As a result of the growing popularity of containerized trade, there has been a significant uptick in the demand for maritime transport refrigeration units. In addition to this, the implementation of stringent government regulations for reducing food wastage, primarily 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. This demand is expected to create high demand for transport refrigeration.The growth of this market is also associated to the performance of the shipbuilding sector, which is dependent upon trade and the expansion of the world economy. The rise of the global economy, global seaborne trade, expanding urbanisation, and an increase in the production of steel around the world are all factors that are propelling the shipbuilding sector during the forecast period of 2023 to 2030. Therefore, the marine refrigeration units’ market is expected to witness a strong growth during the forecast period.

As the adverse impact of COVID-19 began to ease, it is projected that sales of marine transport refrigeration units will continue to increase significantly during the forecast period of 2023 to 2030. Given the increasing scale of global commerce, it is anticipated that the level of demand will remain at a relatively high level. Travel to other countries is becoming increasingly necessary as significant industries continue to expand their worldwide reach, which is driving up demand.

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The International Monetary Fund (IMF) projects that the growth of the global GDP will be 3.3% in the year 2020 and 3.4% in the year 2021. It is anticipated that the rising commodity prices, which have experienced a major drop throughout the course of history, would further contribute to the expansion of the industry. It is also anticipated that developed economies will maintain stable growth over the time covered by this forecast. In addition, during the period covered by the forecast, it is anticipated that the growth of emerging markets will continue to be slightly ahead of that of developed markets. The market is likely to be driven during the forecast period by stable economic growth, which is expected to raise investments at end-user markets, which in turn drives the market.

Asia Pacific region is anticipated to emerge as a highly attractive segment of the worldwide market for marine refrigeration units market. This is partly attributable to the fact that corporations based in Asia hold approximately half of the world's fleet, with China, the Republic of Korea, and Japan accounting for 93% of all shipbuilding in 2019.As more people in North America are buying packaged food, there has been a significant uptick in the need for maritime transport refrigeration units. As a result of an increase in maritime trade in European countries, there has been a significant surge in the demand for refrigeration units that are designed specifically for use in maritime transit. The demand for maritime transport refrigeration units is anticipated to exhibit a level of growth that is satisfactory in the regions of the Middle East and Africa.

The global market for maritime transport refrigeration units is highly competitive, but there are fewer market competitors than in previous years. As a result of the fact that the market has reached its mature stage, it is anticipated that the level of competition would gradually lessen as the major firms gradually take over the market. The competition is primarily amongst players from the same area. The participants in this market are concentrating on the development of refrigeration units for marine transport that have minimal emissions. The key players in this market include Daikin, Mitsubishi Heavy Industries, Klinge Corporation, SEA Mark Reefer Solutions, Guchen Thermo, United Technologies Corporation (Carrier Transicold), Webasto and others.

Key Market Trends:

• As a result of the growing popularity of containerized trade, there has been a significant uptick in the demand for maritime transport refrigeration units.
• The rise of the global economy, global seaborne trade, expanding urbanisation, and an increase in the production of steel around the world are all factors that are propelling the shipbuilding sector during the forecast period of 2023 to 2030.
• As the adverse impact of COVID-19 began to ease, it is projected that sales of marine transport refrigeration units will continue to increase significantly during the forecast period of 2023 to 2030.
• It is anticipated that the growth of emerging markets will continue to be slightly ahead of that of developed markets.
• The market is likely to be driven during the forecast period by stable economic growth, which is expected to raise investments at end-user markets, which in turn drives the market.
• Asia Pacific region is anticipated to emerge as a highly attractive segment of the worldwide market for marine refrigeration units’ market.
• The global market for maritime transport refrigeration units is highly competitive, but there are fewer market competitors than in previous years.
• The key players in this market include Daikin, Mitsubishi Heavy Industries, Klinge Corporation, SEA Mark Reefer Solutions, Guchen Thermo, United Technologies Corporation (Carrier Transicold), Webasto and others.

*Complete segmentation list is on report page