LONDON — Technavio market research analysts forecast the global refrigerated warehousing market to grow at a CAGR of over 8% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the growing focus toward energy savings using LEDs as one of the key emerging trends in the global refrigerated warehousing market. As energy is one of the major operating costs, players in the market are looking for methods that can reduce the cost of operations. Energy is consumed majorly by refrigeration systems, freezer doors, and lighting systems in a refrigerated warehouse need to work 24×7. Few of the methods used for energy saving are light-emitting diodes and solar energy.
When compared with the incandescent lamps, LED lamps are used in light fixtures and have a longer lifespan and better electrical efficiency. LED high bay fixtures that are used in refrigerated warehouses can consume nearly 65%-75% less energy compared with metal halide high bay fixtures. Energy savings, reduced maintenance cost, and increased performance are some of the advantages of using LED lamps in refrigerated warehousing.
In this report, Technavio analysts highlight the anticipated growth in the global frozen food market as a key factor contributing to the growth of the global refrigerated warehousing market:
Anticipated growth in the global frozen food market
Frozen foods such as frozen dinners, ice creams, and frozen fruits and vegetables require refrigerated warehousing for storage. Therefore, the growing demand for these products will, in turn, increase the demand for refrigerated warehousing.
According to a senior analyst at Technavio for warehouse and storage, “Frozen food is perceived as an alternative to fresh and home cooked food as well as canned food. Factors such as busy lifestyle and rising urbanization have led to the increased preference of consumers for convenience, ready-to-eat meals, thus driving the growth of the frozen food market. Moreover, the growing demand for vegetables such as green peas round the year has increased the need for refrigerated warehousing.”
Global refrigerated warehousing market segmentation
This market research report segments the global refrigerated warehousing market into the following applications (meat and seafood; dairy and frozen desserts; and fruits, vegetables, and beverages) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the meat and seafood segment held the largest market share in 2017, accounting for nearly 37% of the market. The market share for this application is expected to increase by 2022. The increasing awareness among consumers about the health benefits of eating seafood is driving the growth of this segment.
The Americas was the leading region for the global refrigerated warehousing market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to register the highest growth rate of nearly 3%.
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