The smart reefer container market was valued at US$ 823.81 million in 2018 and is projected to reach US$ 1,665.35 million by 2027; it is expected to grow at a CAGR of 8.5% during 2019–2027.
Reefer containers are refrigerated shipping containers that are utilized for storing or transporting cold or frozen goods, perishable goods which require temperature control. These containers are becoming smart with the integration of telematics devices that offer real time monitoring and tracking, thus facilitating the operators to increase turn time of their containers for further planning and utilization. Smart reefer containers are developed using wide range of sensors such as, temperature, pressure, humidity and others that help in monitoring and controlling environmental conditions. Moreover, the market players are increasingly focusing on adopting advanced technologies such as IoT, artificial intelligence, big data analytics and others to offer high performance solutions for the logistics service providers as well as end-use industries to increase their operation efficiency and provide more visibility in the entire supply chain market.
Smart reefer container market is witnessing significant market initiatives among the industry players to meet the growing demand across the globe. For instance, recently Traxens expanded its presence in in China by opening new office in order to meet requirements of growing Asian supply chain market. Further, in 2019, ZIM Integrated Shipping invested significant amount in developing advanced feature to its existing refrigerated containers, ZIMonitor, by adding star cool units that are manufactured by MCI. In the same year, Traxens and A.P. Moller – Maersk announced that Maersk is aiming to join CMA CGM and MSC Mediterranean Shipping Company as a key shareholder and customer of Traxens. Furthermore, in 2018, ORBCOMM Inc. introduced next-generation solution for remote monitoring and control of refrigerated containers travelling by sea, land, or rail for continuous visibility of operations, enhanced efficiency and reduced costs. All these initiatives are boosting the growth of the market in the current scenario.
Lucrative Regions for Smart Reefer Container Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights–Smart Reefer Container Market
Shipment Digitization in Combination with Supportive Programs
Many of the ocean carriers that have already started using smart reefer containers have built alliances with technology companies to digitalize their fleets. In April 2019, the Digital Container Shipping Association (DCSA) was launched to shape the future of container shipping by building standardization, creating the frameworks for effective solutions, as well as exploring opportunities for innovation. The Association is currently supported by several carriers, including Maersk, Hapag Lloyd, CMA CGM, ZIM, and Evergreen Line, among others. Presently, the full Association membership is currently accountable for ~70% of the global container shipping trade.
In June 2019, Indonesian firm PT Trans Kontainer Solusindo partnered with Traxens to deploy its smart reefer containers with tracking telematics technology. Also, in December 2019, Hamburg Süd unveiled Remote Container Management (RCM) technology for reefer container shipments. In June 2019, Hapag-Lloyd announced to deploy Globe Tracker hardware on the company’s fleet of 100,000 reefer containers under a new “Hapag-Lloyd LIVE” offering. Furthermore, in February 2019, Maersk Line announced “Captain Peter,” a virtual assistant intended to simplify data management from its RCM platform. Also, Hamburg Süd installed RCM under a contract with ORBCOMM. Also, ZIM announced to receive delivery of 3,000 smart reefer containers during 2019.
Apart from shipping carriers and technology companies dedicated to the development and use of smart containers, the digitalization of port operations along with the adoption of Industry 4.0 in the container-handling sector is supporting the growth of the smart reefer container market. In 2019, the European Commission launched iTerminals 4.0, a project dedicated to the digitization of port operations as well as the adoption of innovative technologies across European ports. The project is focused on discovering ways to apply industry 4.0 technologies in the container handling sector. Also, We Are Container 42, an innovation, research, as well as serendipity platform initiated by Port of Rotterdam, for stakeholders in the shipping, ports, and associated technologies, have created a single connected container to demonstrate the Internet of Things (IoT) technology for cargo tracking. The factors mentioned above are expected to propel the growth of the smart reefer containers market during the forecast period.
Offering Segment Insights
A refrigerated container or reefer is a container, used for shipping of temperature-sensitive cargo. These containers have one or multiple temperature chambers. The smart reefer container is container which is automated with the help of various technologies. The market is segmented by Offerings, technology, reefer, and industry vertical. By Offering the market is segregated into hardware, software, and services. Further, the hardware segment is segregated into pressure sensors, temperature sensors, humidity sensors, gas sensors, position sensors, and others.
Technology Segment Insights
Refrigerated containers are mostly in-transit time at sea, where managing them poses a series of challenges. Crews are often unable to complete regular checks because of heavy workloads, unfavorable sea and weather conditions and the size of the vessels themselves. The need for end-to-end visibility of the moving supply chain is prompting IoT technology to close the connectivity gap for reefer containers on water. The factors such as need for end-to-end visibility, pre-trip inspections, cargo care, crew safety are increasing the demand for various technologies in the reefer container systems. The various technologies used are GPS, cellular, long range wide area network, Bluetooth low energy (BLE), among others.
Reefer Insights
Reefer containers’ is short for refrigerated containers – one of the six types of shipping containers used in freight forwarding. They look almost identical to regular containers but function as large fridges that can control the temperature of their cargo. This makes them ideal for transporting goods such as pharmaceuticals, fruits, meat, fish and flowers. There are variety of reefers available including, 10GP, 20GP, 40GP, 40HQ, 45HQ.
