Redding, California, June 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Smart Containers Market by Offering (Hardware, Software, Services), Type (Reefer, Dry), Size (20,40), Technology (AI, Blockchain, IoT), Application (Asset Tracking & Management, Supply Chain Optimization), Sector, and Geography - Global Forecast to 2030,’ the smart containers market is expected to reach $16.9 billion by 2030, at a CAGR of 20.1% from 2023 to 2030.
Smart containers are advanced shipping containers that incorporate various technologies to enhance the monitoring, tracking, and management of goods. These containers are equipped with various sensors, connectivity options, and data processing capabilities that collect and transmit real-time information about the container's location, condition, and environment. Smart containers allow companies to identify and mitigate supply chain risks and optimize their operations by identifying bottlenecks, delays, or potential disruptions in real time.
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Smart containers include environmental monitoring features such as temperature, humidity, and shock sensors, ensuring that the goods are transported within specified conditions and quality standards. The growth of this market is mainly driven by the rising need for enhanced supply chain visibility and transparency, growing focus on optimizing logistics and reducing costs, and growing concerns over cargo security and counterfeiting. The growing applications of smart container technologies in the healthcare and agriculture sectors and the growing adoption of cloud-based platforms for smart container management are expected to create market growth opportunities.
However, the high implementation cost of smart container technologies restrains the growth of this market. Infrastructure and connectivity issues in remote locations are major challenges for the players operating in this market. Additionally, the integration of advanced technologies such as blockchain and AI into smart container solutions is a prominent trend in the market.
The smart containers market is segmented by offering (hardware, software (tracking & monitoring software, connectivity & integration software, security & compliance software, data analytics & reporting software), services (installation & implementation, maintenance & support), type (reefer containers, dry containers, tank containers, and other smart container types), size (20-foot containers and 40-foot containers), technology (artificial intelligence, blockchain, cloud computing, internet of things (IoT), geolocation technology, and connectivity technology), application (asset tracking & management, supply chain optimization, safety & security, and other applications), sector (pharmaceutical & healthcare, food & beverage, chemicals & hazardous materials, retail & e-commerce, oil & gas, automotive, agriculture, and other sectors), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on offering, the global smart containers market is broadly segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the global smart containers market. This segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the increasing demand for value-added services such as predictive analytics, route optimization, forecasting, and compliance management, increasing demand for data analytics and insights, growing use of cloud-based platforms, and increasing need to manage and process a vast amount of data transmitted by IoT devices within smart containers.
Based on type, the global smart containers market is broadly segmented into reefer containers, dry containers, tank containers, and other smart container types. In 2023, the dry containers segment is expected to account for the largest share of the global smart containers market. However, the reefer containers segment is projected to register the highest CAGR during the forecast period due to the increasing need to maintain product quality and freshness throughout the supply chain, the growing demand for transporting temperature-sensitive goods such as perishable food items, pharmaceuticals, and chemicals, increasing investments in cold chain infrastructure and logistics, and advancements in refrigeration technology and temperature monitoring systems.
Based on size, the global smart containers market is broadly segmented into 20-foot containers and 40-foot containers. In 2023, the 40-foot containers segment is expected to account for the largest share of the global smart containers market. This segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the increasing use of 40-foot containers in various industries for ensuring that the goods are transported within specified conditions, the growing need to ship goods from manufacturers and suppliers to distribution centers and retail stores, and the increasing need to transport a wide range of general cargo and handle project cargo.
Based on technology, the global smart containers market is broadly segmented into artificial intelligence, blockchain, cloud computing, internet of things (IoT), geolocation technology, and connectivity technology. In 2023, the internet of things (IoT) technology segment is expected to account for the largest share of the global smart containers market. The large market share of this segment is attributed to the increasing need for real-time container monitoring to monitor the performance and health of container systems, the increasing need for IoT-generated data to extract meaningful insights, growing demand for remote asset tracking and asset management, efficient inventory management, and identify potential issues or maintenance requirements in containers. However, the blockchain technology segment is projected to register the highest CAGR during the forecast period.
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Based on application, the global smart containers market is broadly segmented into asset tracking & management, supply chain optimization, safety & security, and other applications. In 2023, the asset tracking & management segment is expected to account for the largest share of the global smart containers market. However, the supply chain optimization segment is projected to register the highest CAGR during the forecast period due to the increasing need to identify bottlenecks, optimize inventory levels and transportation routes, streamline logistics operations, minimize transit times, reduce idle container time at ports or warehouses, and improve overall supply chain efficiency.
Based on sector, the global smart containers market is broadly segmented into pharmaceutical & healthcare, food & beverage, chemicals & hazardous materials, retail & e-commerce, oil & gas, automotive, agriculture, and other sectors. In 2023, the retail & e-commerce sector is expected to account for the largest share of the global smart containers market. The large market share of this segment is attributed to the growing need for inventory optimization and order fulfillment, the increasing need to enable real-time tracking and monitoring of container goods, transparency, and traceability of shipments throughout the supply chain, and the growing need to minimize delivery delays, and loss of packages.
However, the food & beverage sector is projected to register the highest CAGR during the forecast period due to the increasing use of smart containers to enable better inventory management, accurate tracking of product shelf life, maintain the quality, freshness, and safety of perishable goods during transportation, and increasing need to ensure optimal storage conditions for sensitive food & beverage products.
Based on geography, the global smart containers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global smart containers market, followed by Europe and North America. This market is also expected to witness rapid growth during the forecast period. The large market share of Asia-Pacific is mainly attributed to the region's commitment to green logistics and eco-friendly operations, increasing use of smart containers for real-time tracking, optimizing logistics operations, and improving supply chain visibility, stringent regulatory requirements in pharmaceuticals and food & beverage for traceability and compliance in the region. Asia-Pacific is also projected to register the highest CAGR during the forecast period.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the smart containers market are CMA CGM Group (France), Sealand - A Maersk Company (U.S.), China International Marine Containers (Group) Co., Ltd. (China), ORBCOMM (U.S.), TRAXENS (France), Globe Tracker, ApS (Denmark), Emerson Electric Co. (U.S.), ZIM Integrated Shipping Services Ltd. (Israel), MSC Mediterranean Shipping Company S.A (Switzerland), Berlinger & Co. AG (Switzerland), Hapag-Lloyd AG (Germany), Ocean Network Express Pte. Ltd. (Singapore), Nexxiot AG (Switzerland), Thinxtra Ltd (Australia), SAVVY Telematic Systems AG (Switzerland), Sensolus (Belgium), Panasonic Industry Co., Ltd. (Japan), ZillionSource Technologies (U.S.), and SkyCell AG (Switzerland).
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Scope of the report:
Smart Containers Market Assessment - By Offering
- Hardware
- Software
- Tracking & Monitoring Software
- Connectivity & Integration Software
- Security & Compliance Software
- Data Analytics & Reporting Software
- Services
- Installation & Implementation
- Maintenance & Support
Smart Containers Market Assessment - By Type
- Reefer Containers
- Dry Containers
- Tank Containers
- Other Smart Container Types
Smart Containers Market Assessment- By Size
- 20-foot Containers
- 40-foot Containers
- Other Sizes
Smart Containers Market Assessment - By Technology
- Artificial Intelligence
- Blockchain
- Cloud Computing
- Internet of Things (IoT)
- Geolocation Technology
- Connectivity Technology
Smart Containers Market Assessment - By Application
- Asset Tracking & Management
- Supply Chain Optimization
- Safety & Security
- Other Applications
Smart Containers Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Denmark
- Austria
- Switzerland
- Rest of Europe (RoE)
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Malaysia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- South Africa
- Rest of the Middle East & Africa
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