The global cold storage market size is estimated to grow by USD 145.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.83% during the forecast period.
Fuel cell technology is revolutionizing the cold storage market by powering optimally performing forklifts in low temperatures. These forklifts, using hydrogen in an electrochemical reaction, generate combustion-free energy, saving valuable warehouse space.
Compared to battery-powered forklifts, which can only function for 3-6 hours less in cold temperatures, fuel cell-based forklifts can operate efficiently even in temperatures as low as -30 degrees Celsius. Additionally, refueling a hydrogen-powered forklift takes only five minutes, saving over 120 hours in lost productivity per forklift. This efficiency translates to significant growth in the global cold storage market.
The market for cold storage solutions is experiencing significant growth due to increasing demand for perishable goods preservation. Companies are investing in advanced technology such as automated temperature control and remote monitoring systems.
The use of renewable energy sources in cold storage facilities is also a trending topic. Additionally, the rise of e-commerce and online food delivery services has boosted the need for efficient cold storage logistics. Furthermore, the adoption of cryogenic technology for long-term storage of various industries’ waste is another trend. Overall, the cold storage market is expected to continue its upward trajectory in the coming years.
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