The global refrigerated transport market is anticipated to grow at a significant CAGR during the forecast period. The primary factors that drive the growth of the market include the increased demand for the refrigerated transports from various application segment of the market, ranging from food & beverages, chemical, agriculture, pharmaceutical, and others. The increased demand for ready food along with the increased demand for perishable goods in the market drives the refrigerated transport industry growth.
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Besides, there are several guidelines set by the US FDA for the safe food handling and transport throughout the supply chain. Under the US FDA’s Food Safety Modernization Act (FSMA), it is mandatory for the refrigerated freight transporters to implement procedures for complying with provisions for temperature control in order to keep inform to both shippers and the end user.
Further, the chemical industry plays a crucial role in regional economies across the globe. The industry produces a huge range of finished products for general consumption, including fertilizers, pesticides, and other agrochemical products that play a crucial role in feeding a growing global population. According to the International Council of Chemical Associations (ICCA), the chemical industry contributed around $2.6 trillion in the total GDP of the Asia-Pacific region in 2017.
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Besides, growing chemical trades also requires desired temperatures for transport. Thus, with the growing chemical industry, there arises the need for proper handling as well as transport facilities for the trading of chemicals. This, in turn, is projected to fuel the refrigerated transport market growth during the forecast period.
Similarly, the pharmaceutical sector is also on the surge, attributing to the outbreak of lethal diseases and technological advancements which further drives the market growth. Along with the pharmaceutical sector, the life science industry is also witnessing a significant growth and are set to evolve rapidly. Technological enhancements and the advent of temperature-controlled drugs and medicines in the life science and pharmaceutical sector has fueled the refrigerated transport market growth. Also, the global trade of pharmaceuticals and life science products has been increased and is projected to increase. Hence, this has demanded a quick transportation as well as keeping the product safe.
The global refrigerated transport market is also driven by the availability of a large number of key players operating in the market. Players such as China International Marine Containers Co. Ltd., Daikin Industries Ltd., Klinge Corp., Hyundai Motor Co., Ingersoll-Rand Plc, Schmitz Cargobull AG, and United Technologies Corp.are constantly supporting the market growth by adopting various strategies.
Global Refrigerated Transport Market– Segmentation
By Mode of Transportation
- Road
- Sea
- Rail
- Air
By Application
- Food and Beverages
- Chemical
- Pharmaceutical
- Others
