Home > Industrial Machinery > Cold Storage Equipment Market
Cold Storage Equipment Market size was valued at USD 48.4 billion in 2022 and is estimated to grow at over 6.5% CAGR from 2023 to 2032. The expanding food industry, including perishable food products, frozen foods, and foodservice establishments, drives the need for cold storage solutions to preserve and extend the shelf life of products.
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Growing international trade of food products requires efficient cold storage and distribution systems to maintain product quality during transportation across borders. The surge in online grocery shopping has led to an increased demand for cold storage facilities to manage and deliver perishable goods to consumers' doorsteps.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 48.4 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6.5% |
2032 Value Projection: | USD 90.9 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 180 |
Tables, Charts & Figures: | 301 |
Segments covered: | Type, Temperature, Technology, Application, End-use, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Setting up and maintaining cold storage facilities require significant capital investment and ongoing operating expenses, including energy costs for refrigeration and maintenance. The energy-intensive nature of cold storage operations can lead to high energy consumption and carbon emissions, making sustainability and environmental concerns a challenge. Cold storage equipment technology is continuously evolving, and keeping up with the latest advancements can be challenging for businesses, especially smaller operators. Thus, the high-end pricing and risks associated with Cold storage equipment may drive down the acceptance rate, further hampering the cold storage equipment market growth.
The pandemic led to a surge in demand for cold storage facilities to store and distribute perishable goods, including food and pharmaceutical products. The need to maintain adequate stockpiles of vaccines and other medical supplies added pressure on cold storage infrastructure. With lockdowns and restrictions in place, there was a shift in consumer behavior towards online grocery shopping and e-commerce. This drove the demand for cold storage facilities to support the delivery of perishable goods to consumers' doorsteps. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is set to drive the industry growth.
The increasing demand for perishable goods, including food and pharmaceutical products, has driven the need for efficient cold chain solutions. Cold storage equipment plays a crucial role in preserving the quality and safety of temperature-sensitive products throughout the supply chain. Energy efficiency has become a prominent consideration in the cold storage equipment industry. Manufacturers and end-users are investing in technologies and systems that reduce energy consumption and operating costs while minimizing environmental impact.
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The cold storage equipment market from refrigerators segment dominated around USD 14.8 billion revenue in 2022. The expanding food industry, including perishable food products, frozen foods, and foodservice establishments, drives the demand for refrigerators in cold storage facilities to preserve and extend the shelf life of products. The pharmaceutical industry's need for temperature-controlled storage for vaccines, medications, and other temperature-sensitive products drives the demand for refrigerators in pharmaceutical cold storage facilities.
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The chilled storage segment accounted for 40% of the cold storage equipment market share in 2022. The dairy industry relies on chilled storage equipment to store and transport milk, cheese, butter, and other dairy products while preserving their freshness. The need to preserve perishable fruits, vegetables, and beverages during distribution fuels the demand for chilled storage facilities.
The cold storage equipment market from vapor compression segment is anticipated to expand at 5.7% CAGR through 2032. Vapor compression technology is known for its efficient cooling capabilities, allowing precise temperature control in cold storage facilities. The ability to maintain stable temperatures is essential for preserving the quality and safety of perishable goods.
The food & beverages segment will gain remarkable momentum during the forecast timeline. The need to preserve perishable food products, such as fruits, vegetables, dairy, and meat, drives the demand for cold storage equipment in the food and beverage industry.
The cold storage facilities segment is slated to show tremendous growth till 2032. The demand drivers reflect the diverse needs of different industries that rely on cold storage equipment to ensure product quality, extend shelf life, comply with regulatory standards, and meet consumer expectations.
U.S. cold storage equipment market held over USD 10.2 billion revenue in 2022. The food and beverage industry in North America requires cold storage equipment to preserve perishable food products, including fresh produce, dairy, meat, and frozen foods, ensuring a steady supply and reducing food wastage.
Some of the major companies operating in the cold storage equipment market are Carrier Corporation, Daikin Industries, Ltd., Thermo King Corporation, United Technologies Corporation (UTC), Johnson Controls International plc, Ingersoll Rand Inc., AB Electrolux, Lennox International Inc., Mitsubishi Electric Corporation, Dover Corporation, Hussmann Corporation, Frigidaire, AmeriCold Logistics LLC, Swire Cold Storage, Americold Realty Trust among others. These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these companies are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
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Market, By Type
Market, By Temperature
Market, By Technology
Market, By Application
Market, By End-use
The above information has been provided for the following regions and countries: