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According to a new report by Grand View Research, Inc., The global cold chain equipment market size was valued at USD 8.38 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.0% from 2020 to 2027. Growing demand for frozen food across the globe is primarily driving the demand in the market.
The globalcold chain equipment market sizeis expected to reach USD 33.9 billion by the year 2027, according to a new report by Grand View Research, Inc. The cold chain equipment refers to refrigeration equipment that provides efficient storage and distribution facilities due to its temperature-controlled composition, to preserve the quality and maintain the shelf-life of frozen food, drinks, vaccines, medicines, and chemical products till they reach end-users. In addition, due to the strict government regulations for the safety of food and pharmaceuticals during storage, consumers are shifting their food habits and are becoming more inclined towards food categories such as meat, seafood, fruits, and ready-to-eat food products. Moreover, through cold chain equipment such as cold rooms, cold boxes, freezers, and refrigerators, health care workers and laboratories can safely transit medicines, drugs, and test samples from one place to another amidst the current coronavirus pandemic.
Some of the major reasons for the growth of Cold Chain Equipment market is the growing need for temperature monitoring in the pharmaceuticals and healthcare cold chain for various pharmaceutical products. Pharmaceutical companies require cold storage solutions to preserve temperature-sensitive products such as vaccines, biotech products, and insulin until they reach end-users. Following the same book, the market growth of the cold chain equipment market is equally dependent on the food and beverage industry. Owing to the change in lifestyle and higher disposable income, consumers are now shifting towards preserved foods such as processed meat, ready-to-eat food products, yogurt, and organic fruit pulps. These products require refrigerators, milk coolers, cold boxes to preserve the essential nutrients for an extended period.
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The cold chain equipment market can be segmented on the basis of equipment type, and application. The equipment segments is divided into storage and transport equipment, depending on the form of equipment. In 2019, the storage equipment segment had the largest share of over 70.0%. The on-grid segment which is categorized under storage equipment involves walk-in coolers, freezers, ice-lined fridges, and deep freezers. The off-grid segment under the storage equipment segment includes solar chillers, milk coolers, and solar-powered cold boxes which are used to prevent food loss during the processing and post-harvesting stages of products. The off-grid segment is expected to see steady growth in the years ahead due to the government initiatives to encourage innovation and attract investments in the off-grid segment.
The application segment is sub-divided into various applications, such as fruits and vegetables, fruit and pulp concentrates, dairy products, fish, meat, seafood, pharmaceuticals, processed food, bakery, confectioneries, and others. The demand for fish, meat, and seafood led the industry and accounted for over 20.0% of global sales in 2019. This was due to the growing quantities of meat products, including chicken and beef, increasingly being exported from the United States and Brazil. Since meat products require preservation during transit and storage at an appropriate frozen temperature range. The use of cold chain equipment and transport equipment is significant in the growth of the application segment.
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Recent Trends and Developments:
In July 2020, GMR Hyderabad International Airport announced that it is ramping up its cargo capacity by including a specific Cool Dolly Multi-Unit Load System (ULD) to sustain an unbroken cold chain for time-and temperature-sensitive (TSS) shipments including pharmaceutical and perishable goods. With the Multi ULD Cool Dolly, the airport will be in a position to provide its customers with a smooth and regulated airport environment to manage their critical and highly temperature-sensitive commodities.
In June 2020, Everidge, a leading innovator of commercial cold storage solutions announced a technological advancement in blast chilling with the introduction of America’s most environmentally responsible commercial blast chiller. The eco-friendly PBF 4.0 Blast Chiller and Shock Freezer is the only 4/5 pan under counter commercial blast chiller in the U.S. to be “green” with no ozone-depleting properties. According to the company, the blast chiller utilizes an advanced environmentally friendly R290 propane refrigeration system packed with advanced features and revolutionary design. PBF 4.0 blast chiller is capable of chilling up to 40 lbs. of product from 1600F to 380F within two hours and shock freezes up to 20 lbs. of product from 1600F to 00F within four hours.
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In February 2019, Lineage Logistics provider of temperature-controlled logistics solutions announced to acquire Preferred Freezer Services. Following the merger, the combined company will have a temperature-controlled capacity of over 1.3 billion cubic feet across more than 200 facilities, with a regional presence covering North America, Europe, and Asia.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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