Marine Transport Refrigeration Unit Market

Market Snapshot

Fact.MR- a market research and competitive intelligence provider- forecasts the sales of marine transport refrigeration units to incline significantly through 2021 and beyond, as recessionary pressures induced by COVID-19 recede.

According to the report, demand is expected to remain elevated, given the ever expanding volume of international trade. Expanding global outreach of key industries is necessitating overseas travel, thereby increasing demand.

Fact.MR's most recent market report on marine transport refrigeration units covers global sales from 2016 to 2020. A market prediction is provided for the years 2021-2031.

Key Initiatives by marine transport refrigeration unit Manufacturers

In January 2021, Sinokor Merchant Marine Company Ltd. of South Korea purchased 1,700 new Carrier Transicold PrimeLINE®-cooled containers. Carrier Transicold is a subsidiary of Carrier Global Corporation, a global producer of environmentally friendly construction and cold chain solutions.

Sinokor's refrigerated container inventory will be expanded by 1,000 40-foot high-cube and 700 20-foot boxes, which will serve routes in the Asia-Pacific region, including China, Vietnam, Thailand, and Korea.

Likewise, in October 2020, Thermo King agreed to supply 5,000 Magnum® Plus refrigeration units to CMA CGM, a world leader in shipping and logistics comprising more than 500 vessels serving more than 420 ports across five continents.

This maritime refrigeration equipment has a -40°C set point, a uniform floor spread, and the tightest temperature control on the market. Shippers of all sizes and specialties benefit from these units' versatility.

In September 2020, The Cold Chain Innovation Hub (CCI-Hub), a Manila, Philippines-based hub for sustainable HVAC&R technology displays and training, presented an online technical training course on CO2 (R744) and propane (R290) transport refrigeration units in the Philippines.

During the event, the NaturaLINE CO2 reefer unit from Carrier Transicold was highlighted as a key technology that has the potential to aid the Philippines' food cold chain's long-term development.

Market Overview

For maintaining proper temperature during the transportation of perishable goods, marine transportation refrigeration units are used. These units are known as reefer units. Marine transport refrigeration units are used for longer distances and higher quantity transportation.

The growing import and export of goods has created the demand for marine transport refrigeration units. Transport refrigeration is required in many ways in the processing, preservation, and transport of fresh and frozen foods products.

Market Dynamics

Higher economic growth, along with changing lifestyles of the population in developing economies, is indirectly benefiting the marine transport refrigeration unit market.

Rise in urbanization, combined with a growing middle-class population, and changing dietary habits, have led to the adoption of ready-to-eat food that does not require preparation.

Growing demand for ready-to-eat food will need more transportation of frozen foods, which, in turn, is driving the market for marine transport refrigeration units.

Global seaborne trade is in the growing phase, owing to the upsurge in the world economy. Seaborne trade has been expanding at a growth rate of four percent in the last five years.

The global maritime industry has also gathered momentum and raised an occupancy in the shipping industry. Following the trend of containerized trade, the demand for marine transport refrigeration units has increased a lot.

Besides this, implementation of stringent government regulations for reducing food wastage, mainly in emerging economies such as China and India, is projected to create high demand for transport refrigeration, positively impacting market growth in the near future.

Regional Analysis

Globally, the marine transport refrigeration unit market is segmented into seven regions - North America. Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

East Asia holds the highest market share in the marine transport refrigeration unit landscape, with China being the major market for marine transport refrigeration units followed by India. China is considered to be a major country for cold chain logistics.

The demand for marine transport refrigeration units in North America is rising at a robust pace, owing to the increase in the consumption of packaged food.

The demand for marine transport refrigeration units in European countries has increased substantially, owing to the rise in maritime trade in these regions. The Middle East and Africa region is expected to show decent growth in the demand for marine transport refrigeration units.

Key Manufacturers

Some of the major key players in the marine transport refrigeration unit market are

• Daikin
• Mitsubishi Heavy Industries
• Klinge Corporation
• SEA Mark Reefer Solutions
• Guchen Thermo
• United Technologies Corporation (Carrier Transicold)
• Webasto

Competitive Analysis

The global marine transport refrigeration unit market is consolidated with less number of market players. The market is in a matured phase, hence, the competition is expected to become less intense as the market is captured by leading players.

 The competition is more between local players. Market players are focusing on developing low emission marine transport refrigeration units.

The research report on the marine transport refrigeration unit market presents a comprehensive assessment of the marine transport refrigeration unit market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.

 It also contains projections using a suitable set of assumptions and methodologies. The research report on the marine transport refrigeration unit market provides analysis and information according to market segments such as geography, product type, vessel type, and end use.

Report covers exhaustive analysis on:

• Market Segments of Marine Transport Refrigeration Unit Industry
• Market Dynamics of Marine Transport Refrigeration Unit Industry
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology in the Marine Transport Refrigeration Unit Market
• Value Chain of the Marine Transport Refrigeration Unit Market

Report Regional Analysis:

• North America
• Europe
• MEA
• East Asia (Japan, China, South Korea)
• South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest)
• Oceania (Australia, New Zealand)
• Latin America
• Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)

The report on the marine transport refrigeration unit market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.

 The report on the marine transport refrigeration unit market also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

Key Segments

• According to product type, the marine transport refrigeration unit market can be segmented as:

  • Chillers
  • Freezers

• According to vessel type, the marine transport refrigeration unit market can be segmented as:

  • General Cargo Ships
  • Container Ships
  • Others

• According to end use, the marine transport refrigeration unit market can be segmented as:

  • Fruits and Vegetables
  • Meat and Sea Food
  • Pharmaceuticals

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.