Global Smart Container Market is Projected to Reach $9.7 Billion by 2027: Growth in Logistics Industry Leading to Increasing Demand for Containers Presents Opportunities
Tuesday, May 2, 2023
DUBLIN, April 24, 2023 /PRNewswire/ -- The "Smart Container Market by Offering (Hardware, Software, Services), Vertical (Food & Beverages, Chemicals, Oil & Gas, Pharmaceuticals), Technology (GPS, Cellular, Bluetooth Low Energy, LoRaWAN) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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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.
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 the 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 the second-highest growth opportunities for the 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 has 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), Sealand - 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 subsegments gathered through secondary research, extensive primary interviews were conducted with key industry experts
Market Dynamics
Drivers
-- Increased Focus on End-To-End (E2E) Supply Chain Visibility
-- Rise in Demand for Monitoring and Controlling Internal Container
Conditions
-- Increased Adoption of IoT Devices by Shipping Companies
Restraints
-- Shipping Industry Ill-Prepared for Cyber-Attacks
Opportunities
-- Growth in Logistics Industry Leading to Increasing Demand for Containers
-- Emergence of Advanced Technologies
Challenges
-- Lack of Interoperability Among IoT Devices and Sensors
Case Study
-- Cfl Multimodal
-- Axa Xl
-- Hapag-Lloyd
-- Sweetlife
Companies Mentioned
-- Aeler Technologies Sa
-- Akua
-- Ambrosus
-- Arviem Ag
-- Berlinger & Co. Ag
-- Emerson Electric Co.
-- Globe Tracker
-- Hyperthings
-- IBM
-- Loginno
-- Monnit Corporation
-- MSC
-- Nexxiot Ag
-- Orbcomm Inc.
-- Phillips Connect
-- Purfresh Transport
-- Savvy Telematic Systems Ag
-- Sealand - a Maersk Company
-- Securesystem GmbH
-- Sensitech Inc.
-- Sensolus
-- Shenzhen Cimc Technology Co., Ltd. (Cimc Hitech)
-- Skycell Ag
-- Traxens
-- Zillionsource Technologies
For more information about this report visit https://www.researchandmarkets.com/r/5xfdg5
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