New York, United States , Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Smart Container Market Size is to grow from USD 3.7 Billion in 2022 to USD 21.59 Billion by 2032, at a Compound Annual Growth Rate CAGR of 19.2% during the projected period.
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Smart containers are cargo and logistics shipping containers outfitted with Internet of Things (IoT) technologies, sensors, GPS tracking devices, and solar panels. The shipping containers have been designed to allow operators to adjust their internal characteristics, provide real-time GPS tracking, improve guarantees, and broadcast status information that can alert operators to any potential cargo difficulties along the journey. Smart containers are a logistical and supply chain commerce development that incorporates current technologies to improve productivity, transparency, and reliability in commodities shipping. The rising adoption of IoT by key market participants, IoT connected to the smart container for product monitoring, and data collecting during the transportation process are the primary factors driving the growth of the smart container market. The growing emphasis on supply chain visibility throughout the supply chain, increased demand for monitoring and management of internal container conditions, and increased use of IoT devices by shipping companies are expected to drive the rate of growth of the smart container market over the forecast period.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Smart Container Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (GPS, Cellular, LoRa Wan, BLE, Others), By Application (Asset Tracking & Management, Supply Chain Optimization, Safety & Security, Others), By End-Use Industry (Food & Beverages, Consumer Goods, Pharmaceuticals, Oil & Gas, Chemicals, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The hardware segment is dominating the market with the largest revenue share over the forecast period.
On the basis of components, the global smart container market is segmented into hardware, software, and services. Among these, the hardware segment is dominating the market with the largest revenue share of 43.8% over the forecast period. Because modern sensors, communication technologies, and geolocation systems are necessary, hardware components form the fundamental foundation of the integrated system and necessitate substantial investment.
The LoRa Wan segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global smart container market is segmented into GPS, Cellular, LoRa Wan, BLE, and others. Among these, the LoRa Wan segment is witnessing significant CAGR growth over the forecast period. LoRa WAN has grown in popularity due to its low power consumption and long-range capabilities, particularly in situations where real-time data transmission is not necessary. It's suitable for applications like smart containers, where devices must communicate over longer distances while consuming less power.
The asset tracking & management segment is expected to hold the largest share of the Global Smart Container Market during the forecast period.
Based on the application, the global smart container market is classified into asset tracking & management, supply chain optimization, safety & security, and others. Among these, the asset tracking & management segment is expected to hold the largest share of the m Smart Container market during the forecast period. To ensure successful administration and utilization, this sub-segment prioritizes real-time tracking of containers, assets, and inventory. With the expansion of international trade and the complexity of supply chains, rapid access to asset location and condition has become crucial.
The pharmaceuticals segment accounted for the largest revenue share of more than 36.2% over the forecast period.
On the basis of end-use industry, the global smart container market is segmented into food & beverages, consumer goods, pharmaceuticals, oil & gas, chemicals, and others. Among these, the pharmaceuticals segment is dominating the market with the largest revenue share of 36.2% over the forecast period, due to the high hazards inherent with the delivery of medical supplies and the necessity for rigorous supervision and monitoring. Smart containers assist the pharmaceutical sector in maintaining pharmaceutical and vaccine integrity throughout transit.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This is mostly owing to the region's status as a global manufacturing hub and its significant contribution to international trade. The Asia Pacific region is a major player in the global smart container market due to its dominance in international trade and production. Furthermore, rising economic expansion in countries such as China and India necessitates the development of improved supply chains and logistics solutions. The Asia Pacific market's relevance is enhanced by the necessity for efficient supply chain solutions to manage the huge number of goods produced and transported. On the other hand, North America is predicted to expand the fastest during the forecast period. North America, particularly the United States and Canada, is a highly industrialized region that adapts quickly to new technologies. Furthermore, stringent government rules, notably those governing the transportation of perishable commodities and pharmaceuticals, emphasize the need for greater container monitoring.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Container Market include Traxens, ORBCOMM, Shenzhen CIMC Technologies Co., Ltd., Berlinger & Co. AG, MSC, Sealand Maersk, Globe Tracker, Ambrosus AG, ZillionSource, SkyCell AG, Phillips Connect, Nexiot AG, Robert Bosch, Smart Containers Group AG, Emerson, Sensitech Inc., Monnit Corporation, and several others.
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Recent Market Developments
On April 2023, AELER, a LogTech company, unveiled its newest generation sustainable smart container, 'Unit One,' at the Singapore Maritime Week. Unit One is the first transportation container made of composite, making it "stronger, better insulated, and smarter," according to AELER. In addition, the Unit One container emits 20% less carbon dioxide (CO2) when in use.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Smart Container Market based on the below-mentioned segments:
Smart Container Market, Component Analysis
- Hardware
- Software
- Services
Smart Container Market, Technology Analysis
- GPS
- Cellular
- LoRa Wan
- BLE
- Others
Smart Container Market, Application Analysis
- Asset Tracking & Management
- Supply Chain Optimization
- Safety & Security
- Others
Smart Container Market, End-Use Industry Analysis
- Food & Beverages
- Consumer Goods
- Pharmaceuticals
- Oil & Gas
- Chemicals
- Others
Smart Container Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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