Cold Chain Equipment Market Size grow at a CAGR of 22.50% by 2032
Research Reports
Feb 15, 2024
Cold Chain Equipment Market overview
The cold chain equipment market plays a crucial role in the preservation and safe transport of temperature-sensitive products, such as food, pharmaceuticals, and vaccines, from the point of production to the final consumer or end-user. The term “cold chain” refers to the uninterrupted series of refrigerated production, storage, and distribution activities that ensure the quality and safety of these perishable products.
cold chain equipment market size grow at is projected to grow from USD 17.39 Billion in 2023 to USD 88.209 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.50% during the forecast period (2023 – 2032).
Key players
Key Companies in the cold chain equipment market include
- Thermo King
- Carrier Transicold
- Zanotti SpA
- Fermod
- Intertecnica
- ebm-papst Group
- CAREL
- Bitzer
- Kelvion
- Incold S.p.A.
- Rivacold srl
- Kason Industries Inc.
- CHG Europe BV
- Viessmann
- Schmitz Cargobull
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Market Drivers:
Growing Demand for Perishable Goods: The increasing global demand for perishable products, such as fresh produce, seafood, pharmaceuticals, and vaccines, is a primary driver of the cold chain equipment market. Consumers’ preferences for fresh and healthy products have driven the need for reliable temperature-controlled logistics.
High Initial Costs: Investing in cold chain equipment can be expensive, especially for small and medium-sized enterprises, which may deter some companies from adopting proper cold chain practices.
Energy Consumption: The energy-intensive nature of maintaining low temperatures can lead to high operational costs and environmental concerns. There’s a growing emphasis on energy-efficient and environmentally friendly equipment.
Technological Advancements: The rapid pace of technological change means that companies need to continually invest in new equipment to stay competitive and meet evolving industry standards and regulations.
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Cold Chain Equipment Market Segmentation
The outlook for cold chain equipment types, spanning from 2018 to 2032, reveals a significant economic projection. In this period, the global market is anticipated to witness substantial growth, measured in USD billions. Two primary categories dominate this forecast: storage equipment and transportation equipment.
The application of cold chain equipment also demonstrates considerable economic value, segmented across various sectors. These applications include meat, dairy & frozen desserts, bakery & confectionary, processed food, pharmaceuticals, vegetables & fruits, and others.
Moreover, the regional distribution of cold chain equipment expenditure underscores the global nature of this industry. The regions analyzed for their economic contributions to this sector are North America, Europe, Asia-Pacific, and the Rest of the World.
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Regional Analysis of Cold Chain Equipment Market
North America : The cold chain equipment market is well-established, driven by stringent regulations on food safety and quality. Advanced refrigeration technologies and sophisticated cold storage infrastructure dominate the market. There is a growing demand for energy-efficient and environmentally friendly cold chain solutions.
Europe: Countries like Germany, France, and the United Kingdom have highly developed cold chain infrastructure to support the food and pharmaceutical industries. Increasing demand for perishable goods and pharmaceutical products fuels the market growth. Emphasis is placed on maintaining product integrity and reducing food waste through efficient cold chain logistics.
Asia-Pacific: China and India: Rapid urbanization, rising disposable income, and changing dietary habits contribute to the growth of the cold chain equipment market. Expansion of the organized retail sector and increasing demand for frozen and chilled food products drive investments in cold storage facilities and transportation. Technological advancements and government support for improving food safety standards stimulate market growth.
Middle East and Africa: The cold chain equipment market is growing in response to the increasing demand for perishable goods, including fresh produce, dairy products, and pharmaceuticals. Investments in cold storage facilities, refrigerated transport, and temperature-controlled logistics solutions are driven by urbanization, economic development, and government efforts to improve food security and safety.
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