Reefer Container: Making Trade Easier and Faster

The increasing number of trade routes in several countries and between various countries is pushing up the demand for reefer containers. A single trade route contains multiple long-distance arteries, that may further be connected to various smaller networks of non-commercial and commercial transportation routes. The rapid rise in the maritime trade volumes across the globe is boosting the demand for reefer containers. Additionally, the adoption of real-time tracking technology in logistics solutions is fueling the requirement for these containers.

Because of the above-mentioned factors, the popularity of reefer containers is rising across the world. This is fueling the boom of the global reefer container market. According to the forecast of P&S Intelligence, a market research company based in India, the capacity of the market would rise from 2,915.6 thousand twenty-foot equivalent units (TEU) to 5,981.6 thousand TEU from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 7.3% between 2020 and 2030.

Geographically, the reefer container market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. In this region, the deployment of reefer containers would rise massively in Brazil in the future years, primarily because of the growing inclination of the industries toward technological innovation and the increasing trade of chilled and frozen foods between the country and other developing nations such as India and China.

Thus, it is safe to say that the demand for reefer containers would shoot-up across the world in the years to come, mainly because of the increasing trade between various nations, on account of globalization and the growing need for faster and better transportation systems around the world.

Source: P&S Intelligence