The Smart Container Market is anticipated to reach USD 9.7 billion by 2027 at a CAGR of 19.6% from an estimated USD 3.9 billion in 2022. The demand for monitoring and controlling the internal conditions of containers, the increased focus on end-to-end supply chain visibility, and the expanding use of IoT devices by shipping businesses are the main drivers of market expansion. Smart containers can track cargo in real time and keep an eye on variables like humidity, temperature, and other environmental conditions. Global adoption of smart containers is anticipated to rise during the forecast period due to the greater demand from the food and beverage industry, as these containers can assure the quality and safety of perishable commodities throughout transit.

Key Players

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

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Drivers: Increasing adoption of IoT devices by shipping companies

The Smart Container Market is expanding as a result of shipping businesses using IoT devices. Since the advent of smart logistics, logistics organisations have adopted IoT devices more frequently for a variety of advantages, including accurate vehicle tracking, cost savings, greater supply chain planning and visibility, increased product safety, and better transportation conditions. IoT devices are already being used by large logistics businesses including AP Moller-Maersk, MSA, Nippon Express, and Hapag-Lloyd. It is anticipated that the additional visibility and monitoring of internal container conditions provided by these devices would result in a greater global adoption of smart containers. The increased desire for complete supply chain visibility is also anticipated to contribute to the market for smart containers expanding in the upcoming years.

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

Throughout the anticipated period, the hardware sector is anticipated to dominate the market for smart containers. In many applications, from environment sensing to transmitting data to a centralised database for further analysis, hardware components like sensors, networking devices, and telematics and telemetry devices are essential. The precision and dependability of hardware components are crucial factors for the majority of container monitoring applications. For dependable communication and to track the temperature, pressure, and humidity of food, medications, chemicals, and other environment-sensitive goods, devices like data loggers or gateways are employed throughout the container transit. Sensors are the most widely used electronic components in smart containers out of all the hardware parts. The hardware category is anticipated to hold the biggest market share due to the high number of hardware components put in a container as well as the high cost of these devices.

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

In the market for smart containers, the Bluetooth Low Energy (BLE) technology sector is anticipated to develop at the second-fastest rate. As a low-power connectivity standard, BLE technology is extensively utilised, and it continues to expand as the number of IoT devices, which need effective communication channels, rises. BLE was created especially for Internet of Things (IoT) devices, which are frequently small and demand a long battery life. BLE technology is a widely adopted standard that doesn't call for the deployment of specialist compatible gear. BLE technology is necessary for communication and networking between IoT devices deployed in smart containers, which leads to a strong growth rate for the BLE technology sector.

Europe to hold the largest market share during the forecast period

Over the forecast period, the European region is anticipated to hold the biggest market share in the market for smart containers. An important aspect promoting the market's expansion is the existence of various market participants in Europe offering hardware and software solutions. Some of the technologies that are increasingly being used in the area include IoT, AI, ML, BLE, and LoRaWAN. Additionally, through its funding programmes, the European area supports the creation, evaluation, and application of novel technology and transportation solutions. Smart containers have rapidly expanded and been adopted in the European region as a result of these causes.

News Covered:

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

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