New York City, NY -- (SBWIRE) -- 09/08/2020 -- According to a P&S Intelligence report, the global reefer container market size is expected to reach 5,981.6 thousand twenty-foot equivalent units (TEU) in 2030, increasing from 2,915.6 TEU in 2019, advancing at a 7.3% CAGR during the forecast period (2020–2030). The market is registering growth due to the emergence of real-time tracking technology, expansion of the e-commerce industry, and rising number of trade routes. On the basis of size, the market is divided into 20 feet, 40 feet, and over 40 feet.

Out of these, the over-40-feet division held the largest share of the reefer container market in 2019, as all the major players in the industry are offering these containers. These containers are equipped with cooling units for controlling the temperature inside, in order to transport delicate goods which need a fixed temperature, including frozen or chilled food items. In terms of transportation mode, the market is categorized into railways, seaways, and roadways, among which, the seaways category held the major share of the market in 2019.

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Merchant shipping is being considered the key for the growth of the economy, which is conducting 90% of the international trade, through over 100,000 merchant vessels. When commodity is considered, the reefer container market is divided into frozen and chilled, between which, the chilled division is projected to witness the higher CAGR during the forecast period. Because of time poverty and busy lifestyle, consumers are demanding convenience food items at an increasing rate. The bifurcation is further categorized into vegetables, poultry, dairy, and fruits.

Geographically, the market is being dominated by Asia-Pacific, which can be ascribed to the increasing gross domestic product in India. The market in the region is further being driven by the growing global trade of seaborne perishable reefer cargo and advancements in the reefer container technology. Latin America, Middle East & Africa is projected to witness the highest CAGR during the forecast period, owing to the swift urbanization and large number of inland ports and seaports. The surging population in the region is also creating high demand for food products that is further leading to the growth of the regional market.

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A major driving factor of the reefer container market is the emergence of real-time tracking technology. The transportation and logistics industry is registering considerable changes, where integration of real-time tracking technology is a primary advancement. In addition to this, the industry is widely making use of IoT, thereby leading to the growth of the market. For example, A.P. Moller – Maersk A/S's Remote Container Management offers real-time GPS tracking of containers, along with recording and monitoring the power status of reefers.

The rise in trade routes is also a major driving factor if the reefer container market. A single trade route contains long-distance arteries, which allows goods to reach distant markets. This further allows these routes to be connected to smaller networks of non-commercial and commercial transportation routes. Therefore, along with the continuous increase in the worldwide maritime trade volumes and increasing number of trade routes, the industry is projected to register considerable growth.

In conclusion, the market is being driven by the advent of real-time tracking technology and increase in trade routes across the globe.

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