Refrigerated Sea Transport Containers Market Share & Forecast
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.
Refrigerated Sea Transport Containers Market Analysis
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.
Refrigerated Sea Transport Containers Market Overview
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.
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.
Refrigerated Sea Transport Containers Market: Strategic Insights
Market Size Value in US$ 2.13 Billion in 2015 Market Size Value by US$ 3.25 Billion by 2025 Growth rate CAGR of 8.8% from 2015 to 2020 Forecast Period 2015-2020 Base Year 2015
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.
Refrigerated Sea Transport Containers Market: Strategic Insights
| Market Size Value in | US$ 2.13 Billion in 2015 |
| Market Size Value by | US$ 3.25 Billion by 2025 |
| Growth rate | CAGR of 8.8% from 2015 to 2020 |
| Forecast Period | 2015-2020 |
| Base Year | 2015 |
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
Refrigerated Sea Transport Containers Market Drivers and Opportunities
Increased global trade
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.
Technological advancements
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.
Refrigerated Sea Transport Containers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Refrigerated Sea Transport Containers Market analysis are type, cause, disorder type, category, and end user.
- Based on type, the Refrigerated Sea Transport Containers Market is divided into Containerized Reefers and Specialized Reefers. The containerized reefers segment held a larger market share in 2023.
- By cause, the market is segmented into neurogenerative disorders, stroke, injury, and others. Parkinson’s disease and amyotrophic lateral sclerosis are subsegments elaborated under the neurodegenerative disease segment. The neurodegenerative disease segment held the largest share of the market in 2023.
- In terms of industry, the market is bifurcated into pharmaceuticals, food & beverages, and others. The food & beverages segment dominated the market in 2023.
Refrigerated Sea Transport Containers Market Share Analysis by Geography
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%.
Refrigerated Sea Transport Containers Market Report Scope
Refrigerated Sea Transport Containers Market News and Recent Developments
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:
- Sumitomo Corporation and Orient Overseas Container Line Limited announced an alliance to provide refrigerated sea transportation service. (Source: Orient Overseas Container Line Limited, Press Release/Company Website/Newsletter, 2024)
- Ocean Network Express announced the introduction of the world’s first trial for a dual-temperature refrigerator. This new technology was developed with NAX Japan and Pan Pacific International Holdings Inc. (PPIH). (Source: Ocean Network Express, Press Release/Company Website/Newsletter, 2024)
Refrigerated Sea Transport Containers Market Report Coverage and Deliverables
The “Refrigerated Sea Transport Containers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Segments
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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.
Get Free Sample For