Refrigerated Sea Transport Containers Market by Type (Containerized Reefers and Specialized Reefers), by Segments (Pharmaceuticals, Sea Food, Fresh Produce, Meat and Others) - Global Forecast to 2020
Since decades, sea transport has been important mode of transportation to the people across the globe, while considering value of goods 23% of the trade between countries is observed to be in common border countries. The increasing house-hold income is setting higher demands for quality of goods and this is spurring the demand for containerized reefers to meet the requirements of these house-hold or regions. Growing demand for fresh food and other commodities across the different parts of the globe has set new dimension for cost effective and efficient transportation from one port to another in shorter period of time.
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Manufacturers have been steadily investing in improvising container infrastructure to meet the demands and requirements of the trade. Specialized reefers have been losing on their market share to containerized reefers due to increasing advancements in containerized reefers facilities. Owing to the above drivers the overall market volume is expected to grow from 2.35 MTEU in 2014 to 3.46 M TEU in 2020 with a CAGR of 6.7%.