Refrigerated Transport Market - Forecast (2021 - 2026)
The market is driven by increasing in globalization, and growing trend of purchasing chilled and frozen products are fueling the demand for refrigerated transport. Growing usage of refrigerated transport is associated with the change in the customer’s living standard along increased popularity of precooked meals. The Department of Energy proclaimed to fund $31 million to advance the H2@Scale concept. The objective of the initiative is to enable reliable and affordable large scale hydrogen generation, storage, transport and utilization in the United States. The global refrigerated transport market valued at $14,800 million in 2018 and the opportunities are projected to grow with compound annual growth rate (CAGR) of 5.50% during the forecast period of 2019-2025.
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APAC generated the maximum revenue share in the global refrigerated transport market in the year 2018, at 32%. And, the development of the automotive sector in the region is expected to further improve the growth rate of the market. The countries contributing to generate high revenue are China and India. The rise in disposable income, large consumer base, and the lucrative opportunities for the chilled and frozen products are leveraging the refrigerated transport marketplace offerings.
Global Refrigerated Transport Market: Outlook
The refrigerated transport refers to the vehicles equipped with one of the mechanical refrigeration system. The refrigerated transports are designed to carry the chilled and frozen products at specific temperature from one place to other. The refrigerated boxcar contains liquid nitrogen or frozen carbon dioxide ice also known as dry ice that helps to maintain the temperature inside.
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Based on application, the chilled product segment is yielding maximum profit in the refrigerated transport market. The growing demand for chilled products is driving the growth of the market. The segment contains the product such as bakery and confectionery products, fruits and vegetables, dairy products, and frozen meat. The manufacturers and suppliers of chilled food products are expected to witness the high growth prospects in the developing countries that will also influence the growth prospects of the refrigerated transport market, which is estimated to grow with a CAGR of 5.80% through to 2025.
Global Refrigerated Transport Market: Growth Drivers and Trends
· Increasing R&D investments on refrigeration technology will propel the market opportunities, particularly the growing initiative and funding by government organization for research and development of fuel cell technologies. Furthermore, growing research activities on topics such as innovative fuel cell membrane, innovative reversible, and liquid fuel cell components will boom the refrigerated transport market growth in the near future.
· Growing need for technological evolution from conservative energy sources to efficient renewable will drive the adoption of fuel cells in refrigerated transport.
· Urban infrastructure development such as smart transportation and smart cities in emerging countries will build growth opportunities for refrigerated transport. The growing city management solutions will drive the growth of the market.
· Transportation sector uses hydrocarbons made up of fossil fuels but these fuels generate CO2 that can be harmful for the environment. The increase in use of hydrogen cells has proven the viable solution which will not hamper the growth of the refrigerated transport market.
· The increase in usage of vapor-compression refrigeration and cryogenic system in equipment used to preserve the frozen products is fueling the growth of the refrigerate transport market.
· In order to maintain the appropriate temperatures conditions while importing and exporting the freezing and chilled products. The budding use of water, air, road refrigerated transport market is expected to drive the growth.
Global Refrigerated Transport Market: Challenges
Setting up specialized warehouse, packaging & processing centers in the refrigerated transport market require multi-core investment, which only large organized companies and organizations can afford. Furthermore, in some regions lack of good roads network also compounds the challenge. Lack of good roads particularly in the rural areas can hit the supply chain and hamper the growth. Later, increasing government interest and funding along with urbanization and various projects leads to overcome the challenges of the refrigerated transport market.
Global Refrigerated Transport Market Companies
Some of the major players in the global refrigerated transport market are Fahrzeugwerk, United Technologies Corporation, Ingersoll Rand Inc., Tyson Foods, Smithfield Foods Inc. Daikin Industries, China International Marine Containers, Utility Trailer Singamas Container, Hyundai, Schmitz Cargobull, Bernard Krone, Lamberet, Kgel Trailer, Great Dane.
Global Refrigerated Transport Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the refrigerated transport market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of refrigerated transport market, and its segmentation on the basis of mode that includes road, air, rail, and marine and on the basis of product that includes chilled and frozen.
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APAC generated the maximum revenue share in the global refrigerated transport market in the year 2018, at 32%. And, the development of the automotive sector in the region is expected to further improve the growth rate of the market. The countries contributing to generate high revenue are China and India. The rise in disposable income, large consumer base, and the lucrative opportunities for the chilled and frozen products are leveraging the refrigerated transport marketplace offerings.
Global Refrigerated Transport Market: Outlook
The refrigerated transport refers to the vehicles equipped with one of the mechanical refrigeration system. The refrigerated transports are designed to carry the chilled and frozen products at specific temperature from one place to other. The refrigerated boxcar contains liquid nitrogen or frozen carbon dioxide ice also known as dry ice that helps to maintain the temperature inside.
Inquiry Before Buying
Based on application, the chilled product segment is yielding maximum profit in the refrigerated transport market. The growing demand for chilled products is driving the growth of the market. The segment contains the product such as bakery and confectionery products, fruits and vegetables, dairy products, and frozen meat. The manufacturers and suppliers of chilled food products are expected to witness the high growth prospects in the developing countries that will also influence the growth prospects of the refrigerated transport market, which is estimated to grow with a CAGR of 5.80% through to 2025.
Global Refrigerated Transport Market: Growth Drivers and Trends
· Increasing R&D investments on refrigeration technology will propel the market opportunities, particularly the growing initiative and funding by government organization for research and development of fuel cell technologies. Furthermore, growing research activities on topics such as innovative fuel cell membrane, innovative reversible, and liquid fuel cell components will boom the refrigerated transport market growth in the near future.
· Growing need for technological evolution from conservative energy sources to efficient renewable will drive the adoption of fuel cells in refrigerated transport.
· Urban infrastructure development such as smart transportation and smart cities in emerging countries will build growth opportunities for refrigerated transport. The growing city management solutions will drive the growth of the market.
· Transportation sector uses hydrocarbons made up of fossil fuels but these fuels generate CO2 that can be harmful for the environment. The increase in use of hydrogen cells has proven the viable solution which will not hamper the growth of the refrigerated transport market.
· The increase in usage of vapor-compression refrigeration and cryogenic system in equipment used to preserve the frozen products is fueling the growth of the refrigerate transport market.
· In order to maintain the appropriate temperatures conditions while importing and exporting the freezing and chilled products. The budding use of water, air, road refrigerated transport market is expected to drive the growth.
Global Refrigerated Transport Market: Challenges
Setting up specialized warehouse, packaging & processing centers in the refrigerated transport market require multi-core investment, which only large organized companies and organizations can afford. Furthermore, in some regions lack of good roads network also compounds the challenge. Lack of good roads particularly in the rural areas can hit the supply chain and hamper the growth. Later, increasing government interest and funding along with urbanization and various projects leads to overcome the challenges of the refrigerated transport market.
Global Refrigerated Transport Market Companies
Some of the major players in the global refrigerated transport market are Fahrzeugwerk, United Technologies Corporation, Ingersoll Rand Inc., Tyson Foods, Smithfield Foods Inc. Daikin Industries, China International Marine Containers, Utility Trailer Singamas Container, Hyundai, Schmitz Cargobull, Bernard Krone, Lamberet, Kgel Trailer, Great Dane.
Global Refrigerated Transport Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the refrigerated transport market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of refrigerated transport market, and its segmentation on the basis of mode that includes road, air, rail, and marine and on the basis of product that includes chilled and frozen.
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