Reefer Container Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Refrigerated container, also referred to as refer containers plays a vital role in logistic sector. The reefer containers are wide and quite spacious. It helps transportation of perishable food items over long distance, across the globe. The entire ship is a refrigerator unit and facilitates transport of meat, dairy products, chemicals, vegetables, fruits, and pharmaceuticals around the globe via water ways.
Nowadays, reefer containers facilitates transportation of multiple commodity at a time. This provision helps meet the market demand for product without any compromise on price or wastage of the product. Earlier, one refer container used to carry single product. As a result, the destination market used to have abundance of commodity resulting in lowering of the price. This used to act as setback in the export and import business.
However, advancement in the reefer container is pushing the reefer container market globally. Now, wide spaces are divided into several decks and locker space to facilitate transportation of multiple products at a time. Also, the temperature of each deck can be regulated separately.
An upcoming research report on reefer container market provides detailed insights into growth trends and opportunities likely to come to the fore in the said market over the 2019-2029 forecast period. Demand drivers and challenges pertinent to the reefer container market are examined to provide reliable analysis of the refer container market over the forecast period.
Integration of Internet of Things (IoT) with refer containers in transforming the entire reefer operations. The evolved reefer container will ease the entire process of loading and unloading. It comes with controlled atmosphere systems which regulates temperature, thereby slows down ripening of vegetables and fruits over long-distance transportation.
Also, such system will facilitate smooth transport of medicines, hence, flourishing the pharmaceutical industry.
This system will enhance the entire business of export and import across the globe.
Continuous development in the field of seaborne trade is pushing the demand for advanced refer containers, thereby, contributing to the expansion of reefer container market. The manufacturers are inclined towards high-tech version of reefer containers, or say smart containers. Smart containers are designed in a way to report problems such as shocks due to manhandling or temperature deviation, without any human interfacing. The digital technology is revolutionizing the refer container market as well. It is enabling real-time monitoring of chemical assets, improving efficiency as well as reliability of logistics, cost-effective safety monitoring, and predictive maintenance accuracy.
Bigger size of the reefer containers for transportation of delicate commodities is another major driver in reefer container market. However, large reefer container requires huge investment as well. As a result, the reefer container market might not be able to set foothold in the emerging economies. Also, maintenance cost of reefer cost may also act as hindrance in the growth of reefer container market.
Transportation of pharmaceuticals and industrial gas is increasing at present. This is likely to influence the refer container market in the coming years.
Asia Pacific is anticipated to be one of the major contributors in the expansion of reefer container market, owing to the extensive export and import occurring in the region. North America will follow Asia Pacific, as North America is technologically advanced and involved in trade across the globe. However, high cost of the refer containers may restrict its growth in European market.
Some of the key players of reefer container market are- Global Sea Containers Limited (the U.S.), Daikin (Japan), Fortune Container Trading (HK) Limited (China), Klinge Corporation (the U.S.), and Singamas (China). Some of the major vendors operating in refer container market are NYK Line (Japan), Maersk Line (Denmark), and MSC (Switzerland).
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