by The global shipping containers market has surpassed the $11 billion valuation in 2021, with a promising growth trajectory expected to continue through 2027. A recent report sheds light on the factors influencing this expansion and highlights key insights into the markets future.
Cargo Transportation via Sea Gains High Ground – A Pivotal Factor for Shipping Containers Market
Transportation by sea has been steadily gaining traction due to its cost-effectiveness and low maintenance requirements when compared to road or air transport. Ocean freight shipping is known for its flexibility, safety, environmental friendliness, and suitability for transporting bulky cargo. According to the United Nations Conference on Trade and Development (UNCTAD), more than 1,685 million tons of goods are transported annually using containers. Additionally, the Organization for Economic Co-operation and Development (OECD) reports that approximately 90% of cargo is transported by sea, with maritime trade expected to triple by 2050. These statistics underscore the significant growth potential of the shipping containers market.
Recent technological advancements in commercial vessels, including advanced navigation systems, smart maneuvering capabilities, and the integration of IoT and AI for optimization, have further enhanced efficiency. Additionally, increasing trade agreements and merchandise trade have boosted the demand for efficient containