Technology Innovations Drive the Global Road Transport Refrigeration Equipment Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Road Transport Refrigeration Equipment markets. Global market for Road Transport Refrigeration Equipment 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: A Global Strategic Business Report

Follow us on LinkedIn – 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.

Growing preference for road transport in international trade represents one of the key factors fuelling growth in the market. Encouraged by the unrivalled levels of flexibility offered, there is increasing preference for road transport, especially in Europe, where motorway networks between national borders are being upgraded to facilitate both domestic and international trade. The increasingly important role played by road freight transport in global trade and logistics is poised to benefit demand for road transport refrigeration systems, since higher number of refrigerated vehicles on road translates into increased demand for refrigeration equipment.

Given that the temperature-controlled distribution sector is the most specialized segment of the commercial road transport industry, the trend towards earmarking increased resources for R&D is expected to benefit the market in the coming years. Technology advancements, over the years, have made road transport refrigeration equipment more cutting edge offering compelling benefits like energy efficiencies. Growing levels of sophistication in equipment engineering has helped develop multi-functional refrigerated transport vehicles capable of operating at multiple temperatures. This allows for simultaneous transport of products that require different storage temperatures. Currently, R&D efforts are being directed at enhancing the efficiency levels of transport refrigeration equipment, given that these systems are inherently susceptible to lower performance ratings as compared to stationary systems.

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.

Growing consumption of frozen foods is fuelling demand for refrigerated transportation services thus generating opportunities for vehicle refrigeration equipment. The rise in home delivery of frozen and chilled foods and beverages is additionally helping spur market opportunities. Increase in online food delivery services offered by restaurants and supermarkets is a key reason cited for the growth in home delivery of chilled and frozen foods and beverages. This rising consumer demand for cost effective yet quality frozen food products is driving demand for high quality refrigeration equipment. The trend is encouraging increased investments in appropriate refrigeration systems to ensure delivery of quality products transported under the right temperatures.

As stated by the new market research report on Road Transport Refrigeration Equipment, 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.

Major players in the market include Carrier Transicold, Chereau SAS, EUROFRIGO S.R.L., FRIGOBLOCK Grosskopf GmbH, GAH Refrigeration Limited, Hubbard Products Ltd., Thermo King Corporation, Klege Europ Sainte Marie Constructions Isothermes, Lamberet Constructions Isothermes SA., Mitsubishi Heavy Industries Ltd., Morgan Corporation, and Wabash National Corporation, among others.

The research report titled “Road Transport Refrigeration Equipment: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America, and Rest of World. Product markets analyzed in the report include Van Refrigeration System and Bodies, Truck Refrigeration System and Bodies, and Trailer Refrigeration System and Bodies.

For more details about this comprehensive market research report, please visit
http://www.strategyr.com/Road_Transport_Refrigeration_Equipment_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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