Refrigerated Transport Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis,

Author: Sumit Patil
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Preservation and protection of food, drugs, and medical supplies have made refrigerated transport an essential part of the supply chain. Food items such as seafood, frozen food, fruits, meat, fish, and dairy products require specific temperature and conditions to prevent decay and maintain the high quality expected by consumers. These items thus require refrigerated transportation. Products such as meat and dairy have a low shelf life and need effective cold storage and transportation across the distribution chain. Advancements in technology and high focus on innovation has enhanced the efficiency of refrigerated transportation for safety of food, reduced food wastage and energy consumption, and minimal environmental impacts.

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Market Dynamics

Rising demand for frozen food throughout the globe is a major factor driving growth of the market for refrigerated transport. Increasing technological advancements and globalization have boosted the demand for cold chain transportation and distribution techniques for perishable commodities requiring controlled temperatures. This in turn, has surged demand for refrigerated transport, to ensure sustained quality of delivered commodities. However, lack of efficient transport infrastructure to deal with various environmental changes and lack of low skilled resources in emerging economies pose as major restraints for growth of the global refrigerated transport market.

Growing need for technological transition from conventional energy sources to efficient renewable ones is the major factor propelling adoption of fuel cells in refrigerated transport.

Urban infrastructure includes water supply, traffic control, electricity grid, and others that relies on refrigerated transport systems where it controls function and flows of air. Increasing infrastructural development such as smart cities, smart transportation in emerging economies such as China, India, and Brazil is expected to create a conducive environment for growth of refrigerated transport systems market. For instance, in 2016, government of India initiated 100 Smart Cities Mission, through which it is expected to invest over US$ 15 billion in order to build efficient and effective city management solution and infrastructure by 2020. Hence, increasing infrastructural development is majorly fueling growth of refrigerated transport market.

Increasing use of Big Data Analytics across various industry verticals is expected to drive the market growth

Conventional energy sources for vehicles such as petroleum, diesel, and natural gas have certain pros and cons. Advantages include easy availability in natural habitat, established infrastructure to run such vehicles, and available designs with improved features. However, the emission of harmful gases and scarcity of resources has put a strain on development of renewable and eco-friendly substitutes and relevant infrastructure development. As per Coherent Market Insights, annually around 90- 95% of transportation sector utilizes liquid hydrocarbons made from fossils as a major source of fuel; however this has caused around 21% of CO2 generation in European Union. Governing bodies of various countries and global giant companies from various sectors such as oil & gas, energy & utilities, and automotive among others have been investing in technological developments in alternative solutions for current resource crisis for conventional energy. One such development which has been proven to be a viable solution is hydrogen cells. Introducing it as a major source of energy involves major changes in any country’s infrastructure for energy and fleet management.

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Global Key Players:

Some of the key players operating in the Refrigerated Transport market include United Technologies Corporation, Daikin Industries, Ltd., Ingersoll-Rand plc., China International Marine Containers (Group) Co., Ltd., Schmitz Cargobull Aktiengesellschaft, Utility Trailer Manufacturing Company, Singamas Container Holdings Limited, Hyundai Motor Company, Lamberet SAS, and Wabash National Corporation, Mitsubishi Heavy Industries, Ltd., and Great Dane Trailers, Inc.

Europe refrigerated transport market is expected to witness considerable growth during the forecast period

High demand for frozen foods in Europe is a key factor driving growth of the market. Germany, the U.K., and France have the highest demand for frozen foods. According to Coherent Market Insights’ analysis, Germany, the U.K., and France combined accounted for a share of 54% of the Europe frozen food market in 2015.

Therefore, increasing adoption of frozen foods is propelling demand for cold supply chain, which in turn is expected to boost growth of the refrigerated transport market in Europe

Detailed Segmentation:

  • Global Refrigerated Transport Market, By Transport Type:

    • Refrigerated Road Transport

      • Refrigerated Light Commercial Vehicles (LCV)

      • Refrigerated Medium & Heavy Commercial Vehicles (MHCV)

      • Refrigerated Heavy Commercial Vehicles (HCV)

    • Refrigerated Sea Transport

    • Refrigerated Rail Transport

    • Refrigerated Air Transport

  • Global Refrigerated Transport Market, By Technology:

    • Vapor Compression Systems

    • Air Blown Evaporators

    • Eutectic Devices

  • Global Refrigerated Transport Market, By Temperature:

    • Single Temperature

    • Multi-temperature

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