June 13, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Smart Container Market.
It was estimated prior to this unanticipated outbreak that the Smart Container Market is likely to witness an impressive CAGR of 16.9% during the forecast period. The key driving factors contributing to the demand for smart containers are the surge in adoption of IoT connected devices by major shipping companies and growing concerns regarding wastage of food and medical products due to temperature deviation, which in turn, are driving the growth of the market.
Market Scope & Segmentation
Smart container is a device which aids in tracing and tracking products among stakeholders with the electronic product code information services, supply chain, and RFID technologies and provides monitoring, real-time tracking facilitating drivers to increase rotation time of their package equipment and improve utilization percentages. Smart containers are the containers that facilitate transportation of goods via both seaborne and land modes of transport, which may include the use of trucks, rails, and ships, eliminating the necessity for reloading and unloading at standard features. They are used in a wide array of industries and have always been the crux of the shipping industry.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the offering type, the market is segmented as hardware, software, and service. The hardware segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period. The wide use of a variety of differently priced hardware components for monitoring and tracking applications is driving the growth of this segment. A number of sensors and various other hardware components are required for efficacious network monitoring in smart container solutions.
Based on the technology type, the smart container market is segmented as food, construction, filtration, and others. The long-range wide area network segment is expected to grow at the highest rate in the market, owing to its superior properties as compared to other technologies such as Bluetooth low energy and Wi-Fi. Due to its high bandwidth capability, LoRa WAN offers a wide range of communication. Its in-depth indoor penetration feature helps to repress problems occurring in cases where most of the signals would be reflected from the surface of a container. This property also provides access to sensors monitoring the assets inside the container.
In terms of regions, Europe is estimated to be the largest market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. This growth can be attributed to the presence of major shipping companies in Europe, which demand for smart shipping container solutions. European ship-owners control over 40% of the world's merchant fleet and operate shipping services across the globe, according to the European Community Shipowners’ Associations (ECSA). According to the United Nations Conference on Trade and Development (UNCTAD), Europe is the second-largest region, in terms of container port volumes, accounting for 16% share of the total world container port volumes, in 2017. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Smart Container market are-
- Smart Containers Group AG
- Globe Tracker
- Nexiot AG
- Phillips Connect Technologies (Division of Phillips Industries)
- Sealand (Division of Maersk Group)
- Robert Bosch Manufacturing Solutions (Robert Bosch GmbH)
- Zillionsource Technologies Co., Ltd. (CISCO).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Smart Container analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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