According to the MarkNtel Advisors’ research report, “Global Reefer Container Market Analysis, 2021," the market is likely to grow at 8% CAGR during 2021-26. The shipment of temperature-sensitive materials requires careful temperature control during the transit period, which remains unaffected from the external temperature. Thus, reefer containers have become essential for transporting various goods, such as meats and poultry products. They offer safe transit for non-edible products like chemicals, pharmaceutical products, and flowers. However, rising fuel costs and the requirement of high capital investment are likely challenges restraining the market growth of reefer containers.
Key questions answered in the study
Seaways Segment Dominates the Market
Based on transportation mode, the market bifurcates into seaways, railways, and roadways segments. The seaways segment accounted for the highest share in the global reefer container market in the previous few years. Most merchandise is transported through sea owing to its multiple benefits for foreign trade over railways and roadways. The seaborne trade segment continues to expand due to the benefits of competitive freight costs offered to customers. Additionally, shipping a massive volume of cargo through seaways is the safest and ideal way of transportation as it allows the movement of liquid, gas, and dangerous cargo. Further, these containers can also transfer a significant volume of raw material and products compared to the capacity of trucks.
“Global Reefer Container Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Reefer Container providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
North America Exhibits Fastest Growth
North America stands a promising market for reefer containers; it is likely to grow significantly during the forecast period due to the integration of advanced technologies in the transportation industry and rising foreign trade. The United States is the dominating country in the reefer container market as agriculture is the major end-user of reefer containers. Therefore, the rising demand for high-quality imported food products in the US shall increase the use of reefer containers for transporting agricultural products. Thus, the region is likely to contribute to the growth of the Global Reefer Container market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Reefer Container Market Analysis, 2021."
According to MarkNtel Advisors, the major leading players in the global Reefer Container market are Klinge Corporation, Hapag-Llyod, Singamas Container Holdings Ltd., Triton International Ltd., BSL Refrigerated Containers, Pioneer Refrigeration & Air Conditioning, Almar Container Group, W&K Containers Inc., Seaco Srl, A.P. Moller - Maersk A/S.