Wilmington, Delaware , Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Smart Container Market by Offering (Hardware, Software, and Services), Technology [GPS (Global Positioning System), Cellular, LoRa WAN (Long Range Wide Area Network), and Bluetooth Low Energy], and Industry Vertical (Food and Beverage, Pharmaceutica, Oil and Gas, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global Smart container market was valued at $ 4,019.38 million in 2022 and is estimated to reach $ 24,071.48 million by 2032, exhibiting a CAGR of 19.80% from 2023 to 2032.
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- 250– Pages
- 159– Tables
- 54– Charts
Prime determinants of growth
The smart container market is expected to witness notable growth owing to the integration of Internet of Things (IoT) technology, and the rise of smart logistics. Moreover, rapid technological advancement is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high installation cost limits the growth of the smart container market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.1 billion |
| Market Size in 2032 | $24.1 billion |
| CAGR | 19.80% |
| No. of Pages in Report | 250 |
| Segments Covered | Offering, technology, industry vertical, and region |
| Drivers | Adoption of Internet of Things Growth in concern regarding wastage of food and medical Products due to temperature deviation |
| Opportunity | Emergence of advanced technology |
| Restraint | High risk of cyber attack |
On the basis of offering, the hardware segment held the highest market share in 2022, accounting for more than two-fifths of the global smart container market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to sophisticated sensors, communication technologies, and geolocation systems are essential for the integrated system, demanding substantial investment. The hardware segment of the smart container market encompasses the tangible components that enable monitoring and communication within smart containers. This includes sensors, communication devices, tracking systems, and various embedded technologies.
The GPS segment to maintain its leadership status throughout the forecast period.
On the basis of technology, the GPS segment held the highest market share in 2022, accounting for more than half of the global Smart container market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the LoRa Wan segment is projected to manifest the highest CAGR of 21.85% from 2023 to 2032, owing to its minimal use of electricity and long-range features, particularly in cases where transmitting information in real-time is not required.
The Oil & Gas segment to maintain its leadership status throughout the forecast period.
On the basis of industry vertical, the oil & gas segment held the highest market share in 2022, accounting for nearly one-fourth of the global Smart container market revenue, and is estimated to maintain its leadership status throughout the forecast period. In addition, the food & beverage segment is projected to manifest the highest CAGR of 22.31% from 2023 to 2032, owing to the growth in demand for real-time monitoring and traceability in the food and beverage industry.
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North America to maintain its dominance by 2032.
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global smart container market revenue owing to the technological advances in the logistics and supply chain industry that immediately adopt new solutions that have fueled the growth of the market in this region. In addition, Asia-Pacific is projected to manifest the highest CAGR of 22.10% from 2023 to 2032.
Key Industry Development –
- In February 2023, Ocean Network Express (ONE) and Sony Network Communications Europe collaborated to build a smart container solution for its global fleet. Cargo transportation experience of ONE is expected to be combined with expertise of Sony in the creation and innovation of world-class sensor and networking technologies. ONE is anticipated to create a smarter, more efficient shipping experience for themselves and their clients by leveraging the expertise of Sony in developing novel sensor and networking technologies.
Leading Market Players: -
- ORBCOMM Inc.
- SkyCell AG
- Traxens
- Phillips Connect Technologies
- Globe Tracker
- Robert Bosch GmbH
- Nexiot AG
- MSC (Mediterranean Shipping Company)
- Shenzhen joint Technology Co., Ltd.
- A.P. Moller - Maersk
The report provides a detailed analysis of these key players in the global smart container market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This smart container market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart container market analysis from 2022 to 2032 to identify the prevailing smart container market opportunity.
- The Smart containers market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart container market overview segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global Smart containers.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart container market trends, key players, market segments, application areas, and market growth strategies.
Smart Container Market Key Segments:
By Technology:
- GPS (Global Positioning System)
- Cellular
- LoRa WAN (Long Range Wide Area Network)
- Bluetooth Low Energy
By Offering:
- Hardware
- Software
- Services
By Industry Vertical:
- Food and Beverage
- Pharmaceutica
- Oil and Gas
- Chemicals
- Others
By Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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