The "Smart Container Market" study offers a thorough overview of the sector and analyses its growth potential across a number of factors, including offerings, verticals, technologies, and geographic areas. The market, which has a strong emphasis on hardware, software, and services, is rapidly growing in important industries like food and beverage, chemicals, oil and gas, and pharmaceuticals. The market is anticipated to experience exceptional growth throughout the forecast period of 2022 to 2027, rising from USD 3.9 billion in 2022 to a projected USD 9.7 billion by 2027, driven by an impressive CAGR of 19.6%.
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Modern technologies like GPS, cellphone, Bluetooth Low Energy (BLE), and LoRaWAN have been integrated to great effect, providing real-time tracking and logistical operations optimisation. The paper emphasises the crucial part that smart containers play in fundamentally altering the effectiveness and safety of supply chains, reflecting their pervasive use across numerous industries. This exponential development pattern across international regions supports the Smart Container Market's revolutionary influence on the future of contemporary logistics and supply chain management.
The Smart Container Market is anticipated to have significant expansion over the next years due to a number of crucial variables. The need to monitor and control internal container conditions, along with an increasing emphasis on obtaining comprehensive end-to-end visibility inside supply chains, stands out as a key driver. This trend is being further accelerated by shipping businesses' increasing embrace of Internet of Things (IoT) devices, which fosters innovation and efficiency. As industries come to understand the transformative advantages of smart containers in improving logistics, ensuring product integrity, and optimising operational processes, it is anticipated that the strong demand from the food and beverage sector will play a central role in driving global smart container adoption over the course of the forecast period.
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By Offering, hardware segment to lead market during the forecast period
The hardware sector is positioned to dominate the Smart Container Market in the upcoming forecast period. In a wide range of applications, from environmental sensing to sending data to centralised databases for additional analysis, hardware components, including sensors, networking devices, and telematics and telemetry devices, play a crucial role. In container monitoring scenarios, hardware accuracy and dependability are crucial. For items like food, pharmaceuticals, and chemicals that are sensitive to environmental conditions, devices like data loggers and gateways guarantee consistent connectivity throughout container transportation. These devices also monitor crucial factors like temperature, pressure, and humidity. The most often used electrical component in smart containers, the sensor, has a considerable impact on the technical environment. The hardware category is anticipated to hold the greatest market share due to the significant number of hardware components included into containers and the expense that goes along with it.
By Technology, BLE segment to register second-highest growth rate during the forecast period
The Bluetooth Low Energy (BLE) technology segment is anticipated to develop at the second-fastest rate in the Smart Container Market during the anticipated forecast period. BLE has become very well-known as a commonly used, low-power communication technology. The explosion of Internet of Things (IoT) devices necessitating an effective and ubiquitous communication method is driving its rapid adoption. BLE was designed with IoT devices in mind, and can meet their requirements for small size and long battery life. It is the best option because it prefers little power usage over constant data transfer. BLE has the distinct advantage of working with widely used and recognised hardware, negating the requirement for specialised components. BLE technology emerges as a vital enabler for seamless communication and connectivity amongst these devices given the extensive deployment of IoT devices within smart containers, leading to a notable development trajectory for the BLE technology category.
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Europe to hold the largest market share during the forecast period
Throughout the anticipated forecast period, Europe is well-positioned to hold onto its leadership position in the smart container market. This dominance is attributable to a number of elements that support the region's substantial market share. Notably, Europe has a significant concentration of important industry participants who are working in the Smart Container Market. These vendors play a critical role in providing advanced IoT software platforms, boosting data storage and analytics capabilities, in addition to hardware solutions. Leading companies like Sensolus, Nexxiot AG, and Arviem serve as examples of this tendency. The adoption of advanced smart container technologies, including IoT, AI, ML, Bluetooth Low Energy (BLE), and LoRaWAN, has been accelerated by the region's enhanced technological embrace. Initiatives like the EU Horizon 2020, a comprehensive research and innovation framework running from 2021 to 2027, serve as evidence of Europe's active support for innovation. Through such initiatives, the European Union area offers critical support for the creation, testing, and implementation of cutting-edge technology and innovative transportation strategies, spurring the digital transformation of the shipping and mobility industries. This comprehensive ecosystem has cleared the ground for smart containers to proliferate quickly and be widely used throughout 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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