The major factors driving the growth of the TRU market include increasing demand for temperature-controlled transportation due to globalization, rising trade activities across the globe, and growth in the pharmaceutical and food & beverage industries.
The increasing number of regulations for transporting various goods such as food and medical products is also expected to drive the growth of this market. Furthermore, technological advancements and the introduction of smart features in TRUs are expected to provide lucrative opportunities for market growth.
Growing concerns about food safety and products based on location have also led to an increase in the demand for temperature-controlled transportation. The transportation of perishable goods and fresh produce requires temperature-controlled environments. This is why the demand for TRUs with advanced features is on the rise, as it helps in keeping products in good condition during long-distance transportation.
The key advantages of TRUs are that they enable temperature-controlled transportation of goods with minimal energy consumption. Moreover, recent technological advancements have led to the introduction of smart features in TRUs, such as remote monitoring and control systems. This helps companies to track their shipments and monitor the condition of their products during transit. Additionally, the use of environmentally friendly refrigerants in TRUs helps to reduce greenhouse gas emissions, which is beneficial for reducing air pollution.
A Transport Refrigeration Appliance (TRU) is a self-powered temperature-controlled unit used to transport items that must be kept at certain temperatures. These units are installed in vehicles such as trucks, vans, and trailers which helps them maintain an ideal temperature environment. TRUs come with various features such as air conditioning, heating, and refrigeration. They are widely used for transporting various products such as food, pharmaceuticals, chemicals, and plants & flowers. They help maintain the quality of goods during long-distance transportation.
The services offered by the transport refrigeration unit market include installation, maintenance, and repair of TRUs. Additionally, vendors provide various technological solutions for advanced tracking and monitoring systems that enable companies to monitor the condition of their goods during transit. Furthermore, they also offer consultation services such as providing guidance on selecting a suitable TRU system for different applications. Finally, they also provide after-sales services such as refurbishing and repairing TRUs.
The global transport refrigeration unit (TRU) market is expected to reach USD 6.5 billion by the end of 2031, growing at a CAGR of 5.2% during 2021-2031.
The increasing demand for temperature-controlled transportation and advanced features in TRUs are expected to drive the growth of this market.
One of the biggest restraints on the transport refrigeration unit industry is the high cost of TRUs and their accompanying systems. The lack of skilled technicians to operate and maintain these units is also acting as a hindrance to market growth. Furthermore, fluctuating fuel prices can increase transportation costs which may hamper the demand for TRUs in some regions. The growing need for temperature-controlled transportation and trade activities across the globe is creating a huge demand for TRUs
The key players in the transport refrigeration unit market include Carrier Corporation, Daikin Industries Ltd., Hubbard Products, Thermo King., Ingersoll-Rand plc., GAH Refrigeration Limited, Mitsubishi Heavy Industries America, Inc., Star Refrigeration PLC, Frigob lock GmbH. These players are offering various products and services to meet the rising demand for TRUs in different regions. The increasing adoption of electric TRUs is one of the major trends in the transport refrigeration unit market. Additionally, vendors are also focusing on introducing advanced features such as remote monitoring and control systems to gain a competitive edge over other players in the market.
The Roof Mount System Type to Emerge as the Most Lucrative Segment
Because of its widespread use in many applications, the Roof Mount System sector is predicted to rise significantly throughout the forecast period. Additionally, they are also used extensively in temperature-controlled transportation activities due to their ability to keep goods at optimal temperatures during transit.
The Truck segment to Ensure Revenue Maximization
During the projection period, the Truck category is predicted to increase the most. This is due to the growing need for these vehicles for carrying products and commodities from one location to another. Additionally, the introduction of advanced features such as remote monitoring and control systems in trucks is further driving their demand among different stakeholders.
The Most Popular Application Segment is the Food or Beverages
During the projected period, the Food or Beverage category is predicted to increase the most. This can be attributed to the increasing demand for temperature-controlled transportation activities in countries such as China and India, which are engaged in exporting food and beverage products across various nations. Additionally, vendors are also focusing on introducing advanced features in their products to meet the rising demand for temperature-controlled transportation activities in different regions.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
During the projection period, the Asia Pacific region is predicted to increase the most. This can be attributed to the increasing demand for TRUs in countries such as China, India, and Japan due to their growing trade activities. Furthermore, many government efforts relating to product transportation are fueling market expansion in this area. The overall Transport Refrigeration Unit (TRU) market size has the potential to grow in the forecast period of 2021-2031.
COVID-19 Impact and Market Status
The COVID-19 pandemic has significantly affected various industries, and the transport refrigeration unit market is no exception. The disruption of supply chains coupled with restrictions imposed by governments on transportation activities has adversely impacted the demand for TRUs in different regions. Additionally, vendors are also facing difficulties due to the unavailability of raw materials and components required for manufacturing these systems Nonetheless, the industry is likely to rebound in the near future as a result of rising demand from industries such as medicines and chemicals, food and beverage, and plants or flowers.
Recent Developments in the Transport Refrigeration Unit (TRU) Market
The major market players are focusing on introducing advanced features in their products to meet the rising demand for temperature-controlled transportation activities. The transport refrigeration unit market has witnessed several developments in the past few years.
• Carrier Transicold has launched its Vector™ HE 19 Hybrid Electric technology that uses a combination of battery power and diesel engines for reducing emissions.
• In 2020, Thermo King Corporation introduced a new range of SPLIT units, specifically designed for medium-duty applications.
Transport Refrigeration Unit Market Scope
|Revenue forecast in 2031
|USD 6.5 billion
|CAGR of 5.2% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Carrier Corporation, Daikin Industries Ltd., Hubbard Products, Thermo King., Ingersoll-Rand plc., GAH Refrigeration Limited, Mitsubishi Heavy Industries America, Inc., Star Refrigeration PLC, Frigob lock GmbH.
Key Segment of Global Transport Refrigeration Unit (TRU) Market
By Type Overview (USD Billion)
• Roof Mount System
• Split System
By Application Overview (USD Billion)
By End-User Overview (USD Billion)
• Food or Beverages
• Pharmaceuticals or Chemicals
• Plants or Flowers
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa