Smart Reefer Container Market is expected to grow US$ 1,665.35 Million at a CAGR of 8.5% during 2019-2027

The global smart reefer container market accounted to US$ 823.81 Million in 2018 and is expected to grow at a CAGR of 8.5% during the forecast period 2019 - 2027, to account to US$ 1,665.35 Million by 2027.

Reefer containers are refrigerated shipping containers that are utilized for storing or transporting cold or frozen goods, perishable goods which require temperature control. These containers are becoming smart with the integration of telematics devices that offer real-time monitoring and tracking, thus facilitating the operators to increase the turn time of their containers for further planning and utilization. Smart reefer containers are developed using a wide range of sensors such as, temperature, pressure, humidity, and others that help in monitoring and controlling environmental conditions. Moreover, the market players are increasingly focusing on adopting advanced technologies such as IoT, artificial intelligence, big data analytics, and others to offer high-performance solutions for the logistics service providers as well as end-use industries to increase their operational efficiency and provide more visibility in the entire supply chain market.

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Increasing Demand for Cold Chain Products to Bolster Smart Reefer Market

The rising global demand for cold chain products is driving the development in reefer containers. Though the reefer is a standardized transportation product, the markets its serves are highly diverse, ranging from pharmaceuticals, agricultural goods, chemicals, and even fresh flowers, among others. Reefers account for a rising share of the refrigerated cargo being shipped worldwide. In the past few decades, the refrigerated transport capacity in seaborne trade has mounted drastically.

The structure of worldwide seaborne shipping is, therefore, adapting to service the reefer trade involving a shift away from specialized terminals in ports, or specialized ports, to standard container terminals. The reefer is now commonly used temperature-controlled transport unit for ensuring load integrity as it is capable of accommodating an extensive range of temperature settings as well as consequently, a wide variety of temperature-sensitive products. In 2018, ~2.9 Mn TEUs of reefers were being used, representing ~5% of the global ISO container capacity.

Technological developments have undermined huge barriers in the international trade of cold chain products. The smart reefer solutions are overcoming the crucial challenges in the shipping of perishables over long distances. The new and advanced technologies play a significant role in ensuring that the perishable commodities reach fresh and at the desired destinations and also fulfill the strict import protocols that differ from countries to countries.

Digitalization of Shipping Coupled with Supportive Initiatives from Stakeholders is Expected to Propel the Installation of Smart Reefer Containers

Several shipping giants are utilizing advanced technologies to overcome the hurdles caused by the traditional container tracking procedure. The smart reefer containing technology is helping these companies to thoroughly understand the shipping status and help enhance the customer experience.

With the constant advancement of shipping companies such as Maersk as well as Flexport, over the past few years, the shipping digitalization trend is gaining ever more prominence. It is anticipated that the digitalization trend will further increase in the future, and container intelligence is expected to become increasingly common. It will further result in the adoption of this trend by the other shipping carriers across the world as well.

Offerings Insights
The smart reefer container market on the basis of offerings is segmented into hardware, software, and services. In 2018, the service segment held the largest share in the global smart reefer container market and it is anticipated to continue its dominance during the forecast period of 2019 to 2027.

The smart reefer container market based on technology is sub-segmented into GPS, Cellular, Long Range Wide Area Network, Bluetooth Low Energy (BLE), others. The Bluetooth Low Energy (BLE) segment is expected to hold the prime market share in the smart reefer container market and it is anticipated to continue its dominance during the forecast period. Bluetooth Low Energy is the power-friendly version of Bluetooth wireless technology. It plays a significant role in transforming smart reefer containers to smarter reefer containers by making them compact, affordable, and less complex. Bluetooth Low Energy, also marketed as Bluetooth Smart, started as part of the Bluetooth 4.0 Core specification.

Leading Smart Reefer Container Market Players:

o ORBCOMM Inc.
o Wireless Links Inc.
o Traxens
o Globe Tracker, ApS
o Hapag-Lloyd AG
o Nexxiot AG
o Maven Systems Pvt. Ltd.
o AikSphere Technologies Inc.
o Tracker Systems, Inc.
o Thermo King Corporation
o Arviem AG
o Sealand - A Maersk Company

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Key Elements that the report acknowledges:

o Market size and growth rate during forecast period.
o Key factors driving the Smart Reefer Container Market.
o Key market trends cracking up the growth of the Smart Reefer Container Market.
o Challenges to market growth.
o Key vendors of Smart Reefer Container Market.
o Detailed SWOT analysis.
o Opportunities and threats faces by the existing vendors in Global Smart Reefer Container Market.
o Trending factors influencing the market in the geographical regions.
o Strategic initiatives focusing the leading vendors.
o PEST analysis of the market in the five major regions.

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This release was published on openPR.