Refrigerated Sea Transportation Market Share

Global Refrigerated Sea Transportation Market Overview

Refrigerated Sea Transportation Market Size was valued at USD 8.30 Billion in 2023. The Refrigerated Sea Transportation Market Application is projected to grow from USD 8.86 Billion in 2024 to USD 14.10 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.97% during the forecast period (2024 - 2032). Urbanisation, a rise in international trade, and alterations in the pharmaceutical, food and beverage, and other industries' competitive dynamics, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Refrigerated Sea Transportation Market Trends

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  The rise in international trade is driving the market growth

  
  

The growth of international trade is one of the main reasons driving the market for refrigerated marine transportation. The refrigerated marine transportation market will be primarily driven by urbanisation and shifting industry dynamics in the food and beverage, pharmaceutical, and other sectors during the forecast period. The logistics industry is rapidly growing as a result of technological advancements, which is assisting in the success of the market. A rise in sea freight shipping caused by a rise in the demand for perishable commodities has created a number of new business opportunities for companies that offer refrigerated marine transportation. As retail business models change and technology advances, there are several opportunities for the refrigerated marine transportation sector.

The food and beverage industry is contributing to the expansion of the refrigerated maritime transportation business by driving up demand for ready-to-eat snacks, perishable meals, energy drinks, and other goods. The demand for solutions for refrigerated sea transportation for the transfer of medical supplies and drugs under temperature control has expanded along with the growth of the pharmaceutical industry. The rapidly growing worldwide e-commerce business significantly stimulates the demand for chilled marine transportation. The market for refrigerated marine transportation is significantly influenced by the growth of international trade as a result of trade liberalisation. Increased need for cold storage, improvements in communication and transportation infrastructure, and the success of multinational firms in the food retail sector have all propelled the market for refrigerated marine transportation. Rising R&D initiatives and technological developments in cold storage, such as the incorporation of solar technology into transportation refrigeration units, are driving the development of efficient cold storage and transportation solutions. Due to the need for secure transportation of heat-sensitive pharmaceutical products from manufacturers to distributors and pharmacies in order to ensure cleanliness and security, the market for refrigerated marine transportation will continue to grow. On the other hand, the high cost of refrigerated sea shipping and the stringent governmental restrictions pertaining to food transportation may limit the market over the anticipated time.

In response to a number of factors, such as the quick impact of pandemics, the rise in hurried lifestyles, and the culture of working from home, the consumption pattern and consumer perception of frozen meals are changing. The anticipated growth of frozen foods is positive, with opportunities for expansion from developing markets such as those in the Asia Pacific, South America, and Eastern Europe. Foods that are frozen have a longer shelf life, making them preferred when climatic conditions affect agricultural productivity. Food manufacturers put a lot of effort into providing consumers with frozen, processed, and packaged meals at affordable pricing. Using freezing techniques is the greatest way to move food from the farmer's market to the store since it makes it more accessible, more inexpensive, and less likely to spoil. The growth of service sectors including fast food chains, quick service restaurants, and hypermarkets is driving up demand for frozen goods. Thus, driving the Refrigerated Sea Transportation market revenue.

Refrigerated Sea Transportation Market Segment Insights

Refrigerated Sea Transportation Container Type Insights

The Refrigerated Sea Transportation market segmentation, based on container type, includes 20 feet, 40 feet, 40 feet high cube, 45 feet high cube, and others. 40 feet segment dominated the market in 2022. This is as a result of its small size and inexpensive cost in comparison to other containers. Due to the expansion of maritime transportation ly, other types of containers are also anticipated to represent a sizeable portion of the market. Suppliers of refrigerated sea transportation are introducing technological solutions like chilled container delivery tracking in response to the increase in demand in order to increase agility, provide transparency, and deliver goods on schedule. In order to keep up with technical improvements and remain competitive, an increasing number of companies that provide refrigerated sea transportation are using new technologies for tracking developments.

Refrigerated Sea Transportation Product Type Insights

The Refrigerated Sea Transportation market segmentation, based on product type, includes chilled and frozen. Chilled segment dominated the Refrigerated Sea Transportation market in 2022. This is a result of an increase in trade spurred on by tighter political and economic relations. Due to the growing demand for distinctive perishable goods, the chilled product industry also represents a sizeable portion of the market for refrigerated sea transportation. The need for chilled maritime transportation will expand as a result of growing urbanisation, shifting consumer choices and lifestyles, and rising disposable income.

Refrigerated Sea Transportation Application Insights

The Refrigerated Sea Transportation market segmentation, based on application, includes food & beverages, pharmaceutical, and others. Food & beverages segment dominated the market in 2022. This is due to a rise in the consumption of exotic perishable foods worldwide. Refrigerated sea transport is used to move temperature-sensitive, perishable cargo such fresh produce, meat, fish, shellfish, dairy products, and other similar goods. As the world's food consumption has increased, sea shipping logistics have grown. Similar to this, the shipping of pressure-sensitive pharmaceutical products including medicines, vaccines, and other items has increased the market for refrigerated sea transportation.

