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“Smart container market projected to register CAGR of 19.6% between 2022 and 2027”
The smart container market is projected to grow from USD 3.9 billion in 2022 to USD 9.7 billion by 2027, at a CAGR of 19.6% during the forecast period. Increasing focus on end-to-end supply chain visibility, high demand for monitoring and control of internal container conditions, and increasing adoption of IoT devices by shipping companies are the key factors expected to drive the growth of the smart container market in the next five years. Lack of readiness against cyber security threats is expected to be the key restraint tothe market’s growth.
“Hardware segment to hold the highest market share”
One of the key elements in the smart containers are the hardware equipment such as connectivity devices, sensors, and telemetry and telematics devices that are extensively used for various applications ranging from sensing the environment to relaying data to a centralized database for further evaluation. For smart container hardware, accuracy, and reliability of monitoring several applications are critical parameters. Devices such as data loggers and gateways are used throughout the container movement for reliable connectivity and monitoring of temperature, pressure, and humidity within the container to maintain appropriate conditions for food, pharmaceuticals, chemicals, and other environment-sensitive products. Among all the hardware components, sensors are the most used electronic components in smart containers. As several parameters are monitored in containers, the number of hardware components installed is large. Additionally, the cost of these devices is high, resulting in the hardware segment to hold the largest market share in the smart container market by offering.
“Pharmaceutical vertical to account for largest market share”
Pharmaceutical logistics is highly sensitive to time and quality assurances. Products in the pharmaceutical industry demand temperature-controlled storage and distribution, along with strict regulatory control. Pharmaceutical supply chains are very demanding as various shippers are required to maintain cold chain practices in addition to avoiding theft during transport. They also employ special provisions to move specialized pharmaceutical products. As a result, the industry aims to deliver critical products to customers in a secure manner and at a competitive operational cost. Smart containers have emerged as the most reliable and efficient form of shipping sensitive pharmaceutical products. Smart containers offer various benefits to the pharmaceutical industry such as improved adherence to pharmaceutical regulations; improved location tracking; near real-time temperature, humidity, and pressure monitoring; and heightened security. Owing to their benefits, the pharmaceutical industry is rapidly employing smart containers.
“North America to offer second-highest growth opportunities for smart container market during the forecast period”
North America is one of the key markets for smart containers. The region is the largest exporter of food and beverage products, which have a high demand for smart container solutions during transit. North America witnesses some of the highest technology adoption rates, leading to the faster implementation of new technologies such as those offered by smart containers. The presence of key players, such as ORBCOMM Inc. (US), Phillips Connect (US), Seal and – A Maersk Company (US), and ZillionSource Technologies (US), creates growth opportunities for the market in the region. As the competition increases, the number of market players is also expected to increase in the North American region.
While determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key industry experts
The report profiles key players in the smart container market with their respective market ranking analyses. Prominent players profiled in this report include MSC (Switzerland), Globe tracker (Denmark), Traxens(France), Seal and – A Maersk Company (US), Berlinger& Co. AG (Switzerland), ZillionSource Technologies (US), and Shenzhen CIMC Technology Co., Ltd. (China).
Smart containers are shipping containers used in the freight and logistics industry. They are integrated with Internet of Things (IoT) technology, sensors, GPS tracking, and telecommunication and telemetry devices. Such electronic equipment installed on the containers helps to collect near real-time data about several parameters such as temperature, humidity, pressure, light, and location inside the containers. Additionally, smart containers come with preinstalled software and services which provide data storage, data analysis, and fleet management, among others. With the help of these features, smart containers offer advanced security, reliability, tracking, and monitoring capabilities.
Research Coverage:
This research report categorizes the smart container market based on offering, technology, vertical, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the smart container market and forecasts the same till 2027. Apart from these, the report also consists of leadership mapping and analysis of all the companies in the smart container ecosystem.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall smart container market and its sub segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.