With a predicted CAGR of 19.6%, the Smart Container Market is expected to increase significantly, from USD 3.9 billion in 2022 to USD 9.7 billion by 2027. Technological developments, the growing need for effective supply chain management, and the expanding use of smart containers in a variety of sectors are all major contributors to this rise. Offerings in hardware, software, and services are included in the market, which serves industries like food and beverage, chemicals, oil and gas, and pharmaceuticals. With innovations being driven by technologies such as GPS, Cellular, Bluetooth Low Energy, and LoRaWAN, the smart container industry is undergoing a revolutionary phase that is revolutionising logistics and improving real-time tracking and monitoring capabilities worldwide.

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A increasing requirement for monitoring and managing inside container conditions, coupled with an increased emphasis on achieving end-to-end supply chain visibility, will propel the expansion of the smart container market in the upcoming years. One major factor driving the growth of this market is the way in which shipping companies are implementing Internet of Things (IoT) devices. The food and beverage sector is expected to be a key driver over the projection period, with rising demand predicted to accelerate the adoption of smart containers worldwide. This trend shows how important smart containers are to the industry's understanding of how to increase productivity, reduce hazards, and guarantee the integrity of products all the way through the supply chain.

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By offering, hardware segment to lead market during the forecast period

Hardware components are essential to many applications in the smart container market, ranging from environmental sensing to data transmission for centralised analysis. For container monitoring to be effective, hardware—such as sensors, communication devices, and telematics—must be precise and dependable. For sensitive goods like food, medications, and chemicals, devices such as data loggers and gateways monitor critical characteristics like temperature, pressure, and humidity while in transit. They also guarantee reliable connectivity. The hardware sector is anticipated to hold the biggest market share within the smart container market due to the huge number of hardware components required and their high cost.

By technology, BLE segment to register second-highest growth rate during the forecast period

Particularly useful low-power connectivity standards are Bluetooth Low Energy (BLE), which is expanding quickly as a result of the increasing number of Internet of Things (IoT) devices that require effective communication. BLE technology was expressly created with an emphasis on the special needs of Internet of Things devices, which frequently need long battery lives and are small in size. BLE's reduced power consumption in comparison to continuous data transfer is one of its main advantages. Because it is a widely accepted and used standard that doesn't require specific compatible hardware, it is crucial for connectivity and communication between IoT devices in the market for smart containers. This helps explain the BLE technology segment's strong market growth rate.

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Europe to hold the largest market share during the forecast period

Throughout the projection period, Europe is expected to hold the greatest share of the smart container market, positioning it for dominance. This is a result of the significant number of important companies operating in the area and actively supporting the smart container market. These companies offer sophisticated IoT software platforms in addition to hardware solutions, with the goal of improving analytics and data storage capacities. Notable businesses offering all-inclusive solutions in Europe include Sensolus, Arviem, and Nexxiot AG. The region's increased technological adoption—specifically, the use of IoT, AI, ML, Bluetooth Low Energy, and LoRaWAN—further strengthens its position as the industry leader. The creation, testing, and application of cutting-edge technologies in the transportation industry are greatly aided by programmes like the EU Horizon 2020 financing programme, which supports long-term research and innovation through 2027. All of these elements contribute to the quick development and broad use of smart containers across Europe.

Major vendors in the smart container market include MSC (US), Sealand – A Maersk Company (US), Globe Tracker (Denmark), Traxens (France), ORBCOMM (US), Shenzhen CIMC Technology Co., Ltd. (China), and Berlinger & Co. ApS (Switzerland).

News Covered:

https://www.globenewswire.com/en/news-release/2023/02/21/2611756/0/en/The-Rise-of-Smart-Containers-and-IoT-Devices.html

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