Refrigerated Transport Market Size, Share & Trends Analysis growing at a CAGR of 8.6% from 2024 to 2030

With the increasing population and changing dietary preferences, the demand for perishable goods, such as fresh fruits and vegetables, dairy products, meat, and seafood products, is expected to grow in near future, thereby driving the growth of the refrigerated transport market.

Advancements in refrigeration technology have also contributed to the growth of the refrigerated transport market. With the development of new and improved refrigeration systems, it has become possible to maintain the temperature and humidity levels required for the safe transportation of perishable goods. Moreover, technological advancements have also led to the development of more energy-efficient refrigeration systems, which not only reduce operating costs but also significantly reduce the carbon footprint of the transportation industry. For instance, in February 2023, Lawrence Berkeley National Laboratory researchers developed a novel refrigeration technique, ionocaloric cooling, that presents an alternative to conventional vapor compression-based systems. This innovative approach could mitigate the dependence on gases detrimental to the Earth’s atmosphere and contribute to climate change. The technique capitalizes on the storage or release of energy during a phase transition, such as from a solid to a liquid or vice versa, to achieve its cooling effect.

Additionally, increasing awareness of food safety and quality is driving the growth of the refrigerated transport market. There is an increasing demand for temperature-controlled transportation due to consumers’ growing concern about food safety and quality. This demand stems from the need to ensure that the food remains fresh and safe for consumption. Additionally, regulations and standards regarding food safety and quality have become more stringent, leading manufacturers and shippers to adopt refrigerated transport solutions to comply with these laws and regulations.

Market Concentration & Characteristics

The global refrigerated transport market is significantly concentrated in nature. The growth stage of the market is medium, and pace of the market growth is accelerating. The market is characterized by a high degree of innovation owing to the technological advancements driven by factors such as an improved cooling technologies, alternative refrigerants, multi-temperature control, enhanced monitoring and tracking, and autonomous vehicles. Additional significant advancements include advanced insulation materials, electric and hybrid refrigerated vehicles, and the utilization of artificial intelligence for predictive maintenance and optimized logistics operations.

Refrigerated Transport Market Report Scope