Saturday, July 13, 2024

Exploring Trends and Innovations in the Smart Shipping Container Market

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The smart shipping container market was USD 3,971.2 million in 2022, and it will touch USD 15,341.5 million, propelling at a 18.4% compound annual growth rate, by 2030.

The growth of the industry is mainly attributed to the temperature regulation, enhance security measures, and real-time GPS tracking capabilities these containers offer. Moreover, because of the quick technological advancements in AI, IoT, big data analysis, and communication, the industry will further advance in the years to come.

Based on offering, the hardware category accounted for the largest smart shipping container market share, approximately 50%, and it will advance at the highest growth rate in coming years, because of the widespread adoption of various components for tracking and monitoring applications.

Based on technology, the industry is dominated by GPS due to its role in package monitoring and tracking.

Moreover, the quick implementation of the Bluetooth Low Energy (BLE) technology is because of the rising IoT devices implementation, which necessitates effective communication.

Additionally, the long-range wide area network (LoRa WAN) category will advance at the highest rate in the years to come. This is mainly because of the benefit of LoRa WAN as compared to other technologies, for instance, BLE and Wi-Fi.

Based on vertical, the food & beverage category will advance at the highest compound annual growth rate, of over 20%. This is attributed to the growing requirement for packaged food and perishable. Individuals are shifting their focus towards ready-to-eat food from homemade food, which is boosting the requirement for smart marine transportation solutions for edibles.

In 2022, the smart shipping containers industry is led by Europe, with a share of approximately 40%. This is because of the existence of numerous major industry players providing enhanced software and IoT sensors integrated hardware for effective analytics of data.

The German smart shipping containers industry holds the leading position in Europe, and it will advance at an 18% compound annual growth rate, in the years to come. This is because of the rapid implementation of advanced technologies, including machine learning, IoT, and artificial intelligence.

APAC will advance at the highest CAGR of approximately 22% in the years to come. The mounting population and speedy economic development in the developing nations in the region will propel the growth of the industry. Other major factors generating opportunities for the smart shipping container providers in APAC are the increasing emphasis on integrating safety procedures in the shipping sector and the growing goods export and import.

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