WiseGuy Reports market research analyst predicts the global refrigerated sea transportation market to grow steadily at a CAGR of around 4% during the forecast period. An increase in international trade and the growing demand for refrigerated transportation of perishable goods are driving the growth of this market. For instance, according to a UNCTAD report, the International Seaborne Trade market shipped nearly 9 billion metric tons during 2014. The growth in China’s domestic demand and the rising trade among Asian countries have further fueled the demand for seaborne trade.
However, the capital-intensive nature of this market and the high cost of maintenance is expected to pose challenges to the market growth during the forecast period. Container and reefer vessel operators and owners require huge investments and infrastructure to build and maintain reefer fleet. The maintenance cost for a fleet is also quite high due to various cost components such as maintenance of engines and tugs, crew expenses, and regular MRO expenses.
Segmentation by transportation mode and analysis of the refrigerated sea transportation market
• Containerized reefers
• Specialized reefers
The containerized reefers segment accounted for approximately 83% of the market share during 2015. These reefers are used in the transportation of perishable products for the dairy, horticulture, floriculture, food processing, fisheries, poultry, and meat industries. This research report predicts the containerized reefers segment to retain its market leadership until the end of 2020.
Geographical segmentation and analysis of the refrigerated sea transportation market
• North America
• South America
South America dominated the global refrigerated sea transportation market during 2015, with a market share of approximately 35%. The market growth in this region is driven by an increase in
the export of perishable products across long distance trade routes and the heavy investments being made to improve port infrastructure. Many Chinese shipping companies are also expanding their business to South America as a result of this region’s rapid market growth.
Competitive landscape and key vendors
The global refrigerated sea transportation market is dominated by a few international vendors. The market is capital intensive and requires vessels to adopt sophisticated technologies. The major challenges faced by the vendors in this market are the expenses incurred for the maintenance of vessels and the depreciation in the value of reefer vessels.
The leading vendors in the market are -
• CMA CGM
• Mediterranean Shipping
• NYK Line
• Seatrade Reefer Chartering
Other prominent vendors in the market include, Africa Express Line, APL, China Shipping Container Lines, Compañía Sudamericana de Vapores, Geest Line, Green Reefers Group, Hamburg Süd, Hanjin Shipping, Hapag-Lloyd, K Line Logistics, Klinge Group, Kyowa Shipping, Maestro Reefers, Mitsui O.S.K. Lines, Orient Overseas Container Line, SeaCube Container Leasing, STAR Reefers, United Arab Shipping, Yang Ming Marine Transport, and ZIM Integrated Shipping Services
Key questions answered in the report include
• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global refrigerated sea transportation market?
• What are the key market trends impacting the growth of the refrigerated sea transportation market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global refrigerated sea transportation market?
• Trending factors influencing the market shares of the APAC, EMEA, North America, and South America?
• What are the key outcomes of the five forces analysis of the refrigerated sea transportation market?
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