Global Cold Storage Construction Market - 2021-2028
発行: DataM Intelligence
ページ情報: 英文 180 Pages
The Global "Cold Storage Construction Market" is estimated to reach at a within the forecast period (2021-2028).
One of the most important aspects of the logistics supply chain is cold storage. These facilities are meant to maintain the proper temperature for various foods, chemicals and medicines. Cold storage has experienced significant growth in construction activity, particularly in recent months; the trend goes beyond the healthcare demand and is attributed to several factors, primary online grocery shopping. Furthermore, cold storage design and construction services require knowledge of the intricacies of these highly specialized facilities.
Refrigerated warehouses, frozen food distribution centers and grocery freezers consume the most energy per cubic foot of any industry globally. Cold storage freezers must be appropriately planned and manufactured to help reduce energy consumption and increase facility efficiencies, and they must use the most energy-efficient systems available.
In addition, the type of construction used has a big impact on how well a structure is insulated and cooled. Insulated concrete (tilt-up or precast), insulated metal panels, or a combination of the two can be used to construct new cold storage facilities. Additionally, installing insulated metal panels inside existing walls can transform an existing dry warehouse into a freezer/cooler.
The increasing online grocery sales and rising preference for online shopping have escalated the demand for cold storage construction. Rising demand for fresh and processed food products is driving the facility for cold storage construction.
The increasing online grocery sales and rising preference for online shopping have escalated the demand for cold storage construction.
Revenue in food and beverage retail e-commerce surpassed US$15 million in 2020 and is predicted to cross US$20 million by 2023. Around 52% of grocery stores in the United States offered home delivery or store pick-up as of August 2019, with another 25% aiming to incorporate online grocery services into their operations in the forecast year. With the onset of the coronavirus pandemic in 2020, however, there was a once-in-a-lifetime opportunity for online food retail to expand its market share.
In the aftermath of the COVID-19 outbreak, there was a 202% rise in online food delivery web searches as of May 2020. In an April 2020 survey, 38% of buyers with a high level of anxiety about COVID-19 chose to purchase groceries online. As a result, grocery stores have adapted to increased demand for online food delivery. Indeed, supermarket delivery and pick-up sales in the United States increased from 1.2 million dollars in August 2019 to 7.2 million dollars in June 2020. Thus the unprecedented growth in the global online grocery market has created immense opportunities for the cold storage construction facilities to grow at a higher rate to store the product for a longer period.
Due to the growing demand for online grocery, various key players set into the market to overcome consumers' growing demand. Increasing online service-providing companies in developing and developed regions are more likely to create opportunities for the cold storage construction market in the forecast period.
Rising demand for fresh and processed food products is driving the facility for cold storage construction.
Increased demand for convenience and processed foods has resulted from increased disposable income due to economic expansion, particularly in rising economies such as India and China. Developed countries have tremendously increased in recent years in terms of food manufacturing. Food processing technology is advanced in U.S and Germany, but revenue from the food processing business grows slower.
The expansion of the food and beverage processing equipment market is predicted to be aided by increased demand for processed food in developing countries and increased consumption of convenience foods due to the growing working population. As per the joint study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in India and Grant Thornton in the United Kingdom, India's food processing sector has the potential to attract US$33 million in investments by 2024.
The largest investments are in food processing technologies and processing equipment, as the country's total food production is expected to double by a certain time. Thus tremendously growing packaged food percentages in developing and developed regions are more likely to create demand for cold storage construction facilities in the region to maintain the self-life of the product for a longer period.
For instance, The Government of India is taking all necessary initiatives to increase investments in the food processing industry in India through the Ministry of Food Processing Industries (MoFPI). The government has approved 41 food parks as part of the Mega Food Parks Scheme, of which 38 have received final clearance, and 22 are set to open on August 1, 2021. The food processing sector in India is anticipated to be valued at more than half a trillion dollars by 2025. India's annual household consumption is expected to triple by 2030, making it the fifth-largest consumer.
Regular maintenance and cleaning required by cold storage constructions act as major hurdles for the growth of the product's market.
Cooling systems require regular cleaning, maintenance and scheduled overhauls to operate efficiently. It can range from routine maintenance (such as flushing) to repairs that necessitate removing the tube bundle from the heat exchanger shell for cleaning or even replacing whole cooling towers. Regular maintenance is a major parameter required for the sizing of the cold storage construction.
Furthermore, a cooling system must be derated, or extra capacity should be provided by increasing heat transfer surface area and pumping capacity if cooling demand increases or is underestimated at installation. Different cooling systems may operate at high temperatures and pressures or with hazardous fluids, necessitating appropriate operating procedures to prevent crew injury and system failure.
Some cooling systems, such as cooling towers, have a limited BEP range and may perform less efficiently at higher and lower flow rates than their nominal flow rates. Thus the mentioned disadvantages of cold storage constructions are the challenges that hurdle the market's growth.
The outbreak of COVID-19 has shown a tremendous impact on various industries' market growth, although the cold storage construction has seen moderate effect due to the outbreak. Various industries were shut down for a limited period, and many sectors were working at the cost of fewer workers.
The prime reason behind the drop in cold storage constructions is the drop in demand from consumers. Industries like Petrochemical Processing, Food Processing & Storage, Petroleum & Natural Gas Refining, textile are the prime industries in which overall demand for the product has registered a negative growth due to COVID-19. The drop in demand leads to decline in overall market of the cold storage constructions in the mentioned end-users.
However, behind the scenes, the cooling industry plays a crucial part in the fight against the coronavirus (COVID-19) pandemic. It takes care of everything from maintaining the proper temperature to carefully transporting and storing medicines and keeping patients and caregivers safe and comfortable in regular healthcare facilities and emergency hospitals set up in halls, parking lots and other public locations. Thus, the pharmaceutical industry has seen a spike in the cold storage construction market compared to other end-users. The pandemic conditions are getting better in most countries, thus expected to uplift the overall market share for the product in the forecast period.
The global cold storage construction market is segmented into construction, storage, cold storage warehouse, application and region.
Bulk storage is a cost-effective and environmentally favorable type of cold storage system which can handle perishable goods, especially fruits and vegetables, between production and marketing.
The global cold storage construction market based on storage is segmented into bulk storage, production storage, ports, mini-units/walk-in cold stores, controlled atmosphere (CA) cold stores and others. Out of the mentioned segments, bulk storage holds a promising position in the market. The bulk storage is typically used to store a specific seasonal commodity: for example, stores for potatoes, apples, chilies and so on. Seasonal cold storage is a cost-effective and environmentally favorable method.
In the winter, it stores natural cold energy for free cooling in the summer. In an insulated tank, the cold energy produced is kept as ice. It is removed as chilled water for cooling supplies in the summer, which helps reduce chiller running time and associated electricity usage and greenhouse gas emissions.
Rising awareness about preventing food waste, rising consumer demand for perishable goods, growth in the organized retail sector and increasing government support & initiatives in cold storage construction are the driving factors for the Asia-Pacific
Asia-Pacific has dominated the global market for the past few years, and this trend is predicted to continue in the forecast period. The Asia-Pacific cold storage building market was dominated by India, China, Japan and Indonesia. Rising awareness about preventing food waste, rising consumer demand for perishable goods, growth in the organized retail sector and increasing government support & initiatives in cold storage construction are the factors driving the Asia-Pacific.
Furthermore, the growing demand for preserved food products in Asia-Pacific countries due to growing online shopping in the countries like India and China has escalated the demand for the cold storage construction market in the region.
On the other side, North America holds a promising position in the global cold storage construction market. Due to the growing warehouse network and increased investment in logistic infrastructure development in North America, Mexico is likely to experience exponential growth. These elements encourage market expansion. Furthermore, during the projection period, economic expansion and changes in government laws in Mexico aimed at streamlining the customs program are expected to boost cold storage market demand.
The cold storage construction market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are AmeriCold Logistics, Preferred Freezer Services, Burris Logistics, Lineage Logistics Holding LLC, Nichirei Logistics Co., Ltd, Swire Group, AGRO Merchants Group, LLC, Kloosterboer, NewCold Cooperatief U.A, VersaCold Logistics Services, among others.
The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the growth of the Cold Storage Construction market globally.
For instance, in February 2019, Preferred Freezer Services, a global network of state-of-the-art, temperature-controlled warehouses, was acquired by Lineage Logistics, a trusted and innovative provider of temperature-controlled logistics solutions. The company's position in the temperature-controlled logistics business is expected to improve due to the approach.
Lineage Logistics Holding LLC
Overview: The Company is a prominent global provider of temperature-controlled industrial REIT and logistics solutions. It has a global network of over 350 strategically positioned facilities covering 15 nations in North America, Europe and Asia-Pacific, with a total capacity of over 2 million cubic feet. Lineage's unrivaled real estate network, development and deployment of innovative technology and industry-leading expertise in end-to-end logistical solutions help increase distribution efficiency, advance sustainability, reduce supply chain waste and, most importantly, help feed the world as a Visionary Partner of Feeding America.
Cold Storage: The company offers cold storage facilities to serve companies and their customers. Whether the operations are domestic or global, the company ensures the integrity of the temperature-controlled products.
For instance, on September 2, 2021, Lineage Logistics has completed Northern Superhub Cold-Storage Warehouse Expansion in the UK. The upgraded warehouse will play an important role in UK food distribution. It will use 75% less energy than the European average since it is equipped with cutting-edge technologies that maximize warehouse area use.
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Target Audience 2022
Service Providers/ Buyers