Global Refrigeration Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Refrigeration Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Road transport refrigeration equipment is defined as a cooling system designed for road transport vehicles such as trucks, trucks and trailers. These cooling systems are designed to cool or freeze products that need to be stored in a controlled temperature environment. These mobile refrigeration units are powered by the vehicle's engine or integrated with a portable stand-alone diesel generator.

Market Overview:

The latest research study on the global Refrigeration Equipment market finds that the global Refrigeration Equipment market reached a value of USD 28951.77 million in 2022. It’s expected that the market will achieve USD 43437.9 million by 2028, exhibiting a CAGR of 7.0% during the forecast period.

Market Challenges and Impact

A key variable in the performance of road transport refrigeration equipment manufacturers is raw material costs. Raw materials occupy an important market share in the production of the entire road transport refrigeration equipment industry. As the price of raw materials rises, the manufacturing costs of the manufacturers will be increased, thereby reducing the profits that manufacturers can obtain.

In addition, with the development of the economy, people have higher demands on wages, which has led to an increase in labor prices in various regions of the world. In view of the fact that the production of road transport refrigeration equipment requires more labor, the cost of manufacturer’s increases as labor costs increase.

Market Trends

Increasing global trade in perishables has stimulated demand for fast cold chain transportation. This applies not only to foods such as meat, dairy products, but also other sensitive items such as medical products and medicines. Therefore, the market outlook for Road Transport Refrigeration Equipment is bright.

As investment in food cold chain infrastructure continues to grow, food cold chain infrastructure has become a necessary prerequisite for achieving food safety goals because of its ability to reduce food waste.

In addition, innovations in refrigeration and refrigeration technologies are also expected to drive market growth and help improve refrigeration and freezing effects in an energy-efficient and environmentally friendly manner. In essence, the lack of a cold chain will lead to significant food losses, and it is expected to be adopted more and more in developing countries in the coming years. Significant growth is expected in developing regions. And the development of multi-temperature road TRU is one of the latest trends, because the device allows carriers to carry multiple products that require different temperatures, thereby reducing multi-way transportation. In addition to the food industry, as the demand for biopharmaceuticals and biosimilars is more sensitive than conventional drugs, the biopharmaceutical industry is also gradually becoming a lucrative cold chain transportation end user, providing an important development opportunity for the Road Transport Refrigeration Equipment market.

Region Overview:

Americas had the highest growth rate of all regions.

Company Overview:

Carrier Transicold is one of the major players operating in the Refrigeration Equipment market, holding a share of 17.03% in 2020.

Carrier Transicold is a part of Carrier, a leading global provider of innovative HVAC, refrigeration, fire, security and building automation technologies.

Carrier Transicold produces refrigeration equipment. The Company's products include transport refrigeration, air conditioning systems, and accessories for markets throughout the world. For more than 45 years, Carrier Transicold has been an industry leader, providing customers around the world with advanced, energy-efficient and environmentally sustainable trailer refrigeration systems for light commercial vehicles, trucks and trailers.

Thermo King Corporation is an American manufacturer of transport temperature control systems for trucks, trailers, shipboard containers and railway cars; HVAC systems for bus, shuttle and passenger rail applications; and TriPac hybrid auxiliary idle reduction and temperature management system for truck cabs.Thermo King serves customers worldwide.

Segmentation Overview:

Among different product types, Trailer Refrigeration System and Bodies segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Food/Beverages segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Refrigeration Equipment market covered in Chapter 3:

Kingtec
GAH Refrigeration
Lamberet
Chereau
HwaSung Thermo
Morgan
DENSO
MHI
Carrier Transicold
Subros
Wabash National
Thermo King (Ingersoll Rand)
Zanotti (Daikin)
Great Dane

In Chapter 4 and Chapter 14.2, on the basis of types, the Refrigeration Equipment market from 2018 to 2029 is primarily split into:

Van Refrigeration System and Bodies
Truck Refrigeration System and Bodies
Trailer Refrigeration System and Bodies

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Refrigeration Equipment market from 2018 to 2029 covers:

Food/Beverages
Pharmaceuticals/Chemicals
Plants/Flowers
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)