Global Refrigerated Sea Transport Container Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Refrigerated Sea Transport Container Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Marine transport is one of the most important part of the global economy. Refrigerated Sea Transport Container are used for transporting goods such as vegetables, fruits, seafood’s, dairy, meats and frozen goods for which high quality operational refrigerated sea transport container are used. It deals with import and export of fresh foods, flowers, pharmaceuticals, etc. between different regions across globe. Refrigerated container are supplied to high cube container dimensions which are particularly used for foods and flowers. The refrigerated container is now supplied with fully integral refrigeration units which helps to keep integral temperature between +25 and -25 degree centigrade. Refrigerator sea transport container includes some of the benefits such as temperature control, flexibility, environment friendly, lower warehousing & labor cost and ideal for transporting heavy & bulky goods.

Market Overview:

The latest research study on the global Refrigerated Sea Transport Container market finds that the global Refrigerated Sea Transport Container market reached a value of USD 2437.86 million in 2022. It’s expected that the market will achieve USD 2821.0 million by 2028, exhibiting a CAGR of 2.46% during the forecast period.

Due to the COVID-19 pandemic, the refrigerated sea transport container market has been negatively impacted. This is mainly due to the regulations laid down by governments worldwide such as lockdowns and social distancing. Therefore, containers d that were shipped to the major ports, were either stranded onboard ships, off-loaded at alternate locations, or are sitting at various ports and terminals, demurrage, and detention. Moreover, the pandemic has caused companies in the global transportation and logistics industry to face economic stress due to liquidity, labor shortage, fewer contracts, and other issues and resulted in ceased payment to employees and a severe decline of ~15% in the global trade volume.

Above all, upstream and downstream interactions will lead to disruption of business. The epidemic will have a short-term impact on Refrigerated Sea Transport Container industry, but it is relatively limited. The transportation of raw materials and products is restricted, resulting in an increase in product inventory and a decrease in equipment operating rate. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in Refrigerated Sea Transport Container industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business.

Moreover, the COVID-19 virus outbreak has affected the normal operation of the industry. The impact of COVID-19 on the Refrigerated Sea Transport Container industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, production and demand will not pick up rapidly and substantially, and will require a certain recovery period.

Apart from this, the COVID-19 outbreak has resulted in the closing down of several manufacturing facilities across the globe. The pandemic caused huge revenue losses in end-use industry. The coronavirus lockdown put a brake on the production of several key raw materials in the global market, which, in turn, spiked the prices and lowered the demand for the product. The strict lockdown mandates imposed by governments have restricted cross-border trade between countries, another factor proving to be detrimental for the Refrigerated Sea Transport Container market share. In addition, Refrigerated Sea Transport Container manufacturers are drawing up plans for the international market as a new supply link in the global Refrigerated Sea Transport Container industry, as companies look to re-engineer supply chains in the aftermath of COVID-19. Also, it is expected that the product demand in end-user sectors could pick up following the uplift of the lockdown in numerous countries.

Social Factors

Social Factors have a direct effect on how marketers understand customers and what drives them. The increase in demand has brought opportunities to the development of the industry and has a positive impact on the development of the industry. With the economic growth, scientific and technological progress, and the development of modern society, there is a growing demand for Refrigerated Sea Transport Container.
The demand for the perishable goods is growing across the world, with the rise in the middle-class population and the income levels. This demand, along with the growth in the containerized trade, is driving the growth of the refrigerated sea transport containers market. Additionally, the shift of the temperature-controlled cargo, from specialized vessels to refrigerated sea transport containers, offers the flexibility of transshipment, without loading and unloading during multimodal transportation. This is also expected to boost the market for the refrigerated containers in the forecast period. The global refrigerated sea transport container market is set forth to witness significant gains during the forecast timeframe which can be transcribed to high demand for refrigerator insulated containers to safely transport cargoes such as fruits, meat, fish, vegetable, and dairy products from rotting, decay or spoilage. Refrigerated sea transport containers also offer safe transit to other non-edible products including pharmaceuticals, chemicals & flowers.

Technological Factors

Technological Factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to automation, research and development and the amount of technological awareness that a market possesses. The growth of this market is primarily being driven by the growing demand for Refrigerated Sea Transport Container from end-users. Also, the large investments in research & development helps in bringing growth to the market. The entire industry will continue to invest in technology and move to digitalization, thereby improving quality control and efficiency, and changing resource allocation. Especially in terms of containers, telematics and advanced fleet management technologies will continue to strengthen inventory control, increase productivity and reduce costs. The global refrigerated sea transportation market is driven by technological enhancements, changing customer food preferences, container modification, and globalization. The refrigerated sea transportation market is projected to grow at a significant pace during the forecast period owing to increase in demand for perishable goods across the globe.

Region Overview:

From 2023-2028, China is estimated to witness robust growth prospects.

Company Overview:

Maersk Line is one of the major players operating in the Refrigerated Sea Transport Container market, holding a share of 33.63% in 2023.

Maersk Line

Maersk Line A/S provides marine transportation services. The Company offers shipping and cargo services, supply chain, freight forwarding, and tracking solutions. Maersk Line serves clients worldwide. Maersk Container Industry (MCI) is an independent business unit of the Maersk Group, which develops and manufactures refrigerated containers, dry containers and the Star Cool™ refrigeration machine for the intermodal industry, including shipping lines, fruit multinationals and leasing companies.

CIMC

China International Marine Containers (Group) Co., Ltd (CIMC) is a Chinese company principally engaged in the manufacture and sale of transportation equipment, such as containers, road transport vehicles and airport ground-handling equipment.

Segmentation Overview:

By type, Containerized Reefer segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Fresh Produce segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Refrigerated Sea Transport Container market covered in Chapter 3:

COSCO
CIMC
Maersk Line
CMA CGM S.A.

In Chapter 4 and Chapter 14.2, on the basis of types, the Refrigerated Sea Transport Container market from 2018 to 2029 is primarily split into:

Containerized Reefer
Specialized Reefer

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Refrigerated Sea Transport Container market from 2018 to 2029 covers:

Pharmaceuticals
Sea Food
Fresh Produce
Meat
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)