The global market for road transportation refrigeration equipment is expected to be worth $8.8 billion by 2018, driven by technology innovations in energy efficiency refrigeration and the increasing consumption of frozen and chilled foods, according to a Global Industry Analysts report.
New innovations in reefer equipment and systems that reduce refrigerant losses are poised to benefit, given its ability to reduce fuel consumption and also environmental pollution, the report showed.
The rise in home delivery of frozen and chilled foods and beverages is additionally helping spur market opportunities, GIA said. An increase in online food delivery services offered by restaurants and supermarkets is also a key reason cited for the growth in home delivery of chilled and frozen foods and beverages.
Notably, the Asia-Pacific region is forecast to emerge as the fastest-growing market, although the U.S. will remain the largest market worldwide.