In 2022, the global industry for transportation condensing units is projected to reach USD 2.8 billion. By 2032, this market is expected to expand to USD 4.87 billion, with a robust annual growth rate of 5.7%.
Developed regions dominate the market, accounting for more than 70% of total sales. Europe and North America are established markets for transportation condensing units, likely experiencing modest growth in the coming years. In these regions, trailers are the primary vehicles utilizing transportation condensing units. Currently, North America and Europe together represent over 70% of the global market share.
The modernization of existing stores, pack houses, and ripening facilities in Latin America and ASEAN countries are anticipated to create lucrative opportunities in the global transportation condensing units market. As indicated by the report, the market growth will be considerable in the East Asia-South Asia-Oceania cluster, over the course of coming years.
Manufacturing enterprises of transportation condensing units in China have begun to flourish in recent years. China has been a prominent contributor to the market in terms of agricultural and animal products, with an annual value of over US$ 300 billion. The inadequacy of chilling facilities will further broaden the scope of new opportunities for infrastructural development, thereby reinforcing the demand for transportation condensing units.
More than 200 thousand units of transportation condensing units were sold in the year 2018, according to the findings of a new research report of Future Market Insights (FMI). The report further projects that the unit sales of transportation condensing units will witness a promising just-under 5% yearly growth in 2019.
- Global transportation condensing units market size in 2018 – Nearly USD 2.3 Billion.
- The transportation condensing units market is likely to thrive at an estimated 5.6% CAGR over 2018-2028.
The demand for transportation condensing units is highly likely to be influenced by rapid industrial developments in the cold chain space, evolving federal policies, and sprawling urbanization that continues to drive demand for transportation of a range of commodities via cold storage chain.
While over 45% of the total sales is accounted by medium-to-high capacity i.e. 10-15 KW transportation condensing units, it is highly likely that the high-capacity i.e. above 15 KW transportation condensing units that currently hold just-under a fourth of the total market volume, will gather momentum in coming years. The report has attributed this growth to increasing demand for large-scale application areas.
According to the report, single-temperature, single-compartment refrigerated trailers/trucks or multi-temperature, and multi-compartment refrigerated trailers/trucks are the most prominent users of transportation condensing units.
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Competition Landscape of transportation Condensing Units is Consolidated and Turning Highly Dynamic
Transportation condensing units or transportation refrigeration units are offered with a robust portfolio of products and services, designed to help manage and monitor the cold chain of the most temperature-sensitive, perishable products, including food, pharmaceuticals, biologics and bioengineered drugs, and vaccines, in addition to some industrial chemical classes. Increasing installation of transportation condensing units for short- and long-haul applications on private and commercial carriers will continue to supplement the revenue of transportation condensing units market.
The competition landscape of the global transportation condensing units is highly consolidated, with the top two accounting for nearly 90% of the total revenue generated. Strategic efforts of a majority of leading players are most likely to remain concentrated in engineering improved designs of transportation condensing units, planning stronger product launches, and maintaining a high sustainability quotient. Constant efforts are expected to emerge in the introduction of innovative materials and technologies to extend product life cycles.
Key market players are also focused on enhancing their production capabilities, for better geographic reach. Importantly, strong distribution network, powerful customer management, and unique product and service portfolios are likely to remain the key developmental strategies of leading players competing in the global transportation condensing units market landscape. Moreover, companies will focus on the expansion in international markets by the assessment of demand patterns in various regional markets.
Prominent players in transportation condensing units market will also strategize on strengthening relationships with distribution partners and local market operators, as well as others across the supply and distribution network. Looking at the swift expansion of retail space, several companies are also investing in establishing tie-ups with a variety of retail channels. Some of the leading companies are also augmenting investments in the development of next-generation hybrid-electric transportation condensing units, according to FMI’s analysis.
Some of the key companies that have been covered in the global transportation condensing units market report, include Carrier Transicold, Thermo King, Guangzhou Snowfall Refrigeration Equipment Co., Kingtec, Zanotti, and Electric Reefer Solutions.
Transportation Condensing Units Industry Structure Analysis
- The global transportation condensing units market is a consolidated competition landscape, wherein, tier 1 companies hold more than 82% revenue share.
- While most prominent players maintain strategic focus on the North American and European markets, FMI’s report states that new technology assessment and environment-friendly products will be an important developmental strategy for companies.
- Leading players in the transportation condensing units market are also concentrating on the ASEAN, Indian, and Chinese markets where cost competitiveness will remain a strong differentiation strategy.
