Refrigeration units designed specifically for use in sea transport are put to use for the purpose of ensuring that perishable cargo is kept at the correct temperature throughout travel. These are referred to as reefer units in the industry. Refrigeration systems designed for use in marine transport are utilised for transfer over greater distances and of greater quantities.The increasing volume of commodities going both in and out of the country has led to an increase in demand for refrigeration units in maritime transport. When it comes to the processing, preservation, and shipping of fresh and frozen food products, transport refrigeration is necessary in many different ways.

As the adverse impact of COVID-19 begin 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.

Higher Economic Growth

The market for marine transport refrigeration units is indirectly benefiting from higher economic growth, as well as the changing lifestyles of the population in developing economies. The increase in urbanisation, along with the expansion of the middle class, as well as shifts in dietary practises, have all contributed to the rise in popularity of food that does not need to be prepared before consumption. The increasing demand for ready-to-eat food will result in an increase in the shipping of frozen foods, which is pushing the market for maritime transport refrigeration units in turn. The expansion phase of global seaborne trade is currently taking place as a direct result of the expansion of the global economy.

Environment Friendly Solutions

Building on environmentally friendly products and solutions is the need of the hour, given stringent regulation across the globe to protect the environment. The Sinokor Merchant Marine Company Ltd. of South Korea for instance made an order for 1,700 brand new Carrier Transicold PrimeLINE®-cooled containers in the month of January 2021. Carrier Global Corporation is a global producer of ecologically friendly construction solutions and cold chain products, and Carrier Transicold is a subsidiary of Carrier Global Corporation.An additional 700 20-foot boxes and 1,000 40-foot high-cube containers will be added to Sinokor's inventory of refrigerated containers. These containers will be used to serve routes in the Asia-Pacific region, including those that travel through China, Vietnam, Thailand, and Korea.

An online technical training course on CO2 (R744) and propane (R290) transport refrigeration units was presented in the Philippines in September 2020 by The Cold Chain Innovation Hub (CCI-Hub), which is based in Manila, Philippines, and serves as a hub for the display and training of environmentally responsible HVAC&R technology.

Custom Designed Units to Suit Varied Needs

Companies are introducing new products to suit varied requirements of the customers. For instanceThermo King came to an agreement in October 2020 to provide 5,000 Magnum® Plus refrigeration units to CMA CGM. CMA CGM is a global leader in the shipping and logistics industries, and it operates more than 500 boats that visit more than 420 ports across five continents.The temperature control on this maritime refrigeration equipment is the most precise available on the market, it has a consistent floor spread, and it has a fixed point of -40 degrees Celsius. The adaptability of these units makes them useful to shippers of varying sizes and types of goods.

Asia to Dominate the Market

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.This demand has been growing at a robust pace.China is the most important market for marine transport refrigeration units, and India is the next largest market for these units after China. East Asia as a whole has the largest market share overall for marine transport refrigeration units. It is widely acknowledged that China is one of the most important countries for cold chain logistics.

Market Consolidation on its Way

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Marine Refrigeration market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Marine Refrigeration market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Marine Refrigeration market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Marine Refrigeration market?
• Which is the largest regional market for Marine Refrigeration market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Marine Refrigeration market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Refrigeration market worldwide?