The global cold chain market size is estimated to reach USD 628.26 billion by 2028, according to a new study by Grand View Research, Inc., registering a CAGR of 14.8% from 2021 to 2028. Technological advancements in the packaging, processing, and storage of seafood products are expected to drive the market over the forecast period. Cold chain solutions have become an integral part of Supply Chain Management (SCM) for the transportation and storage of temperature-sensitive products. Increasing trade of perishable products is anticipated to drive product demand over the forecast period.
Companies operating in this market are increasingly adopting alternative energy solutions, such as wind and solar energy, to minimize the overall operating costs. Among cold chain solutions, the refrigeration system is used to maintain the quality of products and enhance their shelf life. However, refrigerants used in refrigeration systems pose a threat to the environment because of their high Global Warming Potential (GWP) and Ozone Depletion Potential (ODP). Stringent food safety regulations, such as the Food Safety Modernization Act that requires increased attention toward the construction of cold storage warehouses, are slated to benefit the market.
Adoption of environmental audit systems, such as Leadership in Energy and Environmental Design (LEED) or Building Research Establishment Environmental Assessment Method (BREEAM), can evaluate designs at an initial stage. Thus, the operational performance of completed buildings can be assessed through these audit systems. Temperature-controlled warehouses are highly energy-sensitive as they incorporate refrigeration and ventilation systems that require high power consumption. However, better designs can reduce power consumption and can help build net-zero energy warehouses.
According, to the Food and Agriculture Organization (FAO), annually 1.6 billion tons of food products are wasted, owing to the lack of adequate temperature management systems. To overcome such problems organizations have increased their spending on technologies such as smart refrigerator systems and cloud computing solutions which increased the demand for the monitoring components market.
The increasing need for enhanced connectivity and emergence of IoT solutions is anticipated to further increase the IT spending on cold chain. An organization implementing IT solutions is mandated to adhere to the IT security guidelines of the National Institute of Standards and Technology and other regulations framed by government organizations including the U.S. Food and Drug Administration, WHO, and the EU regulation for food and drug safety. The growing installation of sensors and smart connected devices in refrigerated containers provides real-time information. The key vendors of the market include Accenture PLC (U.S.), AT&T, Inc. (U.S.), Cisco Systems, Inc. (U.S.), and Oracle Corporation (U.S.).
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