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The rapid rise of the food and beverage industry – The food and beverage industry is one of the biggest factors that have significantly propelled the demand for cold storage. As the world population expands along with rapid urbanization, there is increased demand for several and diverse perishable foods including fruits and vegetables, dairy products, seafood and meats. Buyers are becoming more and more focused on convenience thus the growth of the frozen and convenience food markets, which contributes to the increasing demand for cold storage. There is a new trend in healthy nutrition where people are willing to buy more organic, gluten-free, vegan, and vegetarian products. Such products tend to have a relatively shorter than average issued life and are comparatively heat delicate, which again expounds the need for improved cold storage systems. Further, the novel food delivery models including meal-kit services and grocery e-commerce also escalates the requirement of cold storage capabilities. The increased globalisation which has increased the market on imported perishable goods also contributes to the increasing demand for cold storage. Technological advancements are enabling the transportation of more perishable crops and products such as fruits, seafood and other perishable crops and products over much longer distances than before. The steady increase in demand for food and beverages will drive the global cold storage market’s growth.
High capital investments – Large capital investments and operating expenses are two of the biggest challenges that affect the cold storage market. Building a cold storage facility demands a large amount of capital because of the infrastructural and equipment needs. The constructional procedures of cold storage include the insulation, refrigeration, climate control systems, and sophisticated monitoring systems. These components are costly. Furthermore, the operating costs are considerably high including energy consumption and other regular inspection and maintenance needs. additionally, the increased cost of energy given the volatile electricity expenses also adds to the high costs. Maintenance cost also includes depreciation of equipment and most often than not requires periodic servicing to function effectively. Higher capital and operating costs are the primary factors that hinder small companies and even large companies from adding more cold storage, thereby slowing the growth of the cold storage industry and scalability.
Technological advancements – Technology has revolutionised cold storage solutions making them efficient, cheap, and more reliable. Among them, the major is the utilization of Internet of Things (IOT) technology allows for remote monitoring of data collection from cold storage facilities. IoT sensors help monitor temperature, humidity and many other factors to ensure the right conditions for storing perishable products at all times. They assist with real-time monitoring to minimise cases of errors that are common in human operation. It also supports quick identification of problems that would lead to spoilage. Automation and robotics are also being applied progressively which eliminates the need of human personnel contributing to higher accuracy and better reliability. Such systems provide a means for increasing throughput and decreasing operating expenses while at the same time offering the essential method to minimize manual intervention in the handling and storage of perishable products. AI and machine learning are improving the ability to predict equipment failure and improving efficiency when it comes to energy use. Another potential benefit is that using analysis from IoT sensors to forecast failures and enable proactive action. All these contribute to the market’s growth and development during the forecast period.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global cold storage market based on below mentioned segments:
Global Cold Storage Market by Storage Type:
Global Cold Storage Market by Temperature Range:
Global Cold Storage Market by Application:
Global Cold Storage Market by Region:
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The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
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Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
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Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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