Market Trends of Europe Refrigerated Container Shipping Industry
Growth in Pharmaceutical industry driving the market
- Every year, the European Federation of Pharmaceutical Industries and Associations (EFPIA) releases an annual factbook to highlight the pharmaceutical industry's enormous strategic importance to the continent. While the trans-Atlantic balance continues to shift away from Europe and towards the United States, China is emerging as a new powerhouse. For many years, the domestic pharma market grew at a double-digit rate, accompanied by intensive domestic R&D efforts. Many of the drugs that had the greatest influence on global health were discovered or developed by European biopharmaceutical companies in keeping with their rich past. Drug developers increased R&D investment to generate the medicines of the future, buoyed by achievements.
- The pharmaceutical supply chain sector had a difficult time in the past. Companies had to adapt to new technology to provide ongoing assistance for hospital distribution services, patient transportation during the pandemic, emergency response circumstances, and pharmaceutical home and hospital deliveries. It is demonstrated that using various digital technologies to support scheduling, supply chain management, and supply chain optimization workflows at key periods improves drug accessibility, quality, and price. European pharmaceutical companies are constantly collaborating with governments, non-governmental organizations, and logistics providers to expand cold-chain logistics infrastructure. It will ensure the delivery of life-saving medications to the worldwide population.
- There is a tendency to rely on physical assets to support all development, manufacturing, and disruption operations, and old assets will need to be repurposed in many circumstances. Several technologies are being implemented to aid in the prediction and maintenance of pharmaceutical equipment. It will help to mitigate unplanned equipment shutdowns and potential supply disruptions even further. In addition to this tendency, North American firms should plan for prospective outsourcing opportunities during European downtimes and disruptions. More pharmaceutical businesses in Europe used the pharmaceutical outsourcing strategy in the last few months to secure global medicine supply continuity. The European pharmaceutical sector made some headway in this area, but there are still some critical activities like understanding and developing tolerance towards cultural differences and crisis management.
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Increasing demand for reefer transportation driving the market
- The global market is primarily driven by significant growth in the food and beverage industry. The increased demand for fresh commodities among the general public can help to sustain this. In addition, the growing desire for online shopping and home delivery as a result of smartphone use is a major driver driving demand for refrigerated transport. Furthermore, the advent of mobile app-based ordering platforms as a result of rising demand for fresh food goods, particularly from quick service restaurants (QSRs) that require frequent logistic services, is considered to help the market.
- In the global refrigerated transport sector, Europe is the third largest region. Due to an increase in demand for fresh items across the region, the market is primarily driven by the thriving food and beverage industry. Aside from that, Europe includes a highly developed refrigerated transport industry. It means that high-cube trailers with advanced refrigeration systems are in high demand. Furthermore, the region's major players are introducing fuel-efficient technology that assists in minimizing pollution. Recent technological advancements increased the demand for refrigerated vehicles for delivering food and raw materials. Furthermore, the growing popularity of maritime transport vehicles due to their low cost is propelling the industry forward.
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