Growing demand for cargo transportation through ships and rising trade-related agreements propel the global shipping container market to reach $15.3 billion by 2027.
According to a recent report by Research and Markets, the Shipping Container Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global shipping container market is anticipated to grow at a CAGR of 8.12% during 2022-2027. The market reached a value of $9.5 billion in 2021.
Shipping containers are considered suitable for withstanding shipment, storage, and handling. They are used in the transportation and carriage of goods without the requirement of unloading and reloading at intermediate points. Their size and built comply with the specifications and regulations of the International Organisation for Standardisation (ISO). As they are affordable, offer convenience and facilitate transportation of goods through both land and sea, renting shipping containers is gaining immense traction among businesses of different global sectors, the report said.
Some of the key players in this space include A P Moller - Maersk, CARU Containers, China Eastern Containers, Cosco Shipping, CXIC Group Containers, OEG Offshore, Ritveyraaj Cargo Shipping Containers, Singamas Container, TLS Offshore Containers International, W&K Containers and YMC Container Solutions.
Market Trends
An increase in the demand for cargo transportation through ships, along with the rising in trade-related agreements, represents one of the key factors fueling the market's growth. Additionally, the growing trend of automation in marine transportation and the escalating marine safety norms offer lucrative growth opportunities to market players manufacturing shipping containers.
However, the coronavirus (COVID-19) outbreak severely impacted the market because of the implementation of a complete lockdown in numerous countries and a temporary halt in the manufacturing units of different businesses. The market, nonetheless, is now experiencing growth again due to the upliftment of lockdown restrictions and a considerable rise in the need for transporting the COVID-19 vaccine to different parts of the world.
This, in confluence with increasing investments in drug development and production of different healthcare products, is strengthening the market's growth. Furthermore, the growing adoption of IoT-connected devices by major shipping companies assists in collecting a large amount of data during the entire transportation process. These insights are utilised in reducing downtime and streamlining different procedures, thereby improving operational efficiency in the maritime industry, the report noted.
Courtesy: Research and Markets. Photo is representational; courtesy: A P Moller - Maersk.