Europe Refrigerated Container Shipping Market Size (2024 - 2029)

Europe Refrigerated Container Shipping Market Analysis

The Europe Refrigerated Container Shipping Market size is estimated at USD 3.56 billion in 2024, and is expected to reach USD 4.57 billion by 2028, growing at a CAGR of 5.12% during the forecast period (2024-2028).

•  The increasing demand from the pharmaceutical industry drives the market. Furthermore, the market is driven by the use of advanced technology in reefer transportation.
• The European Commission's increased initiatives for creating laws and policies fuel the rise of the reefer container for the pharmaceutical sector in Europe. The European Union administers its trade and investment relations through a special policy that strives to improve trading prospects for European enterprises. It adds to the strong demand for reefer containers for pharmaceutical product transportation. MECOTEC Group, Germany, provided 8 containers for deep-freeze storage of COVID-19 vaccines in November 2021. Cardinal Health was awarded a USD 57.8 million contract in April 2022 for the storage and delivery of 80,000 pallets of personal protective equipment (PPE) to support the Strategic National Stockpile (SNS). It is a part of the Office of the Assistant Secretary for Preparedness and Response within the US Department of Health and Human Services (HHS).
• According to recent studies, there was a 50% increase in the third quarter of 2021 based on an analysis of 15 reefer trade routes, while dry container freight charges more than quadrupled in 2021. In addition, under the company's Dalreftrans subsidiary expansion strategy, FESCO Transportation Group planned to extend its fleet of reefer containers to 4,000 units by the end of summer 2022 in July 2022. Thus, an increase in the demand for pharmaceutical product transportation and logistics is driving the use of reefer containers.
• Technologies utilized in pharmaceutical supply chains are expanding to provide new approaches to secure the safe transportation of medical items to their intended destinations. Control tower technology, packing automation, artificial intelligence, and other technologies are heavily used in pharmaceutical cold chain facilities. Recent advancements in the distribution of temperature-sensitive pharmaceutical products, ranging from biological therapies to treat rare and chronic diseases, vaccines to treat COVID-19 and other infectious diseases, novel oncology treatments, and cell and gene (CGT) therapies, presented more complex cold-chain requirements. In August 2022, Maersk Company (MCI) announced a new cold storage facility planned for Ridgeville, South Carolina, to serve temperature-controlled goods, which began its operations in the first quarter of 2023.
• Continuous advancements in reefer containers are helping to improve the efficiency and dependability of containers used in the pharmaceutical business. One of the critical developments is the rising use of Internet of Things (IoT-connected) devices by most transport companies. During the shipping process, a large amount of data is captured and communicated, used to draw significant insights and diagnose difficulties, prevent downtime, and optimize procedures, ultimately enhancing operating efficiencies in the maritime industry. CMA CGM unveiled their SMART reefer container, a connected container for refrigerated goods, in February 2022. The position and status of refrigerated goods can be tracked using SMART reefer containers. Furthermore, in March 2022, ORBCOMM Inc., a global provider of IoT solutions, announced the launch of its CT 3500 IoT telematics device. It features the next evolution in the smart management of refrigerated containers.

Europe Refrigerated Container Shipping Industry Segmentation

Refrigerated containers, often known as reefer containers, are used to convey commodities that require temperature control during transit. Reefer containers are outfitted with a refrigeration unit that is powered by the ship's power source. A complete background analysis of the Europe Refrigerated Container Shipping market, including the assessment of the economy and contribution of sectors in the economy, a market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report.

Europe Refrigerated Container Shipping Market is segmented by size (small container (20 ft), large container (40 ft), and high cube container) and country (Germany, France, United Kingdom, Italy, and the rest of Europe). The report offers market size and forecasts in values (USD) for all the above segments.