Smart container market for pharmaceutical vertical to grow at the highest CAGR from 2019 to 2024

The smart container market is estimated to grow from USD 2.6 billion in 2019 and projected to reach USD 5.7 billion by 2024; it is expected to grow at a CAGR of 16.9% from 2019 to 2024. 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.

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“Europe held the major share of the smart container market in 2018.”

According to the European Community Shipowners’ Associations (ECSA), European shipowners control over 40% of the worlds merchant fleet and operate shipping services around the world. According to the United Nations Conference on Trade and Development (UNCTAD), Europe is the second-largest region in terms of container port volumes. In 2017, it accounted for 16% of the total world container port volumes. Due to these major driving factors, the smart container market share of Europe is the highest among all regions. Europe held major market share in 2018 and is expected to continue dominating the smart container market during the forecast period. This is mainly due to the presence of major shipping companies in Europe, such as Maersk, CMA CGM, Hamburg Sud, and MSC, that demand for smart shipping container solutions.

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)

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