Cold Storage Equipment 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, 2024 – 2032

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.
 

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:

• AB Electrolux
• AmeriCold Logistics LLC
• Americold Realty Trust 
• Carrier Corporation
• Daikin Industries, Ltd.
• Dover Corporation
• Frigidaire
• Hussmann Corporation
• Ingersoll Rand Inc.
• Johnson Controls International plc.
• Lennox International Inc.
• Mitsubishi Electric Corporation
• Swire Cold Storage
• Thermo King Corporation
• United Technologies Corporation (UTC)
   

Cold Storage Equipment Industry News

• In February 2024, Americold Realty Trust announced plans to develop its first cold storage facility through a strategic collaboration with Canadian Pacific Kansas City to co-locate Americold warehouse facilities on the CPKC network. The new facility will support CPKC’s MMX service, North America's only single-line rail service offering for refrigerated shippers between U.S. Midwest markets and Mexico. It will also enable more seamless and efficient service for MMX customers.
   
• In January 2024, Hussmann, a Panasonic company, announce the launch of Evolve Technologies as part of its ongoing commitment to providing low global warming potential (GWP) refrigeration solutions.  Evolve Technologies provides technologies that enable the use of more sustainable and more environmentally friendly refrigerants including R-744 (CO2) and R-290 (propane).
   
• In January 2024, Daikin rolls out new full-electric and plug-in hybrid transport refrigeration lineup. Daikin’s fully electric and plug-in hybrid product range reduces emissions from internal combustion engines.
   
• In September 2023, Carrier Commercial Refrigeration Launches Refrigeration-as-a-Service for the Food Retail Industry in Collaboration with Relayr, inc. The offering aims to empower food retailers to boost efficiency, reliability, cost performance and overall business resilience.
   

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:

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Market, By Type

• Refrigerator
• Freezers
• Cold Rooms
• Ice Machines
• Others (Chillers Rooms etc.)

Market, By Temperature

• Chilled Storage
• Frozen Storage
• Ultra-low

Market, By Technology

• Vapor Compression
• Vapor Absorption
• Blast Freezing
• Eutectic Device

Market, By Application

• Food & Beverages
• Pharmaceuticals
• Chemicals
• Floriculture
• Others (Retail & Distribution Centers etc.)

Market, By End-use

• Cold Storage Facilities & Warehouses
• Food Processing & Distribution Centers
• Pharmaceutical & Biotechnology Companies
• Supermarkets & Hypermarkets
• Restaurants & Catering Services
• Others

Market, By End-use

• Online
• Offline

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA