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Reefer Container For Pharmaceutical Market Key Players Analysis - Thermo King, Klinge Corporation, MSC Mediterranean Shipping Company, Hyundai Translead, Triton Container International Limited, Evergreen Marine Corporation.
Reefer Container for Pharmaceutical Market
The Global Reefer Container For Pharmaceutical Market is estimated to reach over USD 4.9 Bn by 2031, exhibiting a CAGR of 3.9% during the forecast period.
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In the pharmaceutical sector, the reefer container is the type of refrigerated container used for intermodal freight shipping. The most common uses for it are the transportation of pharmaceuticals, blood, vaccines, biological samples for analysis, and derivatives. The need for reefer containers in the pharmaceutical business is being driven by several causes, including the rise in international trade, easy navigation facilities, shorter turnaround times at terminals, and growth possibilities in foreign trading. The reefer container for pharmaceutical market is expected to grow as a result of the growing preference for maritime trade over aviation-related business operations. According to estimates from the United Nations Conference on Trade and Development (UNCTAD), the sea is used to move around 80% of world trade by volume and 70% by value. Of that amount, 60% of marine trade passes via Asia, with around one-third of all shipping occurring in the South China Sea.
List of Prominent Players in the Reefer Container for Pharmaceutical Market:
• A.P. Moller - Maersk
• Blue Sky Intermodal
• Carrier Transicold
• China International Marine Containers (Group) Ltd
• CMA CGM Group
• COSCO SHIPPING Development Co., Ltd.
• Daikin Reefer
• Danteco Industries BV
• Evergreen Marine Corporation
• Hapag-Lloyd
• Hyundai Translead
• Klinge Corporation
• MSC Mediterranean Shipping Company
• NewPort Tank
• Seaco Global Limited
• Singamas Container Holdings Limited
• Thermo King
• TLS Offshore Containers/TLS Special Containers
• Triton Container International Limited
• W&K Containers, Inc.
• ZIM Integrated Shipping Services
• Other Prominent Players
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Market Dynamics:
Drivers-
Shippers are given visibility into the continuous real-time monitoring and management of their shipments by the digital freight forwarding platform. Thus, using cutting-edge technology in reefer container shipping is contributing to increased efficiency and dependability in this regard. The reefer container is moved to a neighboring harbor so that a container vessel can deliver it to its final destination. It is unloaded and brought to a distribution center at the port of destination. The cargo is now unpacked from the container and given to shops in smaller pieces. The cargo is dispersed and processed further at the distribution facility after the container has been unpacked. This will drive reefer container for pharmaceutical market growth.
Challenges:
The need for a steady power source to maintain freight at the proper temperature during its route is what drives up the operational costs of reefer containers. Reefer units require an external energy input, such as the electricity supplied at ports, which is generated during transportation by diesel-powered generators, significantly increasing fuel consumption and energy expenses. Because refrigeration takes longer over longer distances, operating costs increase proportionately. Furthermore, the entire cost of the container is immediately impacted by changes in fuel prices. This cost also includes the cost of maintenance for the power mechanisms and refrigeration equipment. This will limit the reefer container for pharmaceutical market growth.
Regional Trends:
The North American reefer container for pharmaceutical market is anticipated to register a major market share in terms of revenue. The rising need for blood plasma, vaccines, and refrigerated medications, combined with government initiatives promoting global commerce, is principally responsible for the expansion of the pharmaceutical industry in North America. The Bureau of Economic Analysis reports that in 2021, US imports climbed by US$ 576.5 billion, or 20.5%, while exports of goods and services increased by US$ 394.1 billion, or 18.5%, in comparison to 2020. Additionally, the US is working toward trade liberalization through agreements and measures that promote economic expansion by facilitating the shipping of vital goods like pharmaceuticals. Besides, Asia Pacific had a substantial share in the market due to the large populations of numerous nations in the region, there is an increasing need for biopharmaceuticals and vaccines. Since most of these products are temperature-sensitive, cold storage facilities are necessary for their effective handling. Shanghai Metal Corporation, Tianjin LongTeng International Trade Co., Ltd., and Hapag-Lloyd AG are Chinese producers of reefer containers that serve the pharmaceutical sector.
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Recent Developments:
• In Oct 2024, Carrier Transicold introduced its next-generation intelligent refrigeration units at REFCOLD 2024 in Kolkata, India. The cutting-edge Supra A and Citimax D series are set to revolutionize the cold chain industry with advanced technology and enhanced efficiency. Designed to address the evolving demands of the sector, both series offer solutions that empower customers to optimize operations and drive intelligent growth.
Segmentation of Reefer Container for Pharmaceutical Market-
By Container Size-
• 20 feet
• 40 feet
• High cube
By Mode of Transportation-
• Roadways
• Railways
• Seaways
By Technology-
• Conventional reefer
• Advanced reefer
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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InsightAce Analytic Pvt. Ltd.
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