Some of the key driving factors such as changing consumer food preferences, advancing technologies in sea transportation and container modernizations are paving the path for growing demand for refrigerated containers. The market is expected to reach US$ 3.25 Billion in 2020 from US$ 2.13 Billion in 2015 with a CAGR of 8.8%.
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Marine transportation is one the most essential part of the global economy. There is a need for global transportation for distribution of goods worldwide owing to increasing consumers demand for goods and services that are not available locally.
Globalization has significantly influenced the food systems across the world. The world has now greater accessibility, availability and diversity of food attributed by factors such as increasing income of the people, changing lifestyle, trade liberalization, urbanization, foreign direct investments and markets integration.
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Market volume of refrigerated containers is expected to reach 3.46 Million TEU by 2020 growing at a CAGR of 6.7% owing to increasing demand for perishable commodities in various regions across the globe.
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Global refrigerated sea transport containers market is hindered by challenges such as rising rates of specialized reefers and uneven distribution channels which impacts the operational costs of transportation. However increasing advancements in infrastructure of containerized reefers has set new dimension to the containers market, the demand for containerized reefers has outpaced the specialized reefer containers market in recent years and this trend is expected to continue in coming years along with bridging gap of transportation demands and rising reefer costs.
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Asia pacific led the global Refrigerated Sea Transport Containers since long time due to high production of commodities and supply chain across regions in the world. China being one of the key countries in ship building and exporting business has contributes more than 40% to the APAC market.
In past one decade South America has been experiencing highest demands for reefer container due to increasing exports of goods and commodities to countries in North America and Europe. Major companies are expected to invest in the growing South American region in coming five years.
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