Report Code: A15104 | Pages: NA | Mar 2023 | 1242 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Reefer Market
Request Now !The main factors responsible for the growth of the market include the increase in number of trade routes, the growth in demand for pharmaceutical drugs, the expansion of thee-commerce industry, and the advent of real-time tracking technology.
In addition, on rivers and canals, barges are often used to transport bulk cargoes. According to industry, pharmaceutical category is expected to experience fastest growth during the forecast period. This is attributed to the growth in demand for biologics, cell therapies, vaccines, and blood products, which require temperature-controlled containers for storage and transportation. This is expected to lead to the expansion of global trade by supporting refrigerated perishables of sea in recent years.
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COVID-19 Impact Analysis
Top Impacting Factors
Market Trends
Rise in Demand for Pharmaceutical Drugs has boosted Market Growth
Most pharmaceutical drugs are temperature-sensitive, therefore they are required to be stored and transported under a controlled environment, so as to take care of their efficacy and safety. Growing accidents and incidents have created a requirement for correct temperature-controlled transportation methods, like reefer containers, in order to stop shipment losses. With the development in reefer containers’ technology and a decrease within the cost of shipping, several pharmaceutical players have started trading overseas to realize higher revenue.
Due to all this factors, there is a huge demand for pharmaceutical as they are growing at highest CAGR in forecast Period.Hence, the pharmaceutical category is predicted to witness the fastest growth within the forecasted period. This is often attributed to the rising demand for biologics, cellular therapies, vaccines, and blood products, which require temperature-controlled containers for storage and transportation.
Reefer Containers have increased the Number of Trade RoutesÂ
A trade route can be defined as a logistical network of pathways and stoppages used for the commercial transportation of cargo. It allows goods to succeed in distant markets; one trade route contains long-distance arteries, which can further be connected to smaller networks of economic and non-commercial transportation routes. Thus, with the continual increase within the maritime trade volume and number of trade routes, reefer containers are expected to witness a high demand.
Supported transportation mode, the seaways category held the most important share within the reefer container market and it is expected to take care of the lead within the coming years. This is due to the merchant shipping sector conducting more than half of the international trade through commercial ships. Moreover, on rivers and canals, barges are often wont to carry bulk cargo.
Key Benefits of the Report
Questions Answered in the Report
Reefer Market Report Highlights
Aspects | Details |
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By Transportation Mode |
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Key Market Players | Singamas Container Holdings Ltd., China International Marine Containers (Group) Co. Ltd., Triton International Ltd., MSC Mediterranean Shipping Company S.A., Ocean Network Express (ONE) Pte. Ltd., ZIM Integrated Shipping Services Ltd., SeaCube Container Leasing Ltd., Klinge Corporation, W&K Containers Inc., Almar Container Group |
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