The global refrigerated sea transportation market research report by Technavio predicts the market to post a CAGR of more than 4% during the period 2018-2022. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Technavio predicts the global refrigerated sea transportation market to post a CAGR of more than 4% by 2022.
A key driver for the global refrigerated sea transportation market is the pharmaceutical industry increasingly preferring sea transportation. The pharmaceutical manufacturers are opting for low-cost shipments due to the rising fuel cost and carbon emission in air and roadways transportation and stringent regulations by governments across the globe regarding environmental concerns. For instance, AstraZeneca, one of the prominent multinational pharmaceutical companies transported 85% of its products through the air in 2010.
This global refrigerated sea transportation market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the penetration of blockchain technology in marine transportation as one of the key trends in the global refrigerated sea transportation market:
Global refrigerated sea transportation market: Penetration of blockchain technology in marine transportation
The blockchain technology assists in increasing the transparency and reducing the possibilities of data corruption or data alteration during transactions between two parties. The countries in APAC such as China and Japan have adopted this technique in different industries such as the pharmaceutical and service sectors. It is anticipated that about 9% of the world gross product will be secured by the blockchain technique by 2025.
“Marine transportation includes substantial documentation including charter party agreements, bill of lading, letters of credit, sales contracts, port documents, and others that pass through a long chain of parties. The documentation process in marine transportation becomes an accurate and quick process, offering complete transparency and security due to the adoption of blockchain technology,” says a senior analyst at Technavio for research on transportation and distribution.
Global refrigerated sea transportation market: Segmentation analysis
This refrigerated sea transportation market analysis report segments the market by end-user (food and beverages, fresh produce and meat, and other end-users) and geography (the Americas, APAC, and EMEA).
The food and beverages segment held the largest refrigerated sea transportation market share in 2017, accounting for over 40% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with more than 40% of the market share, followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
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