Reefer Container for Pharmaceutical Market Perceive Robust Expansion by 2022-2032

 The global reefer container for pharmaceutical market is projected to register at a moderate-paced CAGR of 12.5% over the forecast period. The reefer container for pharmaceutical market is currently valued at US$ 3602.85 Mn in 2022. By 2032, demand for reefer container for pharmaceutical is expected to reach a high of US$ 11699.63 Mn.

Constant improvements to reefer shipping containers are helping to increase the effectiveness and dependability of shipping containers in the pharmaceutical business. One of the most important developments is the widespread adoption of Internet of Things (IoT)-connected devices among transport providers.

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There is a wealth of information available from the data collected and transmitted throughout the transportation process that can be used to help identify problems, reduce downtime, and streamline processes, all of which is expected to lead to greater operational efficiency in the maritime sector.

The SMART reefer container, a networked container for perishable goods, was introduced by CMA CGM in February 2022.

It is possible to monitor the location and condition of perishables in transit by using SMART reefer shipping containers. In addition, ORBCOMM Inc., a global provider of IoT solutions, announced the release of its CT 3500 IoT telematics device in March 2022. This device represents the next generation in the smart management of refrigerated containers. Improved features, connectivity, and analytics were just some of the benefits of ORBCOMM's data-driven chilled container solution. To help shippers and carriers improve reefer container logistics, it is compatible with third-party telematics devices. Since manufacturers of reefer containers are increasingly using smart reefer containers, this trend bodes well for the reefer container for pharmaceutical market.

Key Takeaways

·         The United States is one of the top three countries both in terms of imports and exports of medical goods, and its reefer container for pharmaceutical market is one of the largest in the world.

·         The expanding demand for biopharmaceuticals and vaccines as a result of the huge populations of several countries in the region is the primary factor driving the growth of the reefer container for pharmaceutical market in the Asia Pacific. Most of these items are temperature-sensitive, so cold storage facilities are required for their effective handling of them.

·         The expansion of the pharmaceutical industry in Europe is being driven in large part by the increasing number of activities that are being undertaken by the European Commission to establish new rules and policies.

·         Significant growth prospects are anticipated to become available over the forecast period as a result of the growing use of more modern production methods and the expanding innovation in technology.

Competitive Landscape

In order to remain competitive, companies in the reefer container for pharmaceutical market are concentrating on creating increasingly sophisticated and useful goods.

CMA CGM released the SMART reefer container at the beginning of 2022. The smart container's location tracking and status-checking features make it ideal for tracking perishable cargo.

There was an agreement signed between Titan and KIRK Kapital in December 2019 for the latter to acquire a stake in Titan's rental fleet business.

 

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