Refrigerated Transport Market is Driven By Rising Demand of Frozen Food, High Quality and Safety of Food Worldwide

The refrigerated transport market was valued at US$ 14.9 billion in 2017, and is projected to reach US$ 17,252.8 million by 2026, exhibiting a CAGR of 6.4% over the forecast period, according to Global Refrigerated Transport Market Report, by Transport Type (Refrigerated Road, Refrigerated Sea, Refrigerated Rail, and Refrigerated Air), by Technology (Vapor Compression Systems, Air Blown Evaporators, and Eutectic Devices), by Temperature (Single Temperature and Multi-temperature), by Application (Chilled Food Products and Frozen Food Products), published by Coherent Market Insights.

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Europe refrigerated transport market is expected to witness considerable growth during the forecast period

High demand for frozen foods in Europe is a key factor driving growth of the market. Germany, the U.K., and France have the highest demand for frozen foods. According to Coherent Market Insights’ analysis, Germany, the U.K., and France combined accounted for a share of 54% of the Europe frozen food market in 2015.

Therefore, increasing adoption of frozen foods is propelling demand for cold supply chain, which in turn is expected to boost growth of the refrigerated transport market in Europe

Increasing research & development investment on refrigeration technology for transport is expected to boost the market growth

As per Coherent Market Insights, since 2003 to 2008, more than billion US dollars have been invested in hydrogen and fuel cell development, of which US$ 1 billion was invested by private sector and US$ 170 million were invested by public sector, globally. Moreover, in 2018, Department of Energy announced US$ 39 million funding for novel hydrogen and fuel cell technologies research & development. Anticipated topics of the research include ElectroCat, H2@Scale, Innovative Fuel Cell Membrane R&D, and Innovative Reversible, and Liquid Fuel Cell Component R&D

Growing need for technological transition from conventional energy sources to efficient renewable ones is the major factor propelling adoption of fuel cells in refrigerated transport.

Urban infrastructure includes water supply, traffic control, electricity grid, and others that relies on refrigerated transport systems where it controls function and flows of air. Increasing infrastructural development such as smart cities, smart transportation in emerging economies such as China, India, and Brazil is expected to create a conducive environment for growth of refrigerated transport systems market. For instance, in 2016, government of India initiated 100 Smart Cities Mission, through which it is expected to invest over US$ 15 billion in order to build efficient and effective city management solution and infrastructure by 2020. Hence, increasing infrastructural development is majorly fueling growth of refrigerated transport market.

Increasing use of Big Data Analytics across various industry verticals is expected to drive the market growth

Conventional energy sources for vehicles such as petroleum, diesel, and natural gas have certain pros and cons. Advantages include easy availability in natural habitat, established infrastructure to run such vehicles, and available designs with improved features. However, the emission of harmful gases and scarcity of resources has put a strain on development of renewable and eco-friendly substitutes and relevant infrastructure development. As per Coherent Market Insights, annually around 90- 95% of transportation sector utilizes liquid hydrocarbons made from fossils as a major source of fuel; however this has caused around 21% of CO2 generation in European Union. Governing bodies of various countries and global giant companies from various sectors such as oil & gas, energy & utilities, and automotive among others have been investing in technological developments in alternative solutions for current resource crisis for conventional energy. One such development which has been proven to be a viable solution is hydrogen cells. Introducing it as a major source of energy involves major changes in any country’s infrastructure for energy and fleet management.

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Some of the key players operating in the Refrigerated Transport market include United Technologies Corporation, Daikin Industries, Ltd., Ingersoll-Rand plc., China International Marine Containers (Group) Co., Ltd., Schmitz Cargobull Aktiengesellschaft, Utility Trailer Manufacturing Company, Singamas Container Holdings Limited, Hyundai Motor Company, Lamberet SAS, and Wabash National Corporation, Mitsubishi Heavy Industries, Ltd., and Great Dane Trailers, Inc.

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This release was published on openPR.