipment segment is expected to have the fastest growth rate of 20.0% CAGR. The growth of this segment is driven by the increasing demand for refrigerated trucks, containers, vans, and ships to safely and effectively transport temperature-sensitive products.
In applications, the fish, meat, and seafood category are projected to hold a significant market share of 20.75% in 2023. The growth of this segment is due to the urgent need to ensure that these perishable products are stored at the right temperature. Improper storage of these products can cause harmful bacteria to grow rapidly, causing the products to spoil and pose health risks to consumers. Refrigeration solutions are essential to preserve the quality and prolong the shelf life of fish, meat, and seafood products.
Cold Chain Equipment Market Key Segmentation:
By Type
- Storage Equipment
- On-grid
- Walk-in coolers
- Walk-in freezers
- Ice-lined refrigerators
- Deep freezers
- Off-grid
- Solar Chillers
- Milk Coolers
- Solar powered cold boxes
- Others
- Others
- Transportation Equipment
By Application
- Fruits & Vegetables
- Fruit & pulp concentrates
- Dairy Products
- Fish, Meat, & Seafood
- Processed Food
- Pharmaceuticals
- Bakery & Confectionaries
- Others
Regional Developments
North America was the dominant region in the Cold Chain Equipment Market in 2023, taking up a market share of 45.0%. The fact is that the presence of developed cold chain infrastructure in this region and the presence of a leading ecosystem of the largest market participants and equipment providers, such as Lineage Logistics, the world’s largest logistics company with temperature control, promote this trend.
Asia Pacific expects to have one of the highest CAGRs of 23.5%, given the booming of the population and urbanization rates in this region. As a result, the intensified focus on ensuring the provision of fresh and frozen food and pharmaceutical products and other perishable goods is noted, as well as an increased level of awareness of the need for advanced cold chain technologies to preserve the quality and safety of products during their storage and transportation.
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Future Growth
The future of the Cold Chain Equipment Market is promising, as the already emerging sector shows further perspectives in terms of growth and expansion. Technological developments contribute to the rise of new, more efficient, and more sustainable solutions in terms of cold chain. Among such innovations, one can outline a smart monitoring system adjustable for trucks and refrigerators. Real-time temperature tracking ensures that the equipment is functioning properly and the products are preserved, and a new way of protecting the environment is the use of environmentally friendly refrigerants. There is also an increased focus on food waste and the development of future technologies, which will allow transporting, saving, and selling products without worrying about spoilage.
Recent Development
In March 2023: Trane Technologies, a global leader in climate innovation, endorsed the use of hydrotreated vegetable oil (HVO) fuel as a sustainable alternative to diesel fuel in Thermo King cold chain solutions. This HVO fuel offers improved product performance with a 90% reduction in greenhouse gas emissions and over 30% reduction in particulate matter. The endorsement follows successful pilot programs, including one with a national food distributor, demonstrating the viability of this sustainable solution.
Key Takeaways
- The report provides an in-depth analysis of market dynamics, drivers, restraints, and opportunities, offering valuable information for strategic decision-making.
- Detailed market sizing and forecasting help clients understand future market trends and identify growth opportunities.
- The report includes a thorough segment analysis, highlighting dominant and fastest-growing segments to help clients focus their investments.
- The report covers recent product launches and mergers and acquisitions, offering clients the latest market intelligence and competitive information.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Cold Chain Equipment Market Segmentation, By Type
8. Cold Chain Equipment Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. USE Cases and Best Practices
13. Conclusion
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