According to the new research report published by The Insight Partners, titled “Refrigerated Sea Transport Containers Market - Global Analysis and Forecast to 2025”, the global Refrigerated Sea Transport Containers Market is expected to reach US$ 2.13 Bn in 2015 and is expected to grow at a CAGR of 8.8% during the forecast period 2015 - 2020, to account for US$ 3.25 Bn in 2020.
In 2016, APAC accounted for the largest revenue share of with approximately one-third of the total market share, followed by South America and Europe.
Refrigerated sea transportation deals with import and export of fresh foods, meat, flowers, pharmaceuticals, etc., between different regions across the globe. The growing demand for these commodities have set new dimension to the refrigerated transportation industry. As Sea transport being one of the economical and convenient mode of trade between nations and have been followed since decades, refrigerated sea transport is expected to grow in terms of container volumes through the forecast period.
The report also focuses on two key types of reefer container such as containerized reefer and specialized reefer. Over past decade the growth of specialized reefer is observed to be declining due to high maintenance cost, transportation and service charges. The growth of containerized reefers are owing to the technological advancements of refrigeration systems in the containers. The growth of reefer containers is further dependent on the commodities, the growing demands for commodities such as fresh produce, meat, beverages, pharmaceuticals from one region to other is accelerating the growth of refrigerated sea transport market and demand for more capacity of reefer containers.
China held the largest market share in Asia Pacific refrigerated sea transport containers market in 2015. China being one of the key countries in ship building and exporting business has contributes more than 40% to the APAC market. Although the refrigerated sea transport market for China would grow but the volumes in terms of TEU will witness a stringent growth rate owing to the declining reefer trades and diverted sea routes.
Key findings of the study:
In our study, we have segmented the refrigerated sea transport containers market by type, which includes container reefer and specialized reefer. Furthermore, the market is segmented on basis of segment as pharmaceuticals, seafood, fresh product, meat, and others. On the basis of geography, the vertical lift module market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM) regions.
- From a growth perspective Europe region is anticipated to witness the most lucrative CAGR growth rate of 8.9% during the forecast period
- Containerized reefer segment accounted for the highest market share in 2015, capturing more than 50% of the market
- The fresh products segment is foreseen to create lucrative business opportunities in refrigerated sea transport containers market during the forecast period
Some of the leading companies in the market are CMA CGM, Sea Trade Reefer, China Shipping Container Lines, Hapag Llyod, and Hamburg Sud among others.
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