California Takes Center Stage for Cold Storage Construction
A new market study published by Global Industry Analysts Inc., “Cold Storage Construction: Global Market Trajectory and Analytics” discusses opportunities and challenges in a significantly transformed post COVID-19 marketplace. For one, the global cold storage construction market is expected to reach $22.9 billion by 2026.
While cold storage has experienced major uptick in construction activity in the recent months, the trend goes beyond vaccine transport/healthcare demand and is attributed to several factors, primarily online grocery shopping. With food companies expanding production in order to meet the increased demand for food products, demand for cold storage facilities is expected to remain robust in near future.
The U.S. market is estimated at $2.6 billion in 2021, while China is forecast to reach $5.4 billion by 2026.
The new requirements are prompting more owners and developers to kick-start new cold storage construction projects in the country, with California being the primary destination for these projects.
Cold storage facilities located in coastal markets with access to ports and large population centers are in high demand. In the global ports segment, USA, Canada, Japan, China and Europe will drive the 15.7 percent CAGR estimated for this segment.