The Refrigerated Sea Transport Containers Market size is projected to reach US$ 8.7 billion by 2031 from US$ 6.0 billion in 2023. The market is expected to register a CAGR of 4.7% in 2023–2031. As the demand for food and beverages is growing rapidly, thus, the demand for such containers is increasing significantly. Further, these containers are installed with various sensors and small devices that help in monitoring critical factors such as temperature and humidity, among others.
The demand for refrigerated sea transport containers is growing due to cost cost-effective nature of sea transportation. Some of the benefits of marine transportation are bulk transportation capacity, safety, and security. Approximately more than 80% of the global trade is carried out by the marine transportation sector. Thus, such increased adoption of marine transportation is one of the factors behind the market growth of refrigerated sea transport containers. In recent years, the prices of such containers have increased notably, which is projected to affect refrigerated sea transport containers.
The refrigerated sea transport containers industry was consolidated in the past few years. In recent times, as the demand for containers increased, many new startups entered the market. Thus leading to fragmentation of the consolidated market. This fragmentation allowed the end-users to negotiate the best deals with the container manufacturers.
The US pharmaceutical industry is one of the notable industries globally. As per the data available in the public domain, the US pharmaceutical industry generated revenues of US$ 500 billion in 2021. In addition, the US is home to some of the leading pharmaceutical industries. As per the data provided by the Pharmaceutical Research and Manufacturers of America in 2023, US pharmaceutical exports reached more than US$ 90 billion in 2022 alone. Thus, the demand for such refrigerated sea transport containers has increased. Such growth in the pharmaceutical growth in the US is driving the demand for refrigerated sea transport containers is increase in the region.
As per the data provided by the World Trade Organization in 2022, the global trade volume has increased by approximately 45 times compared to the initial number of trades after the General Agreement on Tariffs and Trade. As per the data provided by the United Nations Trade and Development in 2022, shipments in 2022 increased by 3.2% and reached 11 billion tons. Such an increase in the global trade volume has increased the adoption of marine transportation. Increased marine transportation directly increased the demand for the refrigerated sea transport container industry.
Companies in the service industry and container manufacturers are strongly focusing on the development of innovative products and services. For instance, in February 2024, Sumitomo Corporation and Orient Overseas entered into a partnership to provide marine container transportation services with the help of electric field technology. This technology reduces the temperature of the food at sub-zero temperatures by application of high voltage and weak electric charge to the food products. Such innovations are projected to generate lucrative opportunities for refrigerated sea transport containers in the coming years.
Key segments that contributed to the derivation of the Refrigerated Sea Transport Containers Market analysis are type, cause, disorder type, category, and end user.
The geographic scope of the Refrigerated Sea Transport Containers Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The Asia Pacific region dominated the global refrigerated sea transport containers market. The Asia Pacific refrigerated sea transport containers industry is further bifurcated into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. One of the primary factors behind the market growth of the refrigerated sea transport container market is the increased export and import activities of countries such as China and India. As per the data provided by the US government, China is the largest export market for US agriculture exports. Further, from 2007 to 2017, the trading activities between these two countries increased by 136%.
The regional trends and factors influencing the Refrigerated Sea Transport Containers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Refrigerated Sea Transport Containers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.0 Billion |
| Market Size by 2031 | US$ 8.7 Billion |
| Global CAGR (2023 - 2031) | 4.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Refrigerated Sea Transport Containers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Refrigerated Sea Transport Containers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Refrigerated Sea Transport Containers Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for refrigerated sea transport containers and strategies:
The “Refrigerated Sea Transport Containers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: