Smart Container Market by Technology (Cellular, GPS, LoRa WAN, BLE), Offering (Software, Hardware, and Services), Vertical (Pharmaceuticals, Chemicals, Food & Beverages, Oil & Gas), and Geography: Global Opportunity Analysis and Industry Forecast 2019-2024

Smart Container Market forecast: 2024

The smart container market is expected to reach $5.7 billion by 2024 from $2.7 billion in 2019 at a CAGR of 16.4% from 2019 to 2024. The most significant driving factor of the industry is the rise in the adoption of IoT connected devices by major shipping companies.

This trend is gaining momentum with a larger amount of data which is collected during the entire transportation process, from which various important insights can be extracted. With these insights, various issues can be pinpointed, downtime can be reduced, and procedures can be streamlined, thereby improving operational efficiency in the maritime industry. The smart container market is segmented on the basis of offering, technology, vertical, and geography.

Smart container solutions require a lot of sensors and other hardware components for effective network monitoring, and a few of these hardware components can be comparatively expensive.

LoRA WAN technology to maintain the highest market share

LoRA WAN is estimated to grow at the highest market share during the forecast period, mainly due to its better features than other technologies such as BLE, Zigbee, and Wi-Fi. High bandwidth capability of LoRA WAN offers a wide range of communication. It can reach sensors monitoring the assets inside the container due to its in-depth indoor penetration feature. This feature helps to overcome problems arising in cases where most of the signals would be reflected from a container’s surface.

Europe is the booming market player

Europe is expected to be the largest market during forecast period. The main reason behind this rise is the presence of major shipping companies in Europe such as Maersk, CMA CGM, Hamburg Sud, and MSC. According to the European Community Shipowners’ Associations (ECSA), European shipowners control over 40% of the world's merchant fleet and operate shipping services across the globe. According to the United Nations Conference on Trade and Development (UNCTAD), Europe is the second-largest region in terms of container port volumes. In 2017, it accounted for 16% of the total world container port volumes.

Leading Market players

The key market players include Smart Containers Group AG (Switzerland), Orbcomm (US), Traxens (France), Nexiot AG (Switzerland), and Globe Tracker (Denmark). Other big players operating in market include Phillips Connect Technologies (Division of Phillips Industries) (US), Robert Bosch Manufacturing Solutions (Robert Bosch GmbH) (Germany), Ambrosus (Switzerland), SeaLand (Maersk) (Denmark), and ZillionSource Technologies Co., Ltd. (Cisco) (China).

Key Benefits for Smart Container Market

• This study presents the analytical depiction of the global smart container market along with the current trends and future estimations to depict the imminent investment pockets

• The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market

• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis

• The current market is quantitatively analyzed from 2019 to 2024 to highlight the financial competency of the market

• Key market segmentation

By Offering

• Hardware

• Temperature sensors

• Sensors

• Humidity sensors

• Gas sensors

• Pressure sensors

• Telematics and Telemetry Devices

• Connectivity Devices

• Other sensors

• Software

• Services

By Technology

• GPS (Global Positioning System)

• LoRa WAN (Long Range Wide Area Network)

• Cellular

• BLE

• Others

By Vertical

• Food & Beverages

• Pharmaceutical

• Oil & Gas

• Chemicals

• Others

By Geography

• Europe

• North America

• APAC

• RoW