smart reefer container Market

The global smart reefer container market accounted for US$ 823.8 Mn in 2018 and is expected to grow at a CAGR of 8.5% over the forecast period 2019–2027, to account for US$ 1,665.4 Mn in 2027.

The increasing demand for cold chain products and the digitalization of shipping coupled with supportive initiatives from stakeholders are a few of the factors driving the smart reefer container market worldwide. However, the high cost of smart reefer and inadequate cold chain logistics infrastructure in emerging economies may restrain the future growth of the smart reefer container market. Despite these limitations, the rising adoption of smart reefer containers in the F&B and pharmaceutical industries is anticipated to offer ample growth opportunities for the players operating in the smart reefer container market during the forecast period.

Technological developments have undermined huge barriers in the international trade of cold chain products. The smart reefer solutions are overcoming the crucial challenges in the shipping of perishables over long distances. The new and advanced technologies play a significant role in ensuring that the perishable commodities reach fresh and at the desired destinations and also fulfill the strict import protocols that differ from countries to countries. Many of such technologies that facilitate the reefer containers to achieve these standards include atmosphere management, cold disinfestation, and real-time temperature management, among others. Technology such as atmosphere management facilitates to control the atmosphere of reefers and thus, enable the transportation of certain commodities through sea route and helps to maintain the freshness, quality, and lifespan of those products. Also, remote monitoring technology in the smart reefer containers enables the repairers to take prompt action if there is an alarm indicator from any of the reefer containers. Thus, by leveraging Big Data and the Internet of Things (IoT) for managing and controlling the reefers operations is anticipated to play a crucial role in the development of the smart reefer container market.

The market for smart reefer container has been segmented on the basis of offering, technology, reefer, end-use industry, and geography. The smart reefer container market based on offering is led by service segment and is expected to continue its dominance in the forecast period. The smart reefer container market on the basis of the technology is segmented into GPS, cellular, long-range wide area network, Bluetooth low energy (BLE), and others. The BLE technology led the smart reefer container market and it is anticipated to continue its dominance during the forecast period. The market for smart reefer containers by the end-use industry is further segmented into food & beverage, pharmaceutical, oil & gas, chemicals, military & defense, and others. The F&B sector is expected to hold the lion’s share in the year 2018 and is expected to continue its dominance till 2027.
 
The overall smart reefer container market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the smart reefer container market. It also provides the overview and forecast for the global smart reefer container market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the smart reefer container market. Some of the players present in smart reefer container market are Aiksphere Technologies, Arviem AG, Globe Tracker APS, Hapag-Lloyd AG, Maven Systems Pvt. Ltd., Nexiot AG, ORBCOMM Inc., Sealand (MAERSK), Thermo King Corporation, Tracker Systems, Inc., Traxens, and Wireless Links, Inc. among others.