Smart Container Market Growth, Size, and CAGR by 2031
The smart container market size is projected to reach US$ 218.4 billion by 2031 from US$ 46.05 billion in 2023. The market is expected to register a CAGR of 21.5% in 2023–2031. The market is growing due to the increasing demand for shipping and real time tracking of the goods.
Smart Container Market Analysis
Smart container technology can be linked to other innovations, such as big data, blockchain, or data pipelines, to provide even more support to the trading community. In all of these cases, though, we see that creating clear, explicit message exchange standards will allow us to capitalize on the full potential of the enhanced data.
Smart Container Market Overview
Smart containers mean shipping lines and cargo-related stakeholders can have access to container data coming from the source regardless of whether the container is on a ship, in a yard, or at any other point during its pre-haul and post-haul journey. Smart Containers are embracing the Internet of Things (IoT) to enhance decision-making by the various sectoral stakeholders.This provides superior visibility to the investors within the transaction as well as to regulatory agencies who need comprehensive information on the consignments before they arrive at the border.
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Smart Container Market: Strategic Insights
Market Size Value in US$ 22,146.0 Million in 2018 Market Size Value by US$ 11,290.7 Million by 2027 Growth rate CAGR of 20.8% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Container Market: Strategic Insights
| Market Size Value in | US$ 22,146.0 Million in 2018 |
| Market Size Value by | US$ 11,290.7 Million by 2027 |
| Growth rate | CAGR of 20.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Smart Container Market Drivers and Opportunities
Growing Adoption of Advanced Technologies at the Service of Trade Facilitation to Favor Market
Different technologies enable Smart containers to communicate information captured through a wide range of sensors about their current status (e.g., GPS position, door opening detection, movements vibrations and shocks, atmospheric conditions, etc.) and to remotely change their parameter settings (e.g., temperature setups, remote defrost, etc.) anywhere, anytime. IoT technologies have proven there is huge potential for businesses to leverage their efficiency and mitigate their risks. Smart assets will become a common feature in the shipping industry.Smart containers transmit a large amount of data, which, combined with other data in the primary host system, can be analyzed and interpreted to provide even more relevant evaluations. This data is not only useful during the journey of a single container. In the context of multiple trips over an extended time, it can provide global visibility of operations. When comparing average turnaround times or damage rates between different ports and yards, one can build and evaluate programs to bring all stakeholders up to the same level of supply chain excellence. Thus, the growing adoption of advanced technologies at the service of trade facilitation is driving the growth of the smart containers market.
Increasing Need for Real-time Tracking, Security, and Enhanced Visibility.
One of the most valuable advantages of smart containers is the ability to record shipments in real-time. The persistent flow of data from these containers allows logistics providers and customers to know the accurate status and location of their shipments at any given moment. This feature not only improves delivery accuracy and reduces the chances of lost shipments but also allows for proactive issue resolution, thus significantly enhancing customer service. Smart containers are also revolutionizing logistics security through technologies such as geofencing, which can generate alerts if containers stray from their predefined path or if unauthorized access is detected. This level of security is remarkably important in the transportation of high-value or sensitive goods and plays a critical role in deterring theft and improving overall supply chain security.
Smart Container Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart container market analysis are component, technology, and industry vertical.
- Based on components, the smart container market is segmented into hardware, software, and services.
- Based on technology, the smart container market is segmented into GPS, cellular, long range wide area network, Bluetooth low energy (BLE), and others.
- Based on the industry vertical, the smart container market is segmented into food & beverages, pharmaceuticals, oil & gas, chemicals, and others.
Smart Container Market Share Analysis by Geography
The geographic scope of the smart container market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Smart containers are changing the customer experience in logistics. Real-time tracing and enhanced visibility mean customers are always notified about the status of their shipments, reducing uncertainty and improving trust, which is propelling the growth of the smart containers market.
Smart Container Market Report Scope
Smart Container Market News and Recent Developments
The smart container market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In February 2022, French carrier CMA CGM launched SMART containers equipped with state-of-the-art Emerson technology, which allows users to monitor the status and conditions of the container in real time. Receive key data such as location, temperature, and gas variations.
(Source: CMA CGM, Company Website, 2022)
- In October 2023, Tower Cold Chain announced a series of new initiatives for KTEvolution, its ‘small box’ solution for direct-to-patient, sample shipment, and last-mile deliveries. Amongst the new offering is a ‘click & collect’ service for airlines, pharmaceutical companies, and 3PLs who rent the containers as well as the option to purchase – and customize.
(Source: Tower Cold Chain, Company Website, 2022)
Smart Container Market Report Coverage and Deliverables
The "Smart Container Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Components ; Technology ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global smart container market was estimated to be US$ 46.05 billion in 2023 and is expected to grow at a CAGR of 21.5% during the forecast period 2023 - 2031.
The growing adoption of advanced technologies at the service of trade facilitation is the major factors that propel the global smart container market.
Blockchain in logistics play a significant role in the global smart container market in the coming years.
The key players holding the majority of shares in the global smart container market are Ambrosus, A.P. Møller - A/S, Globe Tracker, ApS, Hapag-Lloyd AG, and Nexxoit AG.
The global smart container market is expected to reach US$ 218.4 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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