Industry Vertical Insights
The smart reefer container market is categorized on basis of industry vertical as food & beverages industry, chemical industry, pharmaceutical industry, oil & gas industry, military & defense industry, and others. The food processing industries contributed the maximum revenue shares in 2017 in the region, pertaining to the rapid surging demand for frozen foods, chilled-ready meats, confectioneries, breweries, and liquid milk processing among the North American mass. The US is one of the largest consumers of packaged foods and frozen food followed by developed countries in the Europe. Also, other regions of the world such as Middle East, and the developing economies of APAC exhibit changing patterns in the demand of packaged food and food products. The meat processing as well as dairy industry in these emerging economies has experienced a paradigm shift as a result of the rising demands and increasing individual spends. Owing to the demand from the mass, the demand for smart reefer container in food processing industry is constantly increasing over the years. The demand for smart reefer container is escalating at a decent rate among the chemical & pharmaceutical industry globally, thereby leading the global market to propel. Also, the increasing demand for automated systems in these industries is expected to boost the demand for smart reefer containers.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Reefer Container Market: Strategic Insights
Market Size Value in US$ 823.81 Million in 2018 Market Size Value by US$ 1,665.35 Million by 2027 Growth rate CAGR of 8.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Reefer Container Market: Strategic Insights
| Market Size Value in | US$ 823.81 Million in 2018 |
| Market Size Value by | US$ 1,665.35 Million by 2027 |
| Growth rate | CAGR of 8.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- 2020: Traxens announced that it would open a representative office in Shenzhen, China – its first office outside of France – to respond to the increasing need for more Asian exposure and local support for its global customers, In line with its international expansion strategy.
- 2019: Nexxiot would equip VTG's entire tank container fleet with IoT sensors. The tank containers would be equipped with the Globehopper sensors developed by the company so that they can be located and monitored worldwide.
- 2019: Globe Tracker International and CakeBoxx Technologies announced their strategic partnership. Under the agreement, the companies would combine service and product offerings to supply the global shipping market with a pre-configured, off-the-shelf secure container/asset tracking solution.
GLOBAL SMART REEFER CONTAINER MARKET SEGMENTATION
Global Smart Reefer Container Market – By Offerings
- Hardware
- Pressure Sensors
- Temperature Sensors
- Humidity Sensors
- Gas Sensors
- Position Sensors
- Others
- Software
- Service
Global Smart Reefer Container Market – By Technology
- GPS
- Cellular
- Long Range Wide Area Network
- Bluetooth Low Energy (BLE)
- Others
Global Smart Reefer Container Market – By Reefer
- 10GP
- 20GP
- 40GP
- 40HQ
- 45HQ
Global Smart Reefer Container Market – By End-User Industry
- Food & Beverage
- Pharmaceutical
- Oil & Gas
- Chemicals
- Military & Defense
- Others
Global Smart Reefer Container Market - By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Global Smart Reefer Container Market - Company Profiles
- 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering ; Technology ; Reefer ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The growth of the Smart Reefer Container market in Europe is primarily attributed to the major IT hubs housed in the European continents. Additionally booming food & beverage industry, e-commerce, logistics, and cold chain markets across the European continent are further encouraging the growth in this region.
The increased demand for fresh vegetables, fruits, and other perishable commodities is expected to provide vendors with diversified opportunity in the coming years. Also, the demand for pharmaceuticals is increasing owing to the rising demand for better and improved quality medicines and vaccinations.
The service type is most widely adopted as various services such as temperature monitors by zones, theft prevention, real-time GPS tracking, and geo fencing experience high demand in the reefer market. Tracking the location and monitoring the condition of cargo verifies the quality of incoming components and monitors the fulfillment of safety and environmental regulations.
The List of Companies - Smart Reefer Container Market
- Arviem AG
- Globe Tracker, ApS
- Hapag-Lloyd AG
- Maven Systems Pvt. Ltd.
- Nexxiot AG
- ORBCOMM Inc.
- Thermo King Corporation
- Tracker Systems, Inc
- Traxens
- Wireless Links Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Smart Reefer Container Market
Jan 2020
Connected Vehicle Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Technology (5G, 4G/LTE, 3G & 2G), Connectivity (Integrated, Tethered, Embedded), Application (Telematics, Infotainment, Driving assistance, Others) and Geography
Jan 2020
Hydrogen Fuel Cell Train Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, and Others), Component (Hydrogen Fuel Cell Pack, Batteries, Electric Traction Motors, and Others), Rail Type (Passenger Rail, Commuter Rail, Light Rail, Trams, Freight, and Others) and Geography
Jan 2020
Automotive High Voltage Cable Market
Forecast to 2030 - Global Analysis by Vehicle Type [Battery Electric Vehicles (BEV), Plugin Hybrid Electric Vehicles (PHEV), and Plugin Hybrid Vehicles (PHV)], Conductor Type (Copper and Aluminum), and Core Type (Multi Core and Single Core)
Jan 2020
40-Ft Electric Boat Market
Forecast to 2030 - Global Analysis by Propulsion (Pure Electric, Hybrid, and Sail Electric), Battery Type (Nickel-Based, Lead-Acid, and Lithium-Ion), Application (Fishing, Recreational, and Others), Voltage Architecture (12 V, 24 V, and 48 V), and Boat Type (Trawlers, Catamarans, Yachts, Power Cruisers, and Others)