The global market for road transport refrigeration equipment is project to reach $US8.8 billion by 2018, driven by technology innovations in energy efficient refrigeration and the growing consumption of frozen and chilled foods.
Global Industry Analysts (GIA) has released the report which says that demand for these systems is dependent on the health of key industries like food and beverage, pharmaceuticals and chemicals.
Other vital links in the cold chain include transportation costs, consumer spending and general economic conditions.
A 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 coming years as well.
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 per cent 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.
