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The increasing containerization is anticipated to fuel the reefer container market growth in the future. The adoption of containers for transportation, as compared to the conventional methods of packing goods directly onto ships, is another factor expected to fuel the growth of the global reefer containers market during the forecast period. The introduction of vessel sharing programs is a major trend observed in the global reefer container market. In May 2015, Maersk Line entered into Vessel Sharing Agreement (VSA) with Mediterranean Shipping Company (MSC) and Mitsui O.S.K Lines (MOL) on the Asia to East Coast of South America trade.
Reefer containers are temperature controlled specialized containers, which are used in the transportation of fragile and consumable goods through the sea. Reefer containers are equipped with built-in refrigeration and cooling units, which provide ideal temperature for different products. A reefer container has different specifications and sizes to accommodate different trade requirements. Reefer containers are majorly used in the transportation of foodstuffs, because of their inherent design features such as, air circulation, high cooling capacity, and accurate temperature control.
One of the major factors driving the growth of the global reefer container market is the continuous development of seaborne trade in the world. The manufacturers are focusing on technological advancements by introducing high tech versions of containers. The new “smart” containers have been made capable to report problems, such as temperature deviation or shocks from improper handling. Another major growth driver of the global reefer container market is the bigger size of reefer containers that transport delicate commodities. However, some of the restraints in the global market include high maintenance cost of reefer containers and the high capital-intensive business. However, the slower economic growth in countries such as China and several European countries is expected to obstruct the growth of the global reefer containers market during the forecast period. The maintenance cost of reefer containers is very high due to the relatively high value of scrap because of the increasing steel prices in the world.
Dong Fang International Asset Management Ltd., W&K Container Inc., Maersk Container Industry A/S, TLS Offshore Containers International, SEA BOX Inc., CXIC GROUP CONTAINERS COMPANY LIMITED are some of the competitors in the global reefer container market. Due to the increased demand for more cold storage facilities, the leading cold chain companies are looking for economical and efficient methods for safe transportation of products.
Global Reefer Container Market Segmentation: