Global Reefer Container Market – Analysis and Forecast (2021-2027)

1. Global Reefer Container Market

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3. Global Reefer Container Market The global reefer container market is expected to be worth USD 16.5 billion in 2019 and USD 24.6 billion by 2027, growing at a CAGR of 6.1% during the forecast period 2021-2027. The growth of this market can be attributed to increased global trade in perishable commodities, as lower tariffs make the cross-border movement of perishable goods easier. Temperature-sensitive pharmaceuticals are projected to increase in demand from USD 328 billion in 2018 to USD 486 billion in 2022. It is also anticipated that temperature control regulations during transit will become more stringent. In the coming years, an increase in pharmaceutical trade between countries might boost demand for reefer containers.

4. Global Reefer Container Market Traditional methods of cargo shipping have been replaced by innovative methods. Traditional modes of transportation mainly involve the long-distance transportation of goods by rail. Goods can perish as a result of this mode of transport. Reefer containers have recently taken the place of temporary warehouses, as the former saves money on shipping and labour. The advent of real-time monitoring technology is a significant driving force in the reefer container industry. The transportation and logistics industry is undergoing significant changes, with real-time monitoring technology integration being a key development.

5. Global Reefer Container Market Europe and Brazil are already experiencing shortages due to a lack of investment in the reefer segment of shipping, which could provide an incentive for new players to join the market and meet regional demand. Despite market volatility, demand for reefer containers is projected to rise significantly during the forecast period. Since the use of the most up-to-date cooling technology is critical, one of the major problems facing the reefer container industry is a lack of suitable reefer containers. However, challenges such as product maintenance during transportation, a lack of infrastructure in developing countries, and rising fuel costs are expected to stifle market growth.

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