Figure 1:  Refrigerated Sea Transportation Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Refrigerated Sea Transportation Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Refrigerated Sea Transportation market dominated this market in 2022 (45.80%). Growing industry in the area has benefitted product demand. The rise of the refrigerated maritime transportation industry in this region is being driven by the demand for the export of pharmaceutical products that need careful handling of heat. People are becoming more dependent on packaged foods and beverages, especially in developing nations like China and India, and this is increasing demand. Moreover, China’s Refrigerated Sea Transportation market held the largest market share, and the Indian Refrigerated Sea Transportation market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  REFRIGERATED SEA TRANSPORTATION MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Refrigerated Sea Transportation Market is expected to register significant growth from 2023 to 2032. The industry for meat and seafood has been continually growing, which has helped with product development. During the projection period, it is predicted that the growth of retail food chains will increase the need for cold chain logistics services, boosting the refrigerated marine transportation market in this area. Further, the U.S. Refrigerated Sea Transportation market held the largest market share, and the Canada Refrigerated Sea Transportation market was the fastest growing market in the North America region.

Europe Refrigerated Sea Transportation market accounted for the healthy market share in 2022. This is because there are numerous imports and exports; as a result, it is projected that the marine transportation industry would grow greatly over the coming years. Further, the German Refrigerated Sea Transportation market held the largest market share, and the U.K Refrigerated Sea Transportation market was the fastest growing market in the European region

Refrigerated Sea Transportation Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Refrigerated Sea Transportation market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Refrigerated Sea Transportation Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Refrigerated Sea Transportation Industry to benefit clients and increase the market sector. In recent years, the Refrigerated Sea Transportation Industry has offered some of the most significant advantages to medicine. Major players in the Refrigerated Sea Transportation market, including CMA CGM S.A, Kuehne + Nagel International AG, DHL International GmbH, CEVA Logistics, Mediterranean Shipping Company S.A, DSV Panalpina A/S, Maersk Line, Limited, NYK Line, Hapag-Lloyd AG, Hamburg Süd, Cargo-Partner, ZIM Integrated Shipping Services, CSAV, and Star Reefers, are attempting to increase market demand by investing in research and development operations.

Carrier Corp. (Carrier), formerly known as Carrier Corp., is a provider of building automation, refrigeration systems, heating, ventilation, air conditioning, and fire and security technology. The business sells furnaces, air conditioners, heat pumps, ductless systems, refrigeration equipment, boilers, indoor air quality products, compressors, thermostats, and refrigeration equipment under the Carrier, Carrier Transicold, Kidde, Edwards, LenelS2, and Automated Logic brand names. It additionally offers design, installation, and maintenance services. Carrier provides services to both the residential and commercial industries. The business conducts business throughout the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Carrier's corporate headquarters are in the US city of Palm Beach Gardens. By integrating wheel-based power generation, which captures energy that would otherwise be lost during braking events, Carrier Corporation boosted its electrification capabilities through a new agreement with ConMet in January 2022.

Trailer Dynamics GmbH developed the Newton etrailer to increase semitrailer economy and benefit both users and the environment. Customers may drastically reduce their overall costs while saving fuel and lowering pollution emissions thanks to the company's innovation, which uses an integrated electric drive train that adapts autonomously to the tractor's operating style. In October 2021, Trailer Dynamics GmbH and trailer manufacturer Krone announced a strategic alliance. The joint goal is to develop an electrified trailer that is ready for production, significantly reduces the diesel and CO2 emissions of diesel semitrailer tractors and increases the range of BEV semitrailer tractors.

Key Companies in the Refrigerated Sea Transportation market include.

• CMA CGM S.A


• Kuehne + Nagel International AG


• DHL International GmbH


• CEVA Logistics


• Mediterranean Shipping Company S.A


• DSV Panalpina A/S


• Maersk Line, Limited


• NYK Line


• Hapag-Lloyd AG


• Hamburg Süd


• Cargo-Partner


• ZIM Integrated Shipping Services


• CSAV


• Star Reefers

Refrigerated Sea Transportation Industry Developments

March 2022: United Technologies Corporation and Phillips Connect worked together to launch Utility Connect. The Utility Connect system is built on a custom wire harness that Utility has devised to work with the Phillips Connect Smart7 nosebox.

Refrigerated Sea Transportation Market Segmentation

Refrigerated Sea Transportation Container Type Outlook

• 20 Feet


• 40 Feet


• 40 Feet High Cube


• 45 Feet High Cube


• Others

Refrigerated Sea Transportation Product Type Outlook

• Chilled


• Frozen

Refrigerated Sea Transportation Application Outlook

• Food & Beverages


• Pharmaceutical


• Others

Refrigerated Sea Transportation Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America