A cold storage is a commercial facility for storing perishable products such as fruits, vegetables, meat, and fish, under controlled conditions for longer periods. Food kept in refrigerators is preserved for a longer duration. In addition, it is an important part of the supply chain management process while storing or transporting temperature-sensitive products. Cold storage technology offers advantages such as advanced refrigeration technology and maintaining and tracking systems for various products such as fruits and vegetables by greatly reducing the possibility of wastage of temperature-sensitive products.
Key Drivers of the Cold Storage Equipment Market
- Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management. Refrigerated storage has become an integral part of Supply Chain Management (SCM) in terms of transporting and storing temperature-sensitive products. Moreover, rising automation in refrigerated warehouses is projected to boost the market further.
- The cold storage industry is a large and vital component in America’s food distribution network. Demand for refrigerated space is growing enormously. Consumer spending on frozen and refrigerated foods accounts for most of the cold storage industry’s annual revenue and is expected to boost the market by a large extent.
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Technological advancement such as QFR and RFID creating opportunities in the cold storage equipment market
Introduction of new technologies in the cold storage industry such as Quick Freezing Racks (QFR), Wireless Radio Frequency Identification (RFID), cross-docking, and product picking improvements, has created huge opportunities in the market. Product picking improvements involve voice-activated robotics. These hands-free machines let cold storage workers command and control order pickings and processes without removing thermal gloves and risking exposure injury. Wireless Radio Frequency Identification (RFID) is a system that utilizes scanned tags that relay information about product inventory and movement. Quick Freezing Racks (QFR) are replacing the way blast freezing is done. New facilities are choosing quick freeze racks that improve air flow to reduce freezing time.
Issues of cold temperature a restraint for the cold storage equipment market
Cold temperatures inside the storage often takes a toll on the equipment. Taking the product out from the cold storage, such as for palletization, to a relatively warmer temperature, might lead to creation of moisture, eventually damaging the product. In certain cases, even people involved in keeping the product inside the frozen four walls get affected. These issues can hamper the growth of the market.
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Asia Pacific the dominant region
China, India, and Japan dominate the cold storage equipment market. Consumer sophistication regarding food products and increase in demand for frozen and refrigerated products is likely to drive the demand for cold storage equipment in Japan and China, offering new opportunities to drive the demand in these regions.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the cold storage equipment market are:
- AmeriCold Logistics LLC
- CRS Mobile Cold Storage
- Frialsa FrigorIficos
- S.A. De C.V.
- Lennox International
- Nichirei Corporation