Growing Demand for Refrigerated Warehousing: A Key Driver Transforming the Warehousing And Storage Market 2024

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How Has The Warehousing And Storage Market Evolved In Recent Years?

The warehousing and storage market has shown significant growth in recent years. A rise from $724.47 billion in 2023 to an impressive $783.92 billion in 2024 is expected, marking a compound annual growth rate CAGR of 8.2%. The growth within the historic period can be attributed to growing demand for refrigerates warehousing and an increased demand for the omnichannel model.

What Is The Forecasted Growth Of The Warehousing And Storage Market?

Looking forward, the warehousing and storage market is predicted to experience strong growth. By 2028, the market size is expected to expand to a staggering $1062.19 billion, with a compound annual growth rate CAGR of 7.9%. Factors contributing to this forecasted growth include the ever-increasing e-commerce industry, a growing global population, and the expansion of the industrial sector.

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What Are The Major Trends And Growth Drivers In The Warehousing And Storage Market?

A significant driver poised to propel the growth of the warehousing and storage market is the increasing demand for refrigerated warehousing and storage. These refer to facilities or buildings equipped with specialized cooling or refrigeration systems designed to maintain low temperatures, ideal for accommodating temperature-sensitive goods. The adoption of refrigerated warehousing and storage widens the client base and adheres to stricter regulations.

Moreover, milestones like the cold storage capacity in the UK surpassing 40 million cubic meters in July 2022, an increase of 10% compared to 2021 levels, highlight the significance of this growth driver. Also worth noting is the surge in the cold storage sector's electricity costs, from $676 million in 2021 to an estimated $1.33 billion in 2022 - a clear indicator of the growing demand for refrigerated warehousing and storage.

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Who Are The Key Industry Players In The Warehousing And Storage Market?

The warehousing and storage market landscape is filled with major players such as Deutsche Post DHL Group, GXO Logistics Inc., Kuehne + Nagel International AG, Geodis Group, DSV A/S, and many others. These industry leaders are embarking on various strategic initiatives like facility expansions, deploying smart warehouse technologies, and entering mergers and acquisitions.

How Is The Warehousing And Storage Market Segmented?

The warehousing and storage market report segments the field into:

1 By Type: General Warehousing And Storage, Refrigerated Warehousing And Storage, Specialized Warehousing And Storage, Farm Product Warehousing And Storage
2 By Ownership: Private Warehouses, Public Warehouses, Bonded Warehouses, Cooperative Warehouses
3 By End-Use: Retail Industry, Manufacturing Industry, Consumer Goods Industry, Food And Beverages Industry, Healthcare Industry, E-Commerce, Other End Use

Additionally, sub-segments include Cold Storage, Frozen Storage, Automobile Dead Storage, Bulk Petroleum And Chemical Storage, Document Storage, and Warehousing, among others.

Which Regions Dominate The Warehousing And Storage Market?

In 2023, Asia-Pacific emerged as the largest region in the warehousing and storage market. However, North America followed closely as the second largest region in this market. The market report covers a range of regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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