Meticulous Research®—a leading global market research company, published a research report titled, ‘Cold Chain Equipment Market by Type (Storage, Transportation, Associated, Temperature Monitoring Devices), Industry (Pharmaceuticals & Biotechnology, Food Processing, Bakery & Confectionery, Brewery & Winery) and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the cold chain equipment market is projected to reach $410 billion by 2030, at a CAGR of 11.8% from 2023 to 2030. The growth of this market is driven by the growing need to transport & store temperature-sensitive products, the globalization of food supply chains, and the expansion of the pharmaceutical industry. Additionally, the technological advancements in cold chains are expected to create market growth opportunities. However, high energy consumption restrain the growth of this market. Regulatory standards & compliance for cold chains are major challenges for the players operating in this market. Sustainable cold chain solutions are prominent trends in the cold chain equipment market.
The global cold chain equipment market is segmented by type and industry. The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on type, the global cold chain equipment market is broadly segmented into storage equipment, transportation equipment, associated equipment, and temperature monitoring devices. In 2023, the storage equipment segment is expected to account for the largest share of the global cold chain equipment market. The large market share of this segment is attributed to the increasing need to preserve the quality and safety of temperature-sensitive products, including vaccines, biologics, and chemicals, and the growing demand for cold storage facilities to meet the needs of consumers of fresh produce, dairy products, and frozen goods. However, the transportation equipment segment is projected to register the highest CAGR during the forecast period due to the increasing demand for refrigerated trucks and cold storage containers for safe and reliable transportation of temperature-sensitive products for various industries, including pharmaceuticals & biotechnology, chemicals & processing, and food processing.
Based on industry, the global cold chain equipment market is broadly segmented into pharmaceuticals & biotechnology, chemicals & processing, food processing, bakery & confectionery, brewery & winery, and other industries. In 2023, the food processing segment is expected to account for the largest share of the global cold chain equipment market. The segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the growing need to maintain proper temperatures throughout processing, storage, and distribution for poultry and meat processing, increasing use of temperature-controlled storage and transport to help extend freshness in fruits and vegetables, and the increasing need for cold chain equipment to preserve the quality, safety, and shelf life of perishable food products.
Based on geography, the global cold chain equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global cold chain equipment market, followed by North America and Europe. The large market share of North America is mainly attributed to the increasing government mandate & compliance with temperature control standards, increasing advancements in refrigeration and insulation technologies, growing need for precise temperature control to maintain product efficacy, increasing innovations in refrigeration technology and vehicle design, globalization of supply chain, growing demand for temperature-sensitive products including biopharmaceuticals and personalized medicine, and chemicals.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period due to the growing need for extensive cold chain infrastructure to maintain product quality, growing consumer awareness of food safety and quality standards, and increasing need for sustainable and eco-friendly cold chain solutions, growth of e-commerce and online grocery delivery services, expansion of international trade, and increasing need for informed decisions and quality control in the cold chain.
The key players operating in the cold chain equipment market are Thermo King (U.S.), Carrier Global Corporation (U.S.), Schmitz Cargobull AG (Germany), Mettcover Global INC (U.S.), Karr Cold Storage (U.S.), B Medical Systems S.à r.l (Luxembourg), ZANOTTI S.p.A. (Italy), IndoSurgicals Private Limited (India), GWS Surgicals LLP (India), Americold Logistics, Inc. (U.S.), Emergent Cold LatAm Management LLC (U.S.), Narang Medical Limited (India), PANNA GROUP OF COMPANIES (India), Cold Chain Technologies (U.S.), Rinac India Limited (India), Samco Medical (India), Thermal Energy Service Solutions Pvt Ltd (India), Zanotti S.p.A. (Italy), and Kelvion Holding GmbH (Germany).
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