Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The global shipping container market size is set to gain traction owing to increasing sea trade of goods and materials, states Fortune Business Insights in its report, titled “Shipping Container Market 2021-2028”. For instance, according to data provided by the United Nations Conference on Trade and Developments, nearly 11 billion of sea trade was done in 2018 and 7.8 billion tons were dry cargo trade volume. Moreover, increasing trend of renting ships at affordable prices is expected to drive the market during the forecast period.
Report Coverage-
The report aims to analyze shipping container industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
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Segments-
By size, the market is divided into 20 feet, 40 feet and others. By type, the market is segmented into dry storage container, flat rack container, open top container, refrigerated container, insulated or thermal container and special purpose container. Lastly, in terms of region, the market is divided into North America, Europe, Asia Pacific and Rest of World.
Drivers & Restraints
Remote Container Management (RCM) Solutions To Drive Market Growth
The growing demand for superior quality and containers, by defense department and the rising trend use of remote container management (RCM) solutions, i.e. it helps in monitoring temperature, relative humidity, and the concentrations of O₂ and CO₂ within the refrigerated container is expected to drive the shipping container market growth during the forecast period.
On the other hand, increased material cost, decrease in container price and slower economic growth of several countries are major market restraints.
Regional Insights
Asia Pacific to Dominate Backed by Presence Key Players
Asia Pacific is expected to hold the largest shipping container market share owing to the presence of several manufacturers of these containers. Additionally, due to availability of large coast line the market in the region is expected to boom. China is the leader in the terms of volume in the region.
North America also expected to showcase significant market share owing to the increasing trend of rental ships in the region.
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Competitive Landscape
Key Players to Focus on Partnerships & Collaborations to strengthen the Market Growth
The global market for field programmable gate array has many prominent companies that are constantly trying to develop efficient solution for various industries across the globe using his technology. To do so, they are joining hands with local or reputed firms, doing partnerships and acquisitions and new launches to strengthen their portfolio in the market. Below is industry development:
March 2019: China International Marine Container Group made an agreement with Aker Group to come up with new business opportunities in offshore fields and modular buildings.
COVID-19 Pandemic:
The outbreak of the COVID-19 pandemic has moderately affected the market. As a report by United Nations Conference on Trade and Development stated that due to Covid-19 pandemic, it was expected that seaborne trade, and containerized trade, would experience a decline. However, due to changes in pattern of shopping due to the pandemic, the electronic commerce business increased, and lockdown rules surprisingly increased the import demand for manufactured consumer goods, which were transported in shipping containers. Thus, the market is expected to flourish amid pandemic.
List of the Key Players Profiled in the Global Market
- China International Marine Containers (Group) Ltd.
- TLS Offshore Containers International
- W&K Containers
- Singamas Container Holdings Limited
- YMC Container Solutions
- China Shipping Container Lines Co. Ltd.
- Cxic Group
- Hapag-Llyod AG
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