Global road transport refrigeration equipment market: $9 billion industry by 2018
Road Transport Refrigeration Equipment: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-14 12:47:02
The Global Road Transport Refrigeration Equipment market is projected to reach US$8.8 billion by 2018, driven by technology innovations in energy efficient refrigeration and growing consumption of frozen and chilled foods.
Road Transport Refrigeration Equipment is a growing market driven by the indispensable need to transport temperature sensitive products like food/beverages, pharmaceuticals, chemicals, plants, flowers, among others. Demand for these systems is dependent on the health of key industries like food and beverage, pharmaceuticals and chemicals. A vital link in the "cold chain", demand for refrigeration equipment is also influenced by trade patterns and transportation costs. Trade patterns determine the supply of transport services, which in turn influences growth in the road transport refrigeration equipment market. Other factors that influence growth in the market include environmental regulations, economic, political, energy-related policies and technological developments, as these factors have the ability to significantly impact the cost of transportation. General economic conditions, consumer spending, and domestic food consumption levels also influence growth in the market.
The market is expected to witness robust demand for energy efficient refrigeration systems encouraged by the growing focus on lowering transportation costs and the need to conform to stringent environmental emission norms. The cost of acquiring, maintaining and operating refrigerated transport equipment accounts for over 50% of the lifetime cost of a refrigerated transport vehicle and therefore has the potential to influence the level of transportation efficiency and costs. New innovations in refrigeration equipment/systems that reduce refrigerant losses are poised to benefit, given its ability to reduce fuel consumption and also environmental pollution. As the world haulage industry comes under increased pressure to offer competitive transport tariffs against a backdrop of rising fuel prices and growing cost of environmental pollution, demand for high quality and effective refrigeration equipment is forecast to grow rapidly.
The US represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 7.8% over the analysis period. Growth in the region is led by growing population, rapid urbanization, expanding base of middle class consumers, Westernization of food habits, increasing domestic consumption of chilled and frozen food and non-food products and developments in road infrastructure. Global Industry Analysts Â©
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