May 3, 2023
(press release)
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The global cold chain equipment market size is expected to reach USD 67.26 billion by 2030, registering a CAGR of 22.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. This industry produces, distributes, and services equipment used to maintain the quality and safety of temperature-sensitive products during storage and transportation. This includes refrigerated trucks, refrigerators, freezers, and other specialized equipment designed to keep products within a specific temperature range. The market has grown in recent years due to increased demand for perishable goods such as food, pharmaceuticals, and chemicals. This has increased the need for efficient and reliable cold chain equipment to ensure that these products are delivered to their destination in good condition. The pharmaceutical industry produces and distributes a wide range of medications, including vaccines, drugs, and biologics. These products must be stored and transported within a specific temperature range to ensure that they maintain their potency and efficacy. As the global demand for vaccines and biologics continues to increase, the need for cold chain equipment is also expected to rise. This is because many of these products require specific storage and transportation conditions, which can be challenging in regions with limited access to reliable electricity or transportation infrastructure. For example, the COVID-19 pandemic has led to an unprecedented demand for vaccines that require cold chain equipment for storage and distribution. The Pfizer-BioNTech vaccine, for instance, must be stored at ultra-cold temperatures of -70°C to -80°C. The Moderna vaccine also requires cold chain equipment to maintain its efficacy. In recent years, Internet of Things (IoT) sensors have become increasingly common in cold chain equipment. IoT sensors are small devices embedded in cold chain equipment such as refrigerators, freezers, and shipping containers. These sensors can measure temperature, humidity, and other environmental conditions and transmit that data to a central system. With the help of IoT sensors, real-time data can be collected and analyzed to monitor the cold chain equipment's condition and ensure that the product remains within the required temperature range. If the temperature or humidity level exceeds the permitted range, an alert can be sent to the relevant personnel, who can immediately prevent product spoilage or degradation. By utilizing IoT sensors in cold chain equipment, businesses can improve their product quality and reduce the risk of product spoilage, leading to significant financial losses. Additionally, IoT sensors can provide valuable data for regulatory compliance and help improve the overall efficiency of the cold chain management process. The market’s growth is majorly driven by the growing demand for frozen and chilled food products, the growth of the pharmaceutical industry, and growing international trade During the forecast period, transportation equipment is expected to witness the fastest CAGR. With the rise of e-commerce and global trade, the demand for perishable goods such as fresh produce, meat, and dairy products has increased. This has led to an increased need for temperature-controlled transportation equipment to ensure that these products are delivered in optimal condition The off-grid segment is expected to witness the fastest CAGR during the forecast period. Off-grid storage equipment can play a critical role in the cold chain equipment industry by providing reliable power to refrigeration units in areas where there is no access to the grid or where grid power is unreliable Asia Pacific dominated the market and is expected to expand at a CAGR of 26.0% during the forecast period. Many regional governments are implementing initiatives to reduce food wastage by improving cold chain infrastructure. For instance, India's National Centre for Cold Chain Development (NCCD) is working to develop a comprehensive cold chain infrastructure to reduce food wastage Some prominent market players include 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., and CHG Europe BV Grand View Research has segmented the global cold chain equipment market based on equipment type, application, and region: Cold Chain Equipment Type Outlook (Revenue, USD Billion, 2017 - 2030) 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 Cold Chain Equipment Application Outlook (Revenue, USD Billion, 2017 - 2030) Fruits & Vegetables Fruit & Pulp Concentrates Dairy Products Fish, Meat, & Seafood Processed Food Pharmaceuticals Bakery & Confectionaries Others Cold Chain Equipment Regional Outlook (Revenue, USD Billion, 2017 - 2030) North America U.S. Canada Mexico Europe Germany UK France Spain Italy Poland Sweden Finland Norway Croatia Greece Turkey Asia-Pacific India South America Brazil Middle East & Africa List of Key Players of Cold Chain Equipment Market 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 BVCold Chain Equipment Market Growth & Trends
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Cold Chain Equipment Market Report Highlights
Cold Chain Equipment Market Segmentation
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