DUBLIN--(BUSINESS WIRE)--The "Global Refrigerated Transport Market Forecast Report by Mode of Transportation Technology Temperature Application Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Refrigerated Transport Market is anticipated to touch US$ 27.07 billion by the year 2032 from US$ 17.77 billion in 2023, with a growth rate of 4.79% from 2024 to 2032. This growth is attributed to the expansion in the demand for temperature control logistics in the transportation chain so as to maintain the efficacy and life expectancy of sensitive items such as medicines, perishable foods, and chemicals.
Refrigerated transportation particularly in the food industry is vital as it ensures that the products such as fruits, vegetables, dairy, meat and seafood do not spoilage thereby increasing their shelf life and nutritional value. It also has a significance in the case of pharmaceuticals and especially in the handling of temperature sensitive products like drugs, vaccines and biologics that need to be stored under certain temperatures so as to remain effective and safe.
Apart from food and drugs, other industries that benefit from refrigerator transport include the floral industry where flowers are transported in refrigerated transport vehicles in order to prevent wilting and maintain floral appeal. The chemical industry makes a surety that it transports certain products that are sensitive to temperature that can either spoil or become hazardous if exposed to temperature changes.
The growth of the Asia Pacific refrigerated transport market is undergoing exponential growth due to several factors. This is due to high population density especially in urban areas, growing middle income customers, and shifting food preferences which will raise the demand for fresh produce in the region. Today's developed countries such as the People's Republic of China, India, Japan, and South Korea are experiencing an active investment of a cold chain network to effectively transport perishable products like fresh produce, dairy products, seafood, and drugs.
Forty Asia Pacific economies are connecting their supply chains to the global network and consequently, the need for cold logistics is expected to increase over time creating opportunities for the investment of new and improved refrigerated transportation equipment. Enhancement of the government policies concerning the food safety regulation and standardization contributes to the market growth as well. Also, improvements in technology helpful in refrigerator systems and supply chain management are increasing.
Altogether, refrigerated transport is one of the most significant elements of the contemporary supply chain chains as it dramatically expands the possibilities of the distribution of goods that need to be kept in rather specific climate conditions in order to stay productive, safely consumable, and conform to the requirements of food safety.
Growth Driver of the Refrigerated Transport Industry
Increasing Demand for Perishable Goods
One of the key forces behind the refrigerated transport industry is the exponentially increasing global necessity of moving temperature sensitive products like fresh produce, dairy products, and pharmaceuticals. The end customer expects products that are fresh and with high quality hence the supply chain must provide efficient means and most importantly means of transport that will offer the right temperature for the produce.
This is occurring due to shifts in consumers' eating habits, population growth in cities, and the increased exportation of perishable goods. This trend holds as more countries desire fresh and different foods to be made available all-year round; therefore, refrigerated transport is in high demand.
Stringent Regulations and Quality Standards
Refrigerated transport solution is provoked by official requirements of governments and international organizations in terms of quality. The regulations established in this law regard temperature standardization and constant monitoring especially during the transportation process of perishable products. It is important in order to avoid compromise in quality, contamination or any harm to the product that is being transported.
Implementation of these standards has become critical since it enhances the market opportunity of businesses and consumers' confidence. Therefore, there is lucrative opportunity in investments towards improving the systems of refrigeration and other logistic frameworks. This ranges from the enhancement of appropriate and effective cooling systems to the usage of effective monitoring and reporting procedures.
Technological Advancements in Refrigeration Systems
Current innovations and technological developments in the refrigeration sector including high efficiency equipment, better insulation materials, and integrated electronics for monitor and control of the systems are boosting the refrigerated transportation market. They improve the dependability, productivity as well as sustainability of cold chain fleet and containers ultimately lowering the operational expenses and impact on the environment.
Smart integration helps to track the temperatures in the vehicles, to schedule maintenance services, and to optimize the routes, thus increasing general productivity and service availability. This paper recognizes that technology is crucial in the future of refrigerated transportation since firms have to attend to clientele concerns, and conform to the law.
Global Refrigerated Transport Market News
In February 2024, Sumitomo Corporation and Orient Overseas Container Line Limited (OOCL) signed a commercial alliance agreement to offer chilled ocean transport. Electric field technology is used in shipping, preserving various commercial products' long-term freshness. The signatories hope to realize ocean transportation of non-freezing chilled products from remote regions and set a new benchmark for freshness-preserving logistics.
In February 2024, utilizing electric field technology, OOCL introduced a new refrigerated ocean service that maintains perishable goods' freshness while in transit across the ocean. The service makes long-term maritime transportation possible with little loss of quality to increase the areas where food is produced and maintain a steady supply of goods. By satisfying the needs of areas looking to boost fresh food exports, OOCL hopes to diversify its supply locations, minimize food loss, and lower greenhouse gas emissions while promoting a steady supply of food items.
Company Analysis: Overview, Recent Development & Strategies, Product Portfolio, Financial Insights
- Hyundai Motor Company
- Singamas Container Holdings Limited
- General Mills Inc.
- LAMBERET SAS
- United Technologies Corporation
- C. H. Robinson Worldwide, Inc.
- Daikin Industries Limited
- FedEx Corporate Services, Inc.
- DB Schenker AG
- Ingersoll Rand Inc
- Krone Commercial Vehicle Group
Mode of Transportation - Market breakup in 4 viewpoints
- Refrigerated Road Transport
- Refrigerated Sea Transport
- Refrigerated Rail Transport
- Refrigerated Air Transport
Technology - Market breakup in 4 viewpoints
- Vapor Compression Systems
- Air-Blown Evaporators
- Eutectic Devices
- Cryogenic Systems
Temperature - Transport Market breakup in 2 viewpoints
- Single Temperature
- Multi-Temperature
Application -Market breakup in 3 viewpoints
- Chilled Food Products
- Frozen Food Products
- Others
Country - Market breakup in 25 viewpoints
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
For more information about this report visit https://www.researchandmarkets.com/r/i4e7uh
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