Rapid urbanization, especially in developing countries, is set to propel the demand for transportation of a wide range of goods via cold storage chain, thereby boosting sales in the market.
More than 200 thousand units of transportation condensing units were sold in the year 2022, according to the findings of a new research report of Future Market Insights (FMI). The report further projects that the unit sales of transportation condensing units will witness a promising just-under 5% yearly growth in 2019.
Sales in the global transportation condensing units market are slated to top US$ 2.8 Bn in 2022. Expanding at a healthy 5.7% CAGR, the market size is projected to total US$ 3.9 Bn by 2028.
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The demand for transportation condensing units is highly likely to be influenced by rapid industrial developments in the cold chain space, evolving federal policies, and sprawling urbanization that continues to drive demand for transportation of a range of commodities via cold storage chain.
While over 45% of the total sales is accounted by medium-to-high capacity i.e. 10-15 KW transportation condensing units, it is highly likely that the high-capacity i.e. above 15 KW transportation condensing units that currently hold just-under a fourth of the total market volume, will gather momentum in coming years. The report has attributed this growth to increasing demand for large-scale application areas.
According to the report, single-temperature, single-compartment refrigerated trailers/trucks or multi-temperature, and multi-compartment refrigerated trailers/trucks are the most prominent users of transportation condensing units.
Developed Regions Account for over 70% Share in Total Sales of Transportation Condensing Units
Europe and North America are mature transportation condensing units market, and are likely to observe modest growth rates over the coming years. Moreover, trailers are the main vehicle type using transportation condensing units in these regions. Currently, North America and Europe hold a combined volume share of over 70% in the global transportation condensing units market.
The modernization of existing stores, pack houses, and ripening facilities in Latin America and ASEAN countries are anticipated to create lucrative opportunities in the global transportation condensing units market. As indicated by the report, the market growth will be considerable in the East Asia-South Asia-Oceania cluster, over the course of coming years.
Manufacturing enterprises of transportation condensing units in China have begun to flourish in recent years. China has been a prominent contributor to the market in terms of agricultural and animal products, with an annual value of over US$ 300 billion. The inadequacy of chilling facilities will further broaden the scope of new opportunities for infrastructural development, thereby reinforcing the demand for transportation condensing units.
Competition Landscape of transportation Condensing Units is Consolidated and Turning Highly Dynamic
Transportation condensing units or transportation refrigeration units are offered with a robust portfolio of products and services, designed to help manage and monitor the cold chain of the most temperature-sensitive, perishable products, including food, pharmaceuticals, biologics and bioengineered drugs, and vaccines, in addition to some industrial chemical classes. Increasing installation of transportation condensing units for short- and long-haul applications on private and commercial carriers will continue to supplement the revenue of transportation condensing units market.
The competition landscape of the global transportation condensing units is highly consolidated, with the top two accounting for nearly 90% of the total revenue generated. Strategic efforts of a majority of leading players are most likely to remain concentrated in engineering improved designs of transportation condensing units, planning stronger product launches, and maintaining a high sustainability quotient. Constant efforts are expected to emerge in the introduction of innovative materials and technologies to extend product life cycles.
Key market players are also focused on enhancing their production capabilities, for better geographic reach. Importantly, strong distribution network, powerful customer management, and unique product and service portfolios are likely to remain the key developmental strategies of leading players competing in the global transportation condensing units market landscape. Moreover, companies will focus on the expansion in international markets by the assessment of demand patterns in various regional markets.
Prominent players in transportation condensing units market will also strategize on strengthening relationships with distribution partners and local market operators, as well as others across the supply and distribution network. Looking at the swift expansion of retail space, several companies are also investing in establishing tie-ups with a variety of retail channels. Some of the leading companies are also augmenting investments in the development of next-generation hybrid-electric transportation condensing units, according to FMI’s analysis.
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Transportation Condensing Units Market by Category
ByCooling Capacity:
By Compressor Type:
By Sales Channel:
By Vehicle Type:
By Region:
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Some of the key companies that have been covered in the global transportation condensing units market report, include Carrier Transicold, Thermo King, Guangzhou Snowfall Refrigeration Equipment Co., Kingtec, Zanotti, and Electric Reefer Solutions.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 11, 2022
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