As per the market research report published by Facts and Factors, the global cold chain equipment market was valued at approximately USD 8.4 Billion in 2019 and is expected to generate revenue of around USD 33.5 Billion by end of 2026, growing at a CAGR of around 22.0% between 2020 and 2026.
Globalization has reduced the distance among countries across the world, but physical distance remains a significant factor in the transportation of certain goods. The longer the distance, the generally it is that the freight or cargo would be damaged during one of the many complicated transportation operations involved. Although some goods, such as glass, can be damaged by shocks, others can be damaged by extreme temperature changes. A low-temperature environment is created by properly enclosing the room and using refrigeration equipment to retain it cool by removing the heat.
The term “cold chain” refers to a system that combines temperature-controlled surface transportation with a supply chain. It refers to freezing solutions used to keep items like fresh Agri produce, fish, frozen food, chemicals, photographic film, and prescription drugs in good condition and with a long shelf life. Cold chains are critical for maximizing the shelf life of products, preventing overcapacity, reducing transportation bottlenecks through peak periods, and ensuring product quality. The method entails storing goods in temperature-controlled warehouses and transporting them in cold-insulated transport vehicles. Fruits, vegetables, poultry, beef, medications, and narcotics are all transported and stored using cold chain logistics solutions. Refrigerated trucks, refrigerated freight, refrigerated railcars, and air cargo are among the modes of transportation used.
The market is highly fragmented, with a large number of small businesses across the globe. Along with cold storage equipment suppliers, there is a slew of large-scale cold storage facility operators operating around the world, fueling the market’s rapid expansion.
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Top Market Players
Major players operative in the global Cold Chain Equipment market is Bry-Air; Everidge, Inc.; Hengel Industrie; Henry Schein, Inc.; Blue Cold Refrigeration Pvt. Ltd.; Kolpak; Modern Ice; Thermo Fisher Scientific; U.S. Cooler and Polar King International, Inc. amongst others
The market is largely driven by the rising demand for frozen food around the world. Over the forecast period, the market will expand due to rising demand for packaged foods in developing economies, as well as an emphasis on reducing food waste. The industry’s growth has been fueled by factors such as changing food habits, increased food spending, and increased intake of fresh food.
According to the UN Food and Agriculture Organization, processing and post-harvest losses account for more than 40 percent of all food losses, especially in developing nations. This necessitates the construction of energy-efficient and long-term cold storage facilities capable of the food supply by 250 million tons or nearly 15%. To maintain the high food supply, the storage equipment in cold storage facilities must be well-stocked. As a result, the market is growing due to an increase in food demand.
Furthermore, temperature-controlled transportation boxes are often used to transport beef, frozen foods, fresh vegetables, bakery goods, and confectionery goods. The high construction and maintenance costs of storage and transportation equipment, on the other hand, serve as a stumbling block. Because of the high cost of cold chain and shipping equipment, affordability is likely to be hindered. Furthermore, the initial costs of establishing solar-powered cold storage facilities are far higher, but manufacturers are willing to invest because of the long-term benefits, such as the low operational costs associated with solar-powered cold storage facilities.
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North America is projected to Dominate Global Cold Chain Equipment Market Growth
North America dominated the industry in 2019 and is expected to continue to do so during the projected period. This is due to North America’s major fragmentation of cold storage and cold chain equipment firms. Furthermore, the market is expected to be driven by factors such as growing disposable income, rising population, and regulatory measures aimed at ensuring food safety during storage and transportation during the forecast period. The growing demand for fresh meat, seafood, and vegetables is expected to fuel regional market growth even further.
From 2020 to 2026, Asia Pacific is projected to CAGR at a CAGR of 25.2 percent. Due to the COVID-19 pandemic, there has been a rise in the transit of temperature-sensitive pharma products and drugs into and out of the region. Furthermore, market growth is expected to be fueled by the region’s expanding food industry. Following the Asia Pacific, off-grid storage equipment is in high demand in a number of developing nations in Latin America, the Middle East, and Africa. As a result, from 2020 to 2026, these regions are projected to expand the most.
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