Cold Storage Equipment Market Size & Share 2024 – 2032
Market Size by Type (Refrigerator, Freezers, Cold Rooms, Ice Machines, Others [Chillers Rooms etc.]), by Temperature (Chilled Storage, Frozen Storage, Ultra-low), by Technology, by Application, by End Use & Forecast.
Report ID: GMI6347
|
Published Date: April 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Abhishek Chopra
Cold Storage Equipment Market Size
Cold Storage Equipment Market was valued at USD 51 billion in 2023 and is anticipated to register a CAGR of 6.4% between 2024 to 2032, due to the rising demand for temperature-controlled storage solutions across various industries such as food and beverage, pharmaceuticals, and healthcare. The need for safe and efficient storage of perishable goods has led to the increased adoption of cold storage equipment.
Cold Storage Equipment Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Furthermore, the pharmaceutical and healthcare industries are major contributors to the growth of the cold storage equipment market. With the increasing demand for temperature-sensitive drugs and vaccines, there is a growing need for specialized storage solutions that can maintain the required temperature and humidity levels. This has led to the development of advanced cold storage equipment with features such as temperature monitoring and automated systems.
The High initial cost of cold storage equipment and the need for regular maintenance and energy consumption pose a challenge to the market growth. Additionally, the increasing concerns over environmental sustainability and energy efficiency have led to the implementation of stricter regulations and standards for cold storage equipment. This has not only increased the cost of production for manufacturers but has also made it challenging for them to keep up with the constantly evolving regulations.
Cold Storage Equipment Market Trends
With the increasing demand for refrigerated and frozen products, the need for efficient and reliable cold storage equipment has become more crucial than ever before. As a result, manufacturers are constantly developing new and innovative technologies to meet the evolving needs of the industry.
One of the key trends in the cold storage equipment industry is the shift towards environmentally friendly and energy-efficient systems. With growing concerns about global warming and the depletion of natural resources, businesses are increasingly looking for sustainable solutions that can help reduce their carbon footprint and lower their operating costs. This has led to the development of green refrigerants, such as ammonia and carbon dioxide, which have significantly lower global warming potential compared to traditional refrigerants. Additionally, advancements in insulation materials and energy management systems have also contributed to making cold storage equipment more energy efficient.
Cold Storage Equipment Market Analysis
Based on type, the cold rooms segment accounted for revenue of around USD 19 billion in 2023 and expected to reach around USD 32 billion by 2032. Cold storage equipment is an essential component of any cold room, as it is responsible for maintaining the low temperatures required for preserving perishable goods. These cold rooms are widely used in industries such as food processing, pharmaceuticals, and agriculture, where maintaining a specific temperature range is crucial for the quality and safety of the products.
The U.S. Department of Agriculture (USDA) estimated gross refrigerated storage capacity in the US to be around 104.8 million cubic meters (3.70 billion cubic feet) in 2023. Usable refrigerated storage capacity, defined as the actual area used for storing commodities, represented 81% of the gross space. The total number of refrigerated warehouses was 900. As a result, with the demand for frozen and chilled products continues to rise, the need for efficient and reliable cold storage facilities is also increasing. This has led to a significant growth in the cold storage equipment market, as more and more companies invest in advanced cold rooms to store their perishable goods.
Based on application, the food & beverages segment crossed USD 35 billion in 2023 and likely to exceed USD 61 billion by 2032. Cold storage equipment plays a crucial role in storing and preserving food and beverage products, ensuring their freshness and quality. According to the Food & Drink Europe, in 2023 EU food and drink industry generates a turnover of USD 1200 billion (€1.1 trillion) and USD 248 billion (€229 billion) in value added, making it one of the largest manufacturing industries in the EU.
As a result, with the rising trend of food and beverage companies expanding their operations globally has boosted the demand for cold storage equipment. With the need to transport and store products across borders and long distances, there is a higher demand for advanced and efficient cold storage solutions that can maintain the quality of products even during long journeys.
North America cold storage equipment market size surpassed USD 18 billion in 2023 and expected to reach around USD 30 billion by 2032, driven by factors such as the increasing demand for refrigerated storage and transportation, government initiatives, and technological advancements.
The U.S. Department of Agriculture (USDA) estimated gross refrigerated storage capacity in the US to be around 104.8 million cubic meters (3.70 billion cubic feet) in 2023. Usable refrigerated storage capacity, defined as the actual area used for storing commodities, represented 81% of the gross space. The total number of refrigerated warehouses was 900. There was about 17.41 million cubic meters (0.615 billion cubic feet) of usable cooler capacity, defined as spaces that maintain temperatures between 0 and 10°C (0 and 50°F). There was approximately 68.34 million cubic meters (2.413 billion cubic feet) of usable freezer capacity, defined as spaces that maintain temperatures of about –17.8°C (0°F) or lower.
Cold Storage Equipment Market Share
Key players involve in the self-defense products market are AB Electrolux, Carrier Corporation, Daikin Industries, Ltd., Johnson Controls International plc and Mitsubishi Electric Corporation, Inc. accounting market share of 15-20% in 2023. Top Manufacturers are continuously innovating and improving their products to meet the changing demands and preferences of consumers. They are investing in research and development to come up with new and advanced technologies that can provide better storage solutions. This not only aligns with the global push towards sustainability but also helps manufacturers differentiate themselves from their competitors.
Cold Storage Equipment Market Companies
Major companies operating in the cold storage equipment industry include:
Cold Storage Equipment Industry News
This cold storage equipment market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Units) from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Type
Market, By Temperature
Market, By Technology
Market, By Application
Market, By End-use
Market, By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →