+1 915 229 3004 (U.S.) | 
+44 7452 242832 (U.K.)
+1 915 229 3004 (U.S.) | +44 7452 242832 (U.K.)
Cold Storage Equipment Market Overview 2031
The cold storage equipment industry achieved a valuation of US$ 48.61 billion in 2022 and is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.61% from 2023 to 2031, reaching an estimated US$ 84.31 billion by the close of 2031.
Analysts’ Perspective
The surge in demand for frozen foods in emerging economies and the growth of the medical industry, requiring storage for laboratory samples, vaccines, and equipment, are key drivers of the cold storage equipment market. Government initiatives for cold chain development and a focus on sustainability, smart warehousing, and Internet of Things (IoT) by cold storage equipment companies contribute to market expansion. Strategies such as mergers and acquisitions, competitive pricing, participation in trade events, and B2B promotions are expected to further enhance business opportunities for key manufacturers.
Cold Storage Equipment Market
Introduction
Cold storage equipment is essential for preserving perishable food products at low temperatures, preventing food deterioration, reducing waste, and ensuring compliance with food safety regulations. This technology is also employed in high-tech electronics and petrochemical sectors due to the sensitivity of chemical reactions and metals to temperature changes.
The market includes various types of cold storage equipment such as commercial refrigerator containers, blast freezers, chillers, bulk/mega cold stores, and cold rooms. Online purchases of refrigerated and frozen foods witnessed a 58% increase in 2021. Technological advancements in freezing equipment, including Quick Freezing Racks (QFR), wireless radio frequency identification (RFID), cross docking, and product picking, are propelling market growth.
Rise in Demand for Frozen Food Products in Developing Countries
The increasing demand for perishable foods like fish, meat, and seafood in developing nations is a major factor driving the need for industrial refrigeration and freezing solutions. Advances in warehousing equipment, heightened health awareness, and the demand for specialty refrigeration units for seafood, meat, and other perishable products are fueling market growth.
Surge in Demand for Cold Storage Equipment in the Pharmaceutical Sector
The pharmaceutical sector's growing demand for cold storage equipment is attributed to the necessity of maintaining specific temperatures for drugs, which can be adversely affected by temperature fluctuations. The varied temperature requirements for storing vaccines and medicines can be met by cold storage warehouses, creating significant market opportunities.
Extensive Usage of Refrigerator Containers
Refrigerator containers are projected to dominate the global cold storage equipment industry, driven by the need for consistency and a fixed delivery schedule in the refrigerated cargo industry.
Growth in Retail Food Industry
The retail food industry segment is expected to dominate in terms of end-users, fueled by the rapid expansion of retail chains, particularly in developed markets like Europe and North America. Developing countries such as India, Brazil, Argentina, the United Arab Emirates, and Saudi Arabia offer attractive growth opportunities for the cold storage equipment market.
Regional Outlook
North America held the largest market share in 2022, with Mexico experiencing exponential growth due to warehouse network strengthening and logistics infrastructure development. Asia Pacific is expected to witness significant growth, driven by transitions to consumer-driven economies like China.
Analysis of Key Players
The global cold storage equipment market is consolidated, with a few major vendors dominating the market share. Key players such as Carrier Global Corporation, Danfoss, and Dongguan Coldmax Ltd. are adopting strategies like product portfolio expansion and mergers and acquisitions.
Key Developments
· Carrier aims to reduce greenhouse gas emissions, aligning with science-based targets to limit global warming.
· Danfoss collaborates with Microsoft to digitize sustainable food retail, reducing food loss and energy usage.
· Dongguan Coldmax Ltd. introduces a finished vacuum pre-cooler for vegetables.
Market Snapshot
Market Value (2022): US$ 48.61 Bn
Market Value (2031): US$ 84.31 Bn
Growth Rate (CAGR): 6.61%
Forecast Period: 2023–2031
Market Segmentation
Type
· Refrigerator Containers
· Blast Freezers
· Chillers
· Bulk/Mega Cold Stores
· Mini Units/Walk-in Cold Stores/Rooms
· Inline Pallet and Space Retrievers
· Stretch Wrappers
· Pallet Tunnels
· Freezer Spacers
· Others
End-user
· Retail Food Industry
· Post-harvest Products
· Pharmaceuticals Industry
· Hospitality Industry
· Horticulture
· Others
Distribution Channel
· Direct Sales
· Indirect Sales
Regions Covered
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America
Companies Profiled
· Almcoe Refrigeration Company
· Carrier Global Corporation
· Cascade Thermal Solutions Inc.
· Cherry's Industrial Equipment Corp
· COLDMAX
· Daikin Industries, Ltd.
· Danfoss
· Guangzhou Icesource Co., Ltd.
· Henry Schein, Inc.
· CRS Mobile Cold Storage
· Customization Scope
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65565
Published on :
Upcoming
Request a Free Sample Report
Speak to Analyst