The report "Smart Container Market by Offering (Hardware, Software, and Services), Technology (GPS, Cellular, BLE, LoRa WAN), Vertical (Food & Beverages, Pharmaceuticals, Chemicals, Oil & Gas), and Geography - Global Forecast to 2024", 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. A few other significant 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.
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Key Market Players
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 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)
ORBCOMM (US) holds the leading position in the smart container market. The company has a strong product portfolio for the market that enables the company to maintain its leading position in the market. Its revenue grew substantially between 2016 and 2018 due to its aggressive marketing and expansion activities. The company focuses on growth strategies such as contracts, acquisitions, and partnerships. For instance, in October 2017, it acquired Blue Tree Systems Limited, which solidified ORBCOMM’s transportation portfolio by adding truck in-cab and refrigerated fleet vehicle solutions to its industry-leading cargo solutions.
With the rise in need for monitoring solutions by various cargo shipping companies for the container transportation process, the company could focus on developing mobile-based applications to provide real-time updates to all the stakeholders involved in the supply chain. Currently, the company depends extensively on the US market. To maintain its leadership in the smart container market, the company could find consistent revenue pockets in Europe and APAC, which are likely to offer exciting opportunities.
“Smart container market for pharmaceutical vertical to grow at the highest CAGR from 2019 to 2024.”
The smart container market for the pharmaceutical vertical is expected to grow at the highest CAGR during the forecast period. This high growth is mainly due to the rising concerns of avoiding the losses caused during the transportation of pharmaceutical products. The need for effective monitoring solutions for vaccine transportation activities to maintain the potency of vaccines would drive the smart container market for the pharmaceutical industry.
“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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