The smart container market was valued at 1,835 million in 2018 and is projected to reach USD 5,740 million by 2024; it is expected to grow at a CAGR of 16.9% during the forecast period.
Increase in the adoption of IoT devices by major shipping companies to drive the growth of the smart container market
The most significant factor driving the growth of this market is the rise in the adoption of IoT connected devices by major shipping companies. This trend is gaining momentum, as a large amount of data is collected during the entire transportation process, from which various important insights can be extracted. With these insights, issues can be pinpointed, downtime can be reduced, and procedures can be streamlined, thereby improving operational efficiency in the maritime industry. A few other major factors driving the growth of the smart container market are the need for enhancing operational efficiency and safety in the shipping industry and growing concerns regarding the wastage of food and medical products due to temperature deviation.
Software market for smart container market is expected to grow at the highest CAGR during the forecast period
Smart container software, also known as middleware or location engine, interface between the location-based data and the final analysis of that data into useful information for enhanced container monitoring. The smart container software market is expected to grow at the highest CAGR during the forecast period. This growth is driven by the demand for software-based smart solutions to improve the analytics support, which provides actionable insights to transporters about delays and help in rerouting maneuvers to increase efficiency.
Sensors to hold a major share of the smart container hardware market during the forecast period
The smart container hardware market for sensors held the largest share in 2018; due to the increase in demand for monitoring devices in supply chain processes, wherein any small deviation in the environmental parameter can degrade the operational performance of shipping companies in different stages of the supply chain. With the information extracted from different monitoring sensors, logistic decision-makers benefit from getting a more unobstructed view of the supply chain, thereby improving the efficiency of the shipping of containers.
Smart container market in APAC expected to grow at the highest CAGR during the forecast period
Various goods are being imported in this region, including fuels, lubricants, food products, beverages, and pharmaceutical products. Along with the rising population rate, there has been an increase in the economic growth of emerging countries in APAC, where products such as vaccines, food, and drinks have become more accessible for the local markets. Owing to such demands, smart container solutions have gained importance for container monitoring applications in this region. The smart container market in APAC is expected to witness the highest growth, mainly due to the rise in import and export of goods.
Major players in the smart container market are Orbcomm (US), Smart Containers Group AG (Switzerland), Traxens (France), Globe Tracker (Denmark), and Nexiot AG (Switzerland). Other players operating in smart container market include Phillips Connect Technologies (Division of Phillips Industries) (US), SeaLand (Maersk) (Denmark), Robert Bosch Manufacturing Solutions (Robert Bosch GmbH) (Germany), Ambrosus (Switzerland), and ZillionSource Technologies Co., Ltd. (Cisco) (China)
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities for Growth of Smart Container Market 4.2 Market, By Vertical 4.3 Market, By Offering 4.4 Market, By Technology 4.5 Market, By Geography
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Need for Enhancing Operational Efficiency and Safety in Container Shipping Industry 18.104.22.168 Rise in Concerns Regarding Wastage of Food and Medical Products Due to Temperature Deviation 22.214.171.124 Increase in Adoption of IoT Devices By Major Shipping Companies 5.2.2 Restraints 126.96.36.199 Concerns Regarding Security and Privacy 188.8.131.52 High Cost of Implementation 5.2.3 Opportunities 184.108.40.206 Focus of Shipping Industry on Sustainability and Environment 220.127.116.11 Increase in Investments in Container Management Technologies 5.2.4 Challenges 18.104.22.168 Interoperability Issues Due to Lack of Uniform Communication Standards 5.3 Industry Trends 5.3.1 Value Chain Analysis 22.214.171.124 Electronic and Component Manufacturers 126.96.36.199 Connectivity Technology Developers 188.8.131.52 Hardware and Software Providers 184.108.40.206 System Integration and Service Providers 5.3.2 Key Trends 220.127.116.11 Digital Transformation in Supply Chain 18.104.22.168 Connected Ports/Smart Shipping
6 Smart Container Market, By Offering 6.1 Introduction 6.2 Hardware 6.2.1 Sensors 22.214.171.124 Temperature Sensors 126.96.36.199.1 Temperature Sensors to Hold the Major Size of the Sensor Market During the Forecast Period 188.8.131.52 Pressure Sensors 184.108.40.206.1 Pressure to Be Adopted for Various Applications Across Oil & Gas, Chemicals, and Food & Beverages Verticals 220.127.116.11 Humidity Sensors 18.104.22.168.1 Humidity Sensors to Witness Highest CAGR in Smart Container Sensors Market During Forecast Period 22.214.171.124 Gas Sensors 126.96.36.199.1 Rise in the Adoption Level of Gas Sensors in Smart Container Solutions for Oil & Gas, and Chemical Verticals 188.8.131.52 Other Sensors 184.108.40.206.1 Other Sensors Include Major Sensors Like Optical, Magnetic, Shock Detection, Leakage Detection, and Position Sensors 6.2.2 Connectivity Devices 220.127.116.11 Connectivity Devices to Exhibit Highest CAGR in Smart Container Hardware Market During Forecast Period 6.2.3 Telematics and Telemetry Devices 18.104.22.168 Telematics and Telemetry Devices Provide Better Logistics Management Capabilities 6.3 Software 6.3.1 APAC Smart Container Software Market to Exhibit Highest Growth During Forecast Period 6.4 Services 6.4.1 Europe to Dominate Smart Container Services Market During Forecast Period
7 Smart Container Market, By Technology 7.1 Introduction 7.2 Global Positioning System (GPS) 7.2.1 GPS to Hold Major Size of Smart Container Technology Market During Forecast Period 7.3 Cellular 7.3.1 Cellular Technology is One of the Easiest Ways to Detect and Define Location of Containers 7.4 Lora Wan (Long Range Wide Area Network) 7.4.1 Lora Wan Reach Sensors Monitoring the Assets Inside Containers Due to Its Deep Indoor Penetration Feature 7.5 Bluetooth Low Energy (BLE) 7.5.1 BLE is Considered as Future of Consumer Engagement in Supply Chain Operations 7.6 Others 7.6.1 Benefits Offered By Alternative Technologies to Slow Down Market for Wi-Fi in Coming Years
8 Smart Container Market, By Vertical 8.1 Introduction 8.2 Food & Beverages 8.2.1 Europe to Hold Major Share of Smart Container Market for Food & Beverages Vertical During Forecast Period 8.3 Pharmaceutical 8.3.1 APAC to Witness Highest CAGR in Smart Container Market for Pharmaceutical Vertical During Forecast Period 8.4 Oil & Gas 8.4.1 US to Account for Major Share in North American Smart Container Market for Oil and Gas Vertical During Forecast Period 8.5 Chemicals 8.5.1 APAC to Exhibit Highest Growth Rate in Smart Container Market for Chemical Vertical During Forecast Period 8.6 Others 8.6.1 Germany to Hold Major Share of European Smart Container Market for Other Verticals During Forecast Period
9 Geographic Analysis 9.1 Introduction 9.2 North America 9.3 Europe 9.4 APAC 9.5 Rest of the World (RoW)