Cold Storage Equipment Market - Overview
Globalization has shortened the distance between countries of the world, though the physical distance between these regions is still a major aspect for transportation of some goods. The greater the distance, the more likely the freight or cargo can be damaged in one of the complex transport operations involved. While some goods can be damaged by shocks such as glass other goods can be damaged by undue temperature variations. A low temperature area is constructed by properly enclosing the space and using refrigeration equipment to keep it at a low temperature by removing the heat
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Cold Storage Equipment Market - Key Players
Some of the key players in the global cold storage equipment market are AmeriCold Logistics LLC, CRS Mobile Cold Storage, Frialsa FrigorIficos, S.A. De C.V., Lennox International, Nichirei Corporation, Nordic Logistics and Warehousing, LLC, Panasonic Corporation, Swire Cold Storage Pty Ltd, Tippmann Group, and VersaCold.
Cold Storage Equipment Market - Drivers and Restraints
Production and storage of products are the two prime concerns of the manufacturing industry both for food & beverages and chemicals. Change in lifestyle and increased disposable income have created an urge in the consumers to innovate with the food and beverages, which will increase the demand for these products. Transportation and storage of fruits and vegetables to make them available throughout the year is an important factor. Increasing population and enhanced demand for medicines have resulted in the demand for cold storage equipment. Various medicines such as vaccines, insulin, and biotech products require cold storage for their preservation. Production and supply of chemicals for different industries is important and these chemicals may change their properties if the required temperature is not maintained. Cold storage is crucial for some chemical industries and manufacturers are setting up cold storage equipment. Horticulture and floriculture products require cold storage for their preservation. Various cold chain logistics have been set up to save horticulture and floriculture production and to procure them for export. In India, the government is supporting and providing subsidies for setting up cold storage equipment in order to minimize agricultural waste and increase the export of these products.
The world is made up of different regions with varying temperatures ranging from extreme cold (-50° C) to extreme hot temperature (50° C). It is necessary to preserve products in cold storage warehouses due to diverse agro-climatic conditions. These equipment help in keeping the products viable for a long period and pests, insects, or germs do not affect the perishable products.
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There are some disadvantages of cold storage equipment which can affect the demand for the product. Cold storage equipment entails considerable capital cost and ongoing cost. The equipment has high operational costs and consumes huge amounts of electricity. Transportation of even small amounts of products leads to high costs, which decreases the margins. Most of the refrigerants and cold storage equipment have fluorocarbon which contains chlorine. These equipment emit huge amounts of heat into the environment which increases the temperature of the earth. Cold storage does save the perishable products from spoilage, but when kept for long periods it may reduce the aroma and flavor of the product.
Cold Storage Equipment Market - Segmentation
The global cold storage equipment market can be segmented based on type, end-use industries, distribution channel, and region. Based on type, the cold storage equipment market can be classified into refrigerated containers, blast freezers and chillers, mega cold storage and rooms, and others (pharmaceutical grade, specialist cold storage, etc.). Based on end-use industries, the cold storage equipment market can be segmented into food and beverages, pharmaceutical, agro products, and others (chemicals, flowers, etc). Based on distribution channel, the cold storage equipment market can be segmented into direct sales and distributors. Based on region, the cold storage equipment market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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