Refrigerated Containers Market Size, Share, Growth, and Industry Analysis, (≤30 ft, >30 ft and Others), By Application (Fruit, Vegetables, Marine Products and Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

REFRIGERATED CONTAINERS MARKET REPORT OVERVIEW

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The global refrigerated containers market size was USD 1376.2 million in 2019 and the market is projected to touch USD 1973.1 million by 2026, exhibiting a CAGR of 5.5% during the forecast period.

Transporting products in an enclosed container that keeps a constant temperature is called reefer shipping, or refrigerated shipping. Food, medications, and chemicals are among the perishable goods and temperature-sensitive products that are most frequently shipped using this method. Reefer shipping containers are outfitted with cooling devices that maintain a consistent internal temperature through the use of mechanical or electrical energy. Compressor, fan, condenser, and evaporator coils make up the cooling systems. By moving cold air inside and keeping hot air outside, the cooling system controls the temperature within the container. 

COVID-19 Impact: Pandemic Ceased the Transportation Activities and Downgraded the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 epidemic has had a detrimental effect on the refrigerated container business. The primary cause of this is global government laws, which include social isolation and lockdowns.Consequently, containers are moved to the major ports in various ways, such as being stranded on board a ship, being unloaded at various locations, or being seated at various ports and berths before being delayed downstream.Furthermore, the pandemic has put businesses in the global transportation and logistics sectors under financial strain because of cash flow issues, a lack of workers, a reduction in contracts, and other issues. As a result, employee salaries have decreased and global trade volume has significantly decreased.

LATEST TRENDS

"Sustainable Containers with Lesser Carbon Footprint to Enlarge the Market Share"

The need for reefer containers is mostly driven by technology, as businesses seek to reduce their carbon impact and establish sustainable business models. As a result, new technologies have emerged that will present chances for manufacturers and brand owners to use them for product promotion and throughout transportation. For instance, the United Arab Shipping Company (UASC) purchased 2,000 reefer containers from Daikin in 2015; these containers were outfitted with the company's most recent model, the LXE 10E, of reefer units. This type uses a significant amount of less electricity while maintaining the ideal temperature and ventilation. Comparing this unit to the Daikin model from 2001, the power usage is reduced by 50%.

REFRIGERATED CONTAINERS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into ≤30 ft, >30 ft and others.

Refrigerator Containers ≤30 ft: These are containers that are 30 feet or less in length. They are appropriate for carrying lesser amounts of temperature-sensitive items. Used for short- to medium-distance transportation or when the cargo amount is minimal.

Refrigerator Containers > 30 ft: These containers are longer than 30 feet. They are intended to hold bigger quantities of perishable foods.Typically used for long-distance shipping with a significant cargo capacity.

• By Application

Based on application the global market can be categorized into fruit, vegetables, marine products and others.

Fruits: Bananas: To regulate ripening and maintain quality during long-distance shipment, bananas are frequently carried in refrigerated containers. Citrus Fruits: Oranges, lemons, and other citrus fruits are temperature sensitive. Refrigerated containers aid in the preservation of flavor and the prevention of deterioration.

Vegetables: Leafy Greens: Perishable vegetables such as lettuce, spinach, and other leafy greens benefit from chilling to increase their shelf life. Broccoli, cauliflower, and carrots are frequently carried in refrigerated containers to retain crispness and nutritional content.

Products from the Sea: Fish: To avoid spoiling and retain the quality of the seafood, fresh and frozen fish require rigorous temperature control. Refrigerated containers with temperature and humidity controls are required for fish shipping. Shellfish: Like fish, shellfish such as shrimp, crab, and lobster require refrigeration to maintain freshness and prevent bacterial development.

DRIVING FACTORS

"Rise in Demand for Pharmaceutical Drugs has boosted Market Growth"

Because most pharmaceutical medications are temperature-sensitive, they must be kept and delivered in a regulated environment to ensure their efficacy and safety. Growing mishaps and incidents have necessitated the use of temperature-controlled shipping technologies, such as reefer containers, to prevent cargo losses. With the advancement of reefer container technology and a reduction in shipping costs, some pharmaceutical companies have begun trading internationally in order to increase income.

Because of all of these causes, there is a strong demand for pharmaceuticals, which are rising at the fastest CAGR throughout the projection period.As a result, the pharmaceutical sector is expected to increase the quickest throughout the estimated period. This is frequently linked to increased demand for biologics, cellular treatments, vaccines, and blood products, all of which require temperature-controlled storage and transit.

"Increased Number of Trade Routes to Bombard the Market Growth"

A trade route is a logistical network of roads and stoppages used for commercial goods transit. It enables commodities to prosper in far-flung marketplaces; one trade route has long-distance arteries that may be joined to smaller networks of economic and non-commercial transportation routes. As the amount of marine traffic and the number of trade routes continue to grow, reefer containers are projected to be in high demand.

Supported transportation method, the seaways category has the largest proportion of the reefer container market and is projected to maintain its dominance in the next years. This is because the merchant maritime industry handles more than half of all international trade via commercial ships. Furthermore, barges are frequently used to transport bulk freight on rivers and canals.

RESTRAINING FACTOR

"Operational, Maintenance Cost and Limited Capacity to Hold Back the Market Growth"

When compared to ordinary containers, operating and maintaining refrigerated containers might be more expensive. Energy usage, maintenance, and specialist equipment are all included in the price. Refrigerated containers are limited in size. This can be a problem when transporting large quantities of perishable commodities, particularly in companies with high production levels. Hence, such factors are expected to hinder the refrigerated containers market growth during the forecast period.

REFRIGERATED CONTAINERS MARKET REGIONAL INSIGHTS

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"North America with Advanced Technologies in Transportation to Dominate the Market "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

North America is a potential market for reefer containers; it is expected to increase considerably throughout the projected period as a result of the integration of new transportation technologies and growing foreign commerce. The United States dominates the reefer container industry since agriculture is the primary end-user of refrigerated containers. As a result, the increased demand for high-quality imported food goods in the United States will boost the usage of reefer containers for agricultural product transportation. As a result, the region is expected to contribute to the expansion of the Global Reefer Container market during the forecast period.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to refrigerated containersto meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• CIMC (China)

• SINGAMAS (China)

• Maersk Container Industry (Denmark)

• Hoover Container Solutions (U.S.)

• Sea Box (U.S.).

INDUSTRIAL DEVELOPMENT

• November 2022: Maersk's operations include shipping, port operations, supply chain management, and warehousing. The corporation is headquartered in Copenhagen, Denmark, and by 2022, it will have subsidiaries and offices in 130 countries, with over 100,000 workers globally.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.