CHICAGO, Nov. 17, 2022 /PRNewswire/ -- Smart Container Market size is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 9.7 billion by 2027, at a CAGR of 19.6% according to a new report by MarketsandMarkets. Increasing focus on end-to-end supply chain visibility, higher demand for monitoring and control of internal container conditions and increasing adoption of IoT devices by shipping companies are among the key factors expected to drive the growth of the smart container market in the next five years. During the forecast period, the higher demand from the food and beverages industry is expected to increase smart container adoption globally.
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By offering, hardware segment to lead market during the forecast period
Hardware components such as sensors, connectivity devices, and telematics and telemetry devices are extensively used in various applications ranging from sensing the environment to relaying data to a centralized database for further evaluation. For most container monitoring applications, the accuracy and reliability of hardware components are critical parameters. Devices such as data loggers or gateways are used throughout the container transit for reliable connectivity and to monitor the temperature, pressure, and humidity of food, pharmaceuticals, chemicals, and other environment-sensitive products. Among all the hardware components, sensors are the most used electronic components in smart containers. As the number of hardware components installed in a container is large, in addition to the high cost of these devices, the hardware segment is estimated to have the largest market share.
By technology, BLE segment to register second-highest growth rate during the forecast period
Bluetooth Low Energy (BLE) is one of the most widely applicable low-power connectivity standards. The rapid growth in BLE technology is due to the explosion of IoT devices that need common and efficient means of communication. BLE technology was developed with a focus on IoT devices. For instance, IoT devices are compact-sized and require extended battery life. BLE prefers low power consumption compared to continuous data transfer. BLE is a commonly recognized and applied standard that does not necessitates specialized compatible hardware to be deployed. As smart container involves the deployment of many IoT devices, BLE technology becomes essential for communication and connectivity between IoT devices, resulting in a high growth rate of the BLE technology segment.
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Europe to hold the largest market share during the forecast period
Europe is estimated to account for the largest share of the smart container market during the forecast period. The region has the largest presence of players in the smart container market. The market players in Europe are not only offering hardware solutions but also IoT software platforms to improve data storage and data analytics. Players offering such solutions in Europe include Nexxiot AG, Sensolus, and Arviem, among others. Additionally, the higher technology adoption in the European region has led to the increasing implementation of smart container technologies, such as IoT, AI, ML, Bluetooth Low Energy, and LoRaWAN. Through its funding programs, such as the EU Horizon 2020 (which has a long-term research and innovation framework from 2021 to 2027), the European region has been providing support for the development, testing, and deployment of innovative technologies and novel transportation solutions to boost the digitalization of mobility and the shipping industry. Such factors have led to the rapid growth and adoption of smart containers in the European region.
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).
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