New York (US), Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reefer Container Genset Market Overview
The study papers by MRFR imply that the “Reefer Container Genset Market Research Report Information by Application, Region, Production Type, and Product Type - Forecast Till 2032”, the Reefer Container Genset market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 10.8%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 8,715.6 million by the end of 2032. As per the reports, the market was valued at nearly USD 3,844.6 million in 2022.
Market Scope
Gensets refer to diesel generators specifically for powering refrigerated containers. An external generator powers a reefer container's refrigeration system called a genset (generator set). When reefer containers must be kept or carried on a ship, truck, or rail and require an external power source, gensets are frequently employed. With reefer containers, generator sets are also quite helpful. Many ships will incorporate a power source for reefer containers required to be heated or cooled,ce. On the other hand, the gensets provide a backup method of powering the heating or cooling system for extremely delicate items that might spoil outside of a specific temperature range.
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Competitive Analysis
The listing of the prominent participants across the global Market for Reefer Container Genset incorporates players such as:
- Thermo King (US)
- Kanpor Electrical Machinery Co., Ltd. (China)
- Taylor Power Systems, Inc (US)
- Almar Container Group (South Africa)
- MPMC Powertech Corp (MPMC) (China)
- Shanghai CIMC Generating Set Co., Ltd. (China)
- Xiamen GTL Power System Co., Ltd (GTL) (China)
- Fuan Karlier Power Co., Ltd. (China)
- Denyo Co., Ltd. (Japan)
- Zhejiang Universal Machinery Co., Ltd. (China)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8,715.6 Million |
| CAGR | 10.8 % (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and Latin America |
| Key Market Drivers | Growing advantages of reefer containers Rising demand for pharmaceutical drugs is boosting market growth. Increasing benefits of reefer genset |
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Market U.S.P. Covered
Market Drivers
The global Reefer Container Genset industry has progressed extremely in recent years. The primary parameter causing a surge in market performance is the rise in global trade in perishable goods. Furthermore, the factors such as extending shelf life, changing consumer preferences, rapid globalization, the liberalization of trade, regulatory compliances, increasing emphasis on food safety, the proliferation of harmful bacteria, the industry's focus on sustainability, and the rise of e-commerce are also projected to have a positive impact on the development of the market over the coming years.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Reefer Container Genset. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
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COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Reefer Container Genset. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Reefer Container Genset over the coming years.
Segment Analysis
Among all the product types, the clip-on generator segment secured the leading position across the global market for reefer container genset in 2022. Clip-on generators can be put on the reefer container, making it more adaptable. Replacement and mounting take only a few minutes.
Among all the types, the 40 ft reefer segment secured the leading position across the global market for reefer container genset in 2022. A 40ft high cube reefer container refers to a container with refrigeration for transporting vegetables, fruit, or other items that must remain cool during transport or storage.
Among all the application areas, the medicine segment secured the leading position across the global market for reefer container genset in 2022. Drugs and pharmaceuticals are usually carried in a reefer container.
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Regional Analysis
The global market for Reefer Container Genset is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The Asia-pacific Region ensured the main position across the global Reefer Container Genset industry in 2022 with the largest contribution of nearly 45.80%. The regional market will display the maximum expansion rate over the assessment era. The region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the region's increasing trade. Furthermore, the factors such as the snowballing technical developments in fleet management, the burgeoning trade for seaborne perishable reefer cargo, the region's expanding population, and increasing trade channels are also projected to have a positive impact on the growth of the regional market over the coming years.
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