Smart Container Market: Global Industry Analysis and Forecast 2022-2028
Stratview Research has published a new report titled “Smart Container Market” which is segmented by Offering Type (Hardware [Sensors, Connectivity Devices, and Telematics and Telemetry Devices], Software, and Services), by Technology Type (Global Positioning System, Cellular, Long Range Wide Area Network, Bluetooth Low Energy, and Others), by Vertical Type (Food & Beverages, Pharmaceutical, Oil & Gas, Chemical, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market size was valued at US$ 3.65 Billion in 2021 and is expected to reach US$ 11.14 Billion by 2028, registering a CAGR of 17.07% during the forecast period of 2022 to 2028.
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This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By Offering Type
The Hardware segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period.
The market is segmented as hardware, software, and service. The wide use of a variety of differently priced hardware components for monitoring and tracking applications is driving the growth of this segment. A number of sensors and various other hardware components are required for efficacious network monitoring in smart container solutions.
By Technology Type
The Long-range Wide Area Network segment is expected to grow at the highest rate in the market during the forecast period.
The smart container market is segmented as food, construction, filtration, and others. This segment is driving the market due to its superior properties as compared to other technologies such as Bluetooth low energy and Wi-Fi. Due to its high bandwidth capability, LoRa WAN offers a wide range of communication. Its in-depth indoor penetration feature helps to repress problems occurring in cases where most of the signals would be reflected from the surface of a container. This property also provides access to sensors monitoring the assets inside the container.
Which Region is expected to remain the largest market?
Europe is estimated to be the largest market in 2021 and is expected to grow at healthy CAGR during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities.
This growth can be attributed to the presence of major shipping companies in Europe, which demand for smart shipping container solutions. European ship-owners control over 40% of the world's merchant fleet and operate shipping services across the globe, according to the European Community Shipowners’ Associations (ECSA). According to the United Nations Conference on Trade and Development (UNCTAD), Europe is the second-largest region, in terms of container port volumes, accounting for 16% share of the total world container port volumes, in 2017. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Smart Container Market:
• Smart Containers Group AG
• Globe Tracker
• Nexiot AG
• Phillips Connect Technologies (Division of Phillips Industries)
• Sealand (Division of Maersk Group)
• Robert Bosch Manufacturing Solutions (Robert Bosch GmbH)
• Zillionsource Technologies Co., Ltd. (CISCO).