SAN FRANCISCO, July 13, 2020 /PRNewswire/ -- The global cold chain equipment market size is expected to reach USD 33.9 billion by 2027, expanding at a CAGR of 19.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for the storage of processed food and frozen products is estimated to fuel market growth. Changing lifestyle of the people has led to the increased consumption of food and beverages, which is expected to increase the demand for cold chain equipment during the forecast period. Besides, the stringent government regulations for food and pharmaceuticals safety during storage and transit are boosting the demand for cold storage and transportation equipment.
The temperature-sensitive products such as vaccines, biotech products, and insulin require cold storage for their preservation. Moreover, amidst the coronavirus pandemic, the transit of various medicines, drugs, and test samples has increased worldwide. As a result, laboratories and companies require a reliable cold chain equipment to store these products during the transit, which is anticipated to propel the market growth.
Key suggestions from the report:
- The off-grid cold chain storage equipment is expected to expand at the highest CAGR of 21.7% from 2020 to 2027 due to increasing need to prevent food losses post-harvest and processing in developing countries
- Increasing concerns over food safety and counterfeit pharmaceutical incidents have forced the government to tighten regulations on supply and production
- The pharmaceuticals application segment is expected to witness significant growth over the forecast period owing to increased trade and transit of drugs, chemicals, and medicines amidst the COVID-19 pandemic
- North America held the largest revenue share of more than 45.0% in 2019. The region is highly fragmented with the presence of numerous local companies.
Read 105 page research report with ToC on "Cold Chain Equipment Market Size, Share & Trends Analysis Report By Equipment Type (Storage Equipment, Transportation Equipment), By Application, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/cold-chain-equipment-market
Consumers are shifting their diet preferences towards value-added food categories, such as cheese, milk, yogurt, fresh vegetables, salads, ready-to-eat food products, and processed meat. Growing demand for chilled and frozen, packaged, and ready-to-eat food is paving the way to lucrative opportunities for local as well as foreign cold chain equipment players. The commonly used cold chain equipment in these applications include walk-in refrigerators, milk coolers, cold boxes, among others. Demand for organic fruit pulps and baby food is growing globally. Cold chain equipment is vital to store these fruit pulps, along with their essential nutrients for extended periods. The fruit pulp industry would play a decisive role in shaping the demand for the market. Cold chain equipment is being utilized effectively, right from the harvesting stage of fruits to reduce the losses associated with improper handling and storage.
The on-grid storage equipment segment held the largest market share in terms of revenue in 2019. However, the cold chain equipment manufacturers are making an early foray into the off-grid storage equipment and managing to deliver efficient and high-quality products that are expected to gain a competitive advantage in the market. Governments across the globe are encouraging the use of alternate energy source cold storage facilities to overcome the problems associated with the lack of access to reliable electricity and the cost associated with the on-grid storage facilities. As such, demand for off-grid cold storage equipment is anticipated to increase over the forecast period.
North America dominated the market in 2019 and is estimated to maintain its dominance over the forecast period leveraging its high technology adoption rate, a well-developed network of transportation and distribution systems, and growing demand for processed food products. In addition, the regional market is characterized by the presence of a large number of equipment manufacturers and cold storage warehousing facilities. The Middle East and Africa is expected to emerge as the fastest-growing regional market over the forecast period owing to rising population, increasing food demand, and rise in adoption of off-grid storage equipment, particularly in emerging economies of Africa.
Grand View Research has segmented the global cold chain equipment market on the basis of equipment type, application, and region:
- Cold Chain Equipment Type Outlook (Revenue, USD Million, 2016 - 2027)
- Storage Equipment
- Walk-in coolers
- Walk-in freezers
- Ice-lined refrigerators
- Deep freezers
- Solar Chillers
- Milk Coolers
- Solar powered cold boxes
- Others (solar refrigerators and products related to solar panels)
- Transportation Equipment
- Cold Chain Equipment Application Outlook (Revenue, USD Million, 2016 - 2027)
- Fruits & Vegetables
- Fruit & pulp concentrates
- Dairy products
- Fish, Meat, & Seafood
- Processed Food
- Bakery & Confectionaries
- Cold Chain Equipment Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- List of Key Players of Cold Chain Equipment Market:
- Blue Cold Refrigeration Pvt. Ltd.
- Everidge, Inc.
- Hengel Industrie
- Henry Schein, Inc.
- Modern Ice
- Polar King International, Inc.
- Thermo Fisher Scientific
- U.S. Cooler
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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