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.
COVID-19 Impact Analysis
- The refrigerated container market has been negatively impacted due to the COVID-19 pandemic. This is mainly due to government regulations around the world such as lockdowns and social distancing.
- As a result, containers are transported to the main ports, either as stranded ships on board ships, unloaded at different places, or seatedin different ports and berths, downstream and detained.
- In addition, the pandemic has forced companies in the global transportation and logistics industries to face economic stress due to cash flows, workforce shortages, fewer contracts and other problems, which has resulted to the reduction of salaries for employees and a serious drop in world trade volume.
Top Impacting Factors
- The 40ft container is expected to experience the fastest growing refrigerated container market during the forecast period. This is mainly because the 40ft containers are designed to carry bulky goods rather than heavy goods. Therefore, higher capacity and small difference in cost of containers are expected to increase the penetration of 40ft containers during the forecast period.
- There is a huge demand for Prioritizing ships for international trade. Ocean freight accounted for the largest share of the reefer container market and is expected to continue to rank early in the coming years.
- This is mainly due to the expansion of world trade in refrigerated perishable goods at sea, coupled with advancements in refrigerated container technology. In addition, most of the major countries in the region are home to many seaports and inland ports, and the region experiences the fastest rateof urbanization development, which has resulted in increased trade volume.
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 Routes
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
- This study presents the analytical depiction of the Global Reefer industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Global Reefer market share.
- The current market is quantitatively analyzed to highlight the Global Reefer market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Global Reefer market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Which are the leading players active in the Global Reefer market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "Global Reefer" Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "Global Reefer" Market?
Reefer Market Report Highlights
| Aspects | Details |
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 By Transportation Mode |
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 By Industry |
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