With the presence of a large pool of participants, the global cold chain equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Cloverleaf Cold Storage, AmeriCold Logistics, A B Oxford Cold Storage, Burris Logistics, and Lineage Logistics, are some of the key vendors of cold chain equipment across the world. These players across cold chain equipment market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key growth strategy across cold chain equipment market, states the market study.
Reportedly, in January 2018, the President of Westfalia Technologies advised its consumers to manually pre- pick up orders from the cold storage equipment and delivers them before the trucks arrive for picking up the products. It is speculated that the decision to store the products in the cold storage is aimed to help it avoid getting spoiled. Analysts predict that such initiatives are likely to provoke the growth of cold chain equipment market over the years to come.
As estimated in this report, the global cold chain equipment market stood at USD 67 billion in 2014. Witnessing a tremendous rise during the period from 2014 to 2020, the revenue in this market is expected to reach USD 118 billion by the end of the forecast period. The main products available in the cold chain equipment market are storage equipment and transport equipment. Among these two, the demand for storage equipment is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Increasing Need for Reducing Food Wastage Will Spur Market’s Growth
“Growing requirement for increasing the shelf life of products such as chemicals, drugs, and vaccines along with ensuring their safety and quality is likely to enhance the cold chain equipment market demand,” says the study. Apart from this, the escalating need for food storage and preservation along with humungous popularity of frozen food products is forecast to uplift cold chain equipment market growth over the coming years.
High deployment costs and strict government legislations, however, are predicted to impede the progress of cold chain equipment market. Nevertheless, mounting food requirement across developing economies is projected to result in greater demand for the product in the near future, normalising the impact of hindrances on the cold chain equipment market, reports the study.
Regionally, Asia Pacific has been leading the worldwide cold chain equipment market and is anticipated to continue on the dominant position in the years to come, states the market study. Increase in the installation of cold chain equipment in countries such as China and India is the main factor behind the dominance of the Asia Pacific cold chain equipment market. In addition to this, the rising trend of cold chain logistics in the developing countries is projected to contribute substantially towards the growth of cold chain equipment market in the region.