Report : Smart Reefer Container Market to 2027 - Global Analysis and Forecast by Offering (Hardware, Software, Services); Technology (GPS, Cellular, Long Range Wide Area Network, Bluetooth Low Energy (BLE), Others); Reefer (10GP, 20GP, 40GP, 40HQ, 45HQ); Industry Vertical (Food and Beverages, Pharmaceutical, Oil and Gas, Chemicals, Military and Defense, Others)
Digitalization of Shipping Coupled with Supportive Initiatives from Stakeholders is Expected to Propel the Installation of Smart Reefer Containers
Latest market study on "Smart Reefer Container by Offering (Hardware, Software, Services); Technology (GPS, Cellular, Long Range Wide Area Network, Bluetooth Low Energy (BLE), Others); Reefer (10GP, 20GP, 40GP, 40HQ, 45HQ); Industry Vertical (Food and Beverages, Pharmaceutical, Oil and Gas, Chemicals, Military and Defense, Others);- Global Analysis and Forecast", the smart reefer conatiner market is estimated to reach US$ 1,665.35 Mn by 2027 from US$ 823.81 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The US Food and Agriculture Organization (FAO) has anticipated the requirement of food production to grow by ~70 % by 2050, owing to the continuous increase in the global population. With the projected global population of 9.2 Bn by 2050, the need for essential food transport facilities will also increase. For instance, the rising population in regions such as Africa, Eastern Europe, and Latin America; the demand for fresh vegetables, fruits, and other perishable commodities has also increased. These regions offer a potential opportunity to the market for smart reefer container businesses. With the growing spending capacity of the people in these regions, the demand for better quality food has also increased.
Moreover, in the US and Europe, consumer demand for healthy food products is increasing. Additionally, the shipping companies are witnessing a trend of movement towards containerized shipments of food than conventional break-bulk. For instance, it is noticed that the trade for bananas has now shifted towards containers, which was previously preferred in break-bulk. Thus, the growth in demand for better quality food products is expected to influence the smart reefer deployment.
The global smart reefer container market is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Europe is the largest exporter of food & and beverages throughout the globe. Therefore, an increase in the production capacity of food products, it has raised the requirement for the cold storage capacity for further transportation and maintenance. Furthermore, the IT spending of the organizations in Europe is high, which is expected to support the growth of the smart reefer container during the forecast period. Also, the continuous investment in leveraging the benefits of AI and machine learning towards facilitating efficient incident management and automation has fueled the market growth, especially among developed economies such as North America and Europe.
The market for smart reefer container has been segmented on the basis of offerings, technology, reefer, end-user industry, and geography. The smart reefer container market based on offerings is sub-segmented into hardware, software, services. The service segment is expected to hold the prime market share in the smart reefer container market. The smart reefer container market on the basis of the technology is segmented into GPS, cellular, long-range wide area network, Bluetooth Low Energy (BLE), and others. The Bluetooth Low Energy (BLE) segment led the smart reefer container market and it is anticipated to continue its dominance during the forecast period. The market for smart reefer containers by reefer is further segmented into 10GP, 20GP, 40GP, 40HQ, and 45HQ. The 40GP segment led the smart reefer container market in 2018 and is expected to continue its dominance during the forecast period.
The major companies offering smart reefer container market include ORBCOMM Inc., Wireless Links Inc., Traxens, Globe Tracker, ApS, Hapag-Lloyd AG, Nexxiot AG, Maven Systems Pvt. Ltd., AikSphere Technologies Inc., Tracker Systems, Inc., Thermo King Corporation, Arviem AG, Sealand - A Maersk Company are also offering the smart reefer containers and solutions for various end-use industries, which is facilitating the market to propel over the years.
The report segments the global smart reefer container market as follows:
Global Smart Reefer Container Market - By Offerings
Global Smart Reefer Container Market - By Technology
Global Smart Reefer Container Market - By Reefer
Global Smart Reefer Container Market - By End-User Industry
Global Smart Reefer Container Market - By Geography
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