Global Cold Chain Market

The commercial refrigeration equipment market consists of sales of commercial refrigeration equipment by entities (organizations, sole traders, and partnerships) that produce commercial refrigeration equipment such as refrigerators and freezers used in supermarkets, convenience stores, restaurants, and commercial kitchens. The main product types of commercial refrigeration equipment are refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine. Beverage refrigeration refers to a refrigerated storage area intended to cool beverages using a vehicle's air conditioning system or a separate phase-cooling system. The refrigerant types are fluorocarbons, hydrocarbons, and inorganics. The various applications involved are hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries. The global commercial refrigeration equipment market size is expected to grow from $56.03 billion in 2021 to $59.74 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The global commercial refrigeration market size is expected to grow to $79.1 billion in 2026 at a CAGR of 7.3%. The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market. High equipment and installation cost of equipment is expected to hinder the commercial refrigeration equipment market’s growth. For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000. In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market. Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide's mission to reduce the 25% of global electricity consumption that is misused by legacy motors. Furthermore, in May 2019, the UTStarcom company launched the goBox together with China Mobile Group Zhejiang Company (Hangzhou), its first 5G-powered smart commercial refrigerator. The smart vending machine, goBox created a new way of shopping with an enhanced buying experience, driving greater consumption per transaction. The device is enabled by a powerful system platform supported by 5G, mobile cloud, and artificial intelligence. In February 2019, Daikin Industries, Ltd, a Japan-based manufacturer of air conditioning units HVAC-R systems, filtration systems, and chemicals, through its subsidiary Daikin Europe N.V has acquired AHT Cooling Systems GmbH for approximately $656 million (€579 million). This acquisition enabled Daikin Industries, Ltd to be a one-stop provider offering complete coordination of air conditioning and refrigeration products as it has added AHT Cooling Systems GmbH products and services relating to air conditioning and commercial equipment. It also strengthens the expansion of Daikin Industries, Ltd in Europe, and the natural refrigerant portfolio as AHT Cooling Systems GmbH focuses on natural refrigerants like propane-based equipment. AHT Cooling Systems GmbH is an Austria-based provider of refrigerator and freezer systems for retail and industry. Major players in the commercial refrigeration equipment market are Dover Corporation, Daikin Industries Ltd, Carrier Commercial Refrigeration Inc, Johnson Control Inc, Haier Group Corp, Danfoss, and Emerson Electric Company. Asia Pacific was the largest region in the global commercial refrigeration equipment market in 2021. North America was the second largest region in the global commercial refrigeration market. The regions covered in the global commercial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the commercial refrigeration equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global commercial refrigeration equipment market is segmented - 1) By Product Type: Refrigerator and Freezer, Transportation Refrigeration, Refrigerated Display Case, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine 2) By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics 3) By Application: Hotels and Restaurants, Supermarkets and Hypermarkets, Convenience Stores, Bakery

The refrigerators market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of Refrigerators. The market includes sales of household refrigerators which are electrical appliances used to preserve food at cold temperatures. The main types of refrigerators are single-door, double-door, French-door and others. A single door refrigerator has only one outer door, the freezer too, has a door; but it can be reached only through the outer door. Also, usually available in size as small as 50 liters and can go up to 250 liters. The various freezer location includes freezer-on-top, freezer-on-bottom and freezer-less that are used for household, commercial and industrial applications. The refrigerators are distributed through specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online channels. The global refrigerators market size is expected to grow from $38.57 billion in 2021 to $39.64 billion in 2022 at a compound annual growth rate (CAGR) of 2.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The refrigerator market is expected to reach $42.67 billion in 2026 at a CAGR of 1.9%. The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market. Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike. Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement. In March 2019, The Legacy Companies, a Florida based food and beverages company acquired Avanti Products Inc for an undisclosed amount. Through this acquisition the Legacy Companies plans to produce some of Avanti’s product solutions in its wholly owned manufacturing plants thereby securing a source of competitive advantage. Avanti Products Inc, a Florida based company that develops, manufacturers and markets compact appliances including refrigerators, freezers, ranges, microwave ovens, wine refrigerators, ice makers, water dispensers, laundry appliances and other compact appliances. Major players in the refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, and Siemens. Asia Pacific was the largest region in the refrigerators market in 2021. Western Europe was the second-largest region in the refrigerators market.The regions covered in the refrigerators market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the refrigerators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global refrigerators market is segmented - 1) By Type: Single-Door, Double-Door, French-Door, Others 2) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hypermarkets/Supermarkets, Discount Stores, Online 3) By Application: Household, Commercial Use, Industrial Use 4) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, Freezer-Less

The smart refrigerators market consists of sales of smart refrigerators and related services that are used in residential and commercial sectors. A smart refrigerator is a programmed high-tech refrigerator that can identify the type of products stored therein and keep track of important information such as expiry and usage. Such refrigerators operate on a barcode or RFID network whereby the batch is collected and information are generated directly from the Internet. The main product types of smart refrigerators are top freezer refrigerator, bottom freezer fridge, side-by-side refrigerator, French door refrigerator and the technologies used are wi-fi, radio frequency identification (RFID), cellular technology, Bluetooth, zigbee and touchscreen. The top freezer refrigerator are more energy efficient and easy to freeze products. The smart refrigerators are found in two types of doors such as single, double, side by side and French and used for residential and commercial purpose. The global smart refrigerators market size is expected grow from $4.89 billion in 2021 to $5.23 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart refrigerator market is expected to reach $6.84 billion in 2026 at a CAGR of 6.9%. The rise in adoption of smart cities and smart infrastructures is a key factor driving the growth of the smart refrigerators market. The Internet of Things (IoT) market has been growing, with smart home devices and appliances, home is getting smarter with new devices that are available with internet connectivity. Smart home devices such as Google Nest, Ring and smart fridges have held users aware of the Internet of Things (IoT) trend, which relates to the connectivity of everyday items over the Internet. according to IoT-analytics the global number of connected IoT devices to grow by 9% to 12.3 billion active endpoints and grew to 27 billion connections by 2025. Therefore, companies are investing more in IoT due growing interest in the smart home and this factor is driving the smart refrigerators market. Smart refrigerators are generally more expensive than ordinary refrigerators. Although, smart refrigerators have high-tech features and can be controlled via smartphones, the high cost is hindering its growth. Additionally, the high repair cost is a key factor hampering the growth of the smart refrigerator market. Consumers might have to invest more on specific parts that are difficult to locate, and there might also be shortage of parts for some models in some cases. This results in using second-hand parts. Popular issues include a non-running refrigerator, or having a freezer portion that does not remain cold. The cost to fix these problems ranges between $140 and $200 nationally. The more recent issue with smart refrigerators is hacking. Smart refrigerators are not build with security and can’t be protected by antivirus software. Using devices that incorporates hardware, cloud and software designed to safeguard the appliance is an additional expense. Therefore, the high cost with smart refrigerators is expected to limit the growth of the smart refrigerators market. The IoT-enabled family hub refrigerator is a key trend in smart refrigerators market. The new Family Hub refrigerator provides features such as testing from anywhere what's inside the refrigerator, leaving messages on the White Board, seeing who's at the front door via a connected doorbell, adjusting the thermostat, watching CCTV video, suggestions for recipes, shopping recommendations, etc. In July 2020 Samsung launched its connected SpaceMax Family Hub Refrigerator which has additional storage space. Major players in the smart refrigerators market are Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, Whirlpool, Siemens AG, Midea Group, Hisense Co. Ltd, Electrolux, and GE Appliances. Asia Pacific was the largest region in the smart refrigerators market in 2021. Western Europe was the second-largest region in the smart refrigerators market. The regions covered in the smart refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the smart refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global smart refrigerators market is segmented - 1) By Product: Top Freezer Refrigerator, Bottom Freezer Fridge, Side-by-Side Refrigerator, French Door Refrigerator 2) By Technology: Wi-Fi, Radio Frequency Identification (RFID), Cellular Technology, Bluetooth, ZigBee, Touchscreen 3) By Door Type: Single, Double, Side-by-Side, French 4) By End-Use: Residential, Commercial

The ultra-low temperature freezers market consists of sales of ultra-low temperature freezers by entities (organizations, sole traders, and partnerships) that manufacture ultra-low temperature freezers. Ultra-low temperature freezers are a form of a freezer that can keep temperatures between-80 and-86 degrees Celsius. An ultra-low temperature freezer is also known as a minus 80 freezer or a negative 80 freezer. Only goods and services traded between entities or sold to end consumers are included. The main types of ultra-low temperature freezers are chest freezers and upright freezers. A chest freezer is a cabinet freezer with a door that lifts up to open. The freezers are used for blood and blood products, organs, pharmaceuticals, forensic, genomic research applications by bio-banks, pharmaceutical and biotechnology companies, academic and research laboratories and other end-users. The global ultra-low temperature freezers market size is expected to grow from $805.47 million in 2021 to $851.35 million in 2022 at a compound annual growth rate (CAGR) of 5.7%. The change in the ultra-low temperature freezer market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $1,064.02 million in 2026 at a CAGR of 5.7%. The COVID-19 outbreak is propelling the growth of the ultra-low temperature freezer market in the coming years. Scientists are trying hard to create a vaccine and depending on ultra-low temperature freezers and incubators to retain novel coronavirus samples so that they can be recovered whenever appropriate and examined to gain insight into this emerging respiratory illness. For example, the BINDER CO2 freezer is helping researchers and scientists to retain coronavirus samples. These freezers are important because they provide protection and anti-contamination features. Therefore, the COVID-19 outbreak contributed to the growth of the ultra-low temperature freezer market. The high costs associated with ultra-low temperature (ULT) freezers are expected to hinder the growth of the ultra-low temperature freezers market in the coming years. Ultra-low temperature sample storage freezers are a central component of a majority of labs, biobanks, and pharmacies around the world. These units allow the medium to the long-term preservation of numerous biological samples, such as cell extracts, proteins, RNA, or DNA. A fixed temperature of -20 °C or -40 °C can be sustained by a regular upright mechanical freezer, but the majority would operate at -80 °C. To maintain a lower temperature, a stable power source is required that leads to additional energy and operating costs. An upright, mechanical ULT freezer can fluctuate in average operating expenses from $750 to $1000 per year. Therefore, the high costs associated with ultra-low temperature (ULT) freezers incurs huge operational costs that are difficult for small and medium enterprises and hampers the growth of the ultra-low temperature freezers market. Major companies operating in the ultra-low temperature freezers sector are focusing on developing technology advanced solutions for ultra-low temperature freezers. For example, in May 2020, Thermo Fisher Scientific, a US-based biotechnology company, launched a new service that gathers and tracks key performance data from the attached TSX Series ULT freezers to provide an optimum sample and product safety. The Thermo Scientific smart connected systems function tracks 37 types of alarms and 26 operational parameters for the user to provide a detailed analysis of the linked TSX Series ULT freezers. In June 2019, PHC Holdings Corporation, a Japan-based healthcare company acquired the anatomical pathology business of Thermo Fisher Scientific for $1.14 billion. The anatomical pathology business acquired by PHC Holdings Corporation will operate as a new stand-alone company under the name Epredia. The new company will continue to provide comprehensive solutions in the anatomical pathology field, including microscope slides, consumables, instruments. Thermo Fisher Scientific is a US-based biotechnology company engaged in manufacturing and selling ultra-low temperature freezers market. Major players in the ultra-low temperature freezers market are Arctiko, Eppendorf, Esco Micro Pte Ltd, Haier, Helmer Scientific, Bionics Scientific Technologies (P). Ltd, PHC Holdings Corporation, Labcold Ltd, Remi Group, and Stirling Ultracold. North America was the largest region in the ultra-low temperature freezers market in 2021. The regions covered in the ULT freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the ultra-low temperature freezer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global ultra-low temperature freezers market is segmented - 1) By Type: Chest Freezers, Upright Freezers 2) By Application: Blood and Blood Products, Organs, Pharmaceuticals, Forensic, Genomic Research 3) By End-User: Biobanks, Pharmaceutical and Biotechnology Companies, Academic and Research Laboratories, Others

Laboratory Freezers Market Definition

The laboratory freezer market consists of revenues generated by the companies that are engaged in selling and manufacturing of laboratory freezer products and related services which are used to store blood samples, medicines and injections, and others for a long period of time. A laboratory freezer is an explicitly designed piece of laboratory equipment used to maintain consistent below-freezing temperatures and monitor it with digital displays. They have a thermally insulated compartment and a heat pump (mechanical, electronic, or chemical) which moves heat from within the device to its external environment so that the inside of the freezer is cooled to a certain temperature. Laboratory freezers are used to store a variety of samples which include pharmaceutical, biological, and other commonly used laboratory samples. Different forms of sizes of laboratory freezers are available, including upright, freestanding, and under-counter models.

The refrigerated warehousing and storage market consists of sales of refrigerated warehousing and storage services and related goods by entities (organizations, sole traders, and partnerships) that operate refrigerated warehousing and storage facilities. Establishments in the refrigerated warehousing and storage industry provide services such as blast freezing, tempering, and modified atmosphere storage services. The main types in the refrigerated warehousing and storage market are cold storage and frozen storage. Cold Storage refers to storage (as of food) in a cold place for preservation. The refrigerated warehousing and storage market is also segmented by ownership into private warehouses, public warehouses, and bonded warehouses and by application into fruits and vegetables, bakery and confectionery; milk and dairy products, meat, seafood, beverages, and others. The global refrigerated warehousing and storage market size is expected to grow from $140.77 billion in 2021 to $155.56 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The refrigerated warehousing and storage market is expected to grow to $222.27 billion in 2026 at a CAGR of 9.3%. Warehouses are increasingly using mobile technologies to efficiently monitor warehouse operations. Mobile technology includes the use of tablets, smartphones, mobile printers, and other handheld devices for communication and information. These devices make use of GPS, RFID, VoIP, digital imaging, and voice technology. Technicians operating forklifts and automated material handling equipment in a warehouse are using mobile technologies to obtain information on troubleshooting, repairs, and work orders. This gives warehouse managers access to equipment status and performance reports and enables them to track warehouse operations around the clock. Wearable technology such as smart glass is being integrated with warehouse management systems to improve hands-free mobility for workers. According to a report by MHI, a material handling, logistics, and supply chain association, 22% of the respondents use mobile technologies in warehouses and the adoption rate is expected to reach 45% in the next two years. Major companies in the refrigerated warehousing and storage market include AmeriCold Logistics/Americold Realty Trust and Subsidiaries, Nichirei Corporation, Lineage Logistics Holdings LLC, Henningsen Cold Storage Co, Burris Logistics, Toyo Suisan Kaisha Ltd., Agro Merchants North America Holdings LLC, Nippon Suisan Kaisha Ltd., and Snowman Logistics Ltd. Asia Pacific was the largest region in the refrigerated warehousing and storage market in 2021. North America was the second largest region in the refrigerated warehousing market. The regions covered in the refrigerated warehousing and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the refrigerated warehousing and storage market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global refrigerated warehousing and storage market is segmented - 1) By Type: Cold Storage, Frozen Storage 2) By Ownership: Private Warehouses, Public Warehouses, Bonded Warehouses 3) By Application: Fruits and Vegetables, Bakery and Confectionery, Milk and Dairy Products, Meat, Seafood, Beverages, Others