In 2022, the global market for transportation condensing units is projected to reach USD 2.8 billion, with expectations to grow to USD 4.87 billion by 2032, reflecting a strong annual growth rate of 5.7%.
Developed regions currently dominate the market, accounting for over 70% of total sales. Europe and North America are established markets for transportation condensing units, where trailers are the primary vehicles utilizing these systems. Together, these regions represent a significant share of the global market.
In contrast, the modernization of stores, pack houses, and ripening facilities in Latin America and ASEAN countries is anticipated to create lucrative opportunities for growth in the transportation condensing units market. Notably, considerable market expansion is expected in the East Asia-South Asia-Oceania cluster in the coming years.
China has emerged as a key player in the manufacturing of transportation condensing units, contributing significantly to the market, particularly in relation to agricultural and animal products, valued at over USD 300 billion annually. The ongoing inadequacy of chilling facilities in the region presents new opportunities for infrastructural development, further bolstering the demand for transportation condensing units.
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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 US$ 2.3 Bn
- 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.
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 Market 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.
Key Segmentations
By Cooling Capacity
- Below 5 KW
- 5 – 10 KW
- 10 – 15 KW
- 5.3.4. Above 15 KW
By Compressor Type
- Reciprocating
- Rotary
- Scroll
By Sales Channel
- OEM
- Aftermarket
By Vehicle Type
- Trucks
- Trailers
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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