Global Cold Chain Equipment Market: By Application (Fruits & Vegetables, Dairy Products and others) By Equipment Type (Storage Equipment, Transportation Equipment) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The global cold chain equipment market platform market size was valued at USD 15.2 billion in 2023 and is projected to expand at a CAGR of 11.3% from 2024 to 2028. The accelerating demand for perishable foods, regular advancements in technology, rising demand for e-commerce platforms, and the expansion of the pharmaceutical sector, are predicted to enhance the growth of the market in the upcoming decades.

Market Size for Global Cold Chain Equipment Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global Cold Chain Equipment Market

• The constant advancements in cold chain technology including IoT-enabled devices, advanced refrigeration systems, and real-time monitoring solutions have influenced the growth of the market.
• With the increasing number of online grocery delivery services, the need for cold chain logistics has multiplied. It is observed that customers expect quick delivery of fresh and frozen products, prompting retailers and logistics providers to enhance their cold chain capabilities. These aspects are expected to propel the growth of the market.
• Furthermore, regulations imposed by governments regarding the storage and transportation of perishable goods have compelled companies to invest in robust cold chain solutions, hence driving the overall growth of the market.

Which Industry Trends have been Fueling the Growth of the Cold Chain Equipment Market?

Performance By Key Players: Key companies are focusing on new product developments to strengthen their market position. For instance, Thermo King, a leading key player, has collaborated with the pharmaceutical industry to develop specialized refrigeration solutions highlighting the trend of industry-specific innovations. The company offers a wide range of products including truck and trailer refrigeration units, rail refrigeration, and air cargo refrigeration.

Rising demand for Perishable Foods: The increasing global population and expansion of urban centers have led to a surge in demand for perishable food items like fruits, vegetables, dairy products, and meat. The customers’ preference for fresh, organic produce necessitates efficient cold chain systems to ensure product quality and safety from farm to table. This segment has majorly contributed to the market.

Enlargement of the Pharmaceutical Sector: The distribution of temperature-sensitive drugs, vaccines, and biologics has influenced the growth of the pharmaceutical sector. The COVID-19 pandemic underscored the critical importance of cold chain infrastructure in vaccine distribution, driving investments in advanced cold chain technologies.

What is the Current Structure of the Global Cold Chain Equipment Market?

By Equipment Type

The market was dominated by the storage equipment category, which saw a compound annual growth rate of 23% throughout the forecast period and achieved a revenue share of 70% in 2023. A certain temperature range that is appropriate for the product being stored is maintained by the storage equipment.This temperature range can vary from below freezing to slightly above freezing for certain products (such as vaccines) and from above freezing for other products (such as fruits and vegetables). Maintaining the items’ efficacy, safety, and quality throughout the cold chain process necessitates the use of suitable storage equipment and temperature control. Without the proper storage equipment, the products could deteriorate, lose their effectiveness, or even become harmful to use or consume.

By Channel Type, the Transportation Sector Dominated the Largest Market Revenue in the Global Cold Chain Equipment Market

Fish, meat, and seafood, fruits and vegetables, dairy products, processed foods, fruit and pulp concentrates, bakeries and confectionaries, pharmaceuticals, and other categories make up the market’s application segments. Of them, the fish, meat, and seafood category is anticipated to grow to be the largest in 2022, accounting for 20.9% of the market. It is essential to store fish, meat, and seafood in a refrigerator because when an animal is killed, dangerous bacteria can develop on the meat.

When it comes to food poisoning, food, meat, and seafood are some of the things with a higher risk. Therefore, to preserve their quality and shelf life, refrigerated storage options are essential. Meat kept between 5°C and 63°C will allow bacteria to grow quickly. Fish, meat, and seafood goods should be stored at a temperature of between 0°C and 5°C.

By Region Type, North America Leads the Cold Chain Equipment Market

It is witnessed that North America leads the market by driving the presence of a well-established food and beverage industry, advanced healthcare infrastructure, and stringent regulatory standards. Additionally, the increasing urbanization, rising disposable incomes, and the expansion of the middle-class population witness the highest growth rate in the cold chain equipment market.

Competitive Analysis

The global cold chain equipment market is propelled by major factors such as the rising demand for perishable foods, expansion of the pharmaceutical sector, technological advancements, regulatory compliance, and the growth of e-commerce. Several key players in the market are leveraging innovations while end users in the food and beverage and pharmaceutical industries continue to drive demand for efficient cold chain solutions. Hence, these variables are predicted to drive the growth of the market in the forthcoming years. Some of the major player includes Thermo King; Carrier Transicold; Zanotti SpA; Viessmann; Schmitz Cargobull; Fermod; Intertecnica; ebm-papst Group; CAREL; Bitzer; Kelvion; Incold S.p.A.; Rivacoldsrl; Kason Industries, Inc.; CHG Europe BV

Market Segmentation

Global Cold Chain Equipment Market, By Application

• Food & Beverage Industry
• Pharmaceutical & Healthcare Industry
• Chemical Industry
• Research and Development Sector

Global Cold Chain Equipment Market, By Equipment

• Storage Equipment
• Transportation Equipment

Global Cold Chain Equipment Market, By End User Type

• Storage Equipment
  • Refrigerators
  • Freezers
  • Cold Rooms
• Transportation Equipment
  • Refrigerated Trucks
  • Refrigerated Containers
  • Air Cargo
• Monitoring and Control Equipment
  • Temperature Monitoring Devices
  • Control Systems
  • Alarms and Indicators

Global Cold Chain Equipment Market, By Region Type

North America

• United States
• Canada
• Mexico

Europe

• Germany
• France
• United Kingdom
• Italy
• Spain

Asia-Pacific

• China
• Japan
• India
• South Korea
• Australia

Latin America

• Brazil
• Argentina
• Chile

Middle East & Africa

• United Arab Emirates
• Saudi Arabia

Key Players

• Thermo Fisher Scientific Inc.
• Carrier Global Corporation
• Daikin Industries, Ltd.
• Lineage Logistics Holdings, LLC
• Americold Logistics, LLC
• Agro Merchants Group, LLC
• United Technologies Corporation
• Ingersoll-Rand PLC
• Dover Corporation
• Liebherr Group
• Panasonic Corporation