Smart Shipping Container Market To Generate $15,341.5 Million Revenue by 2030
- Published: June 2023
The smart shipping container market size is expected to advance at a CAGR of 18.4% during 2022–2030, to reach USD 15,341.5 million by 2030. This is ascribed to the integration of IoT sensors into the logistics supply chain. The integration of the IoT technology in shipping containers allows shippers to track the location of the cargo and the environment inside the container accurately and in the real time.
Smart shipping containers are also self-powered by solar panels and batteries, which are used to enable energy storage. Moreover, they have sensors, IoT technology, and GPS tracking, which help in improving security, monitoring the internal temperature, and enabling real-time location tracking. Furthermore, the increasing concern for security across transport value chains is driving the integration of these solutions.
Smart shipping containers have various technological advantages, especially for the freight sector. Supply chain visibility is a major factor that has increased the demand for these solutions, as it creates a more-efficient and faster shipping process.
Moreover, the electronically collected data comes with end-to-end encryption, which means that a third party does not have access to it. This implies the data and, ultimately, the shipment, is fraud-resistant and secure.
The sensors present in these containers allow for the checking of temperature, location, door status, and humidity. They also enable the monitoring of the contents, which means they can help maintains the quality.
Furthermore, the increasing internet penetration and growing use of IoT-enabled technologies are fueling the growth of the market, as they lower the possibility of thefts, loss, and human error.
Cutting-edge software and communication networks, along with transportation management systems, monitor shipping durations and routes. Moreover, modern GPS and cellular technology are being used to provide valuable live data feeds to control centers that are dedicated to enhancing transportation management.
Furthermore, a number of companies are ramping up the production of smart containers. For instance, in 2021, Swiss technology company SkyCell AG raised CHF 62 million for manufacturing smart containers specially for pharmaceutical goods.
APAC Offering Lucrative Growth Potential to Smart Shipping Container Providers
The APAC industry is expected to grow with a CAGR of about 22% during the forecast period.
The rapid economic development and growing population in the developing countries in the region are expected to boost the market growth. Other key factors creating opportunities for the providers of smart shipping containers in the region are the increasing import and export of goods and the rising focus on integrating safety measures in the shipping industry. Additionally, various e-commerce firms, such as Amazon, have been setting up a large number of warehouses in the regional countries for faster deliveries and better supply chain management, thus establishing consumer interest and trust in themselves.
Due to the increase in the count of manufacturing facilities and the growth in the e-commerce sector, India and China are expected to be the key drivers for the warehousing industry. The increasing demand for FMCG goods has been the main driver for the warehousing industry, which, in turn, boosts the demand for smart containers.
The most-significant smart shipping container market players are Orbcomm Inc., CMA CGM S.A., SkyCell AG, Phillips Connect, Globe Tracker ApS, Nexxiot AG, Berlinger & Co. AG, China International Marine Containers (Group) Co. Ltd., and A.P. Moller – Maersk A/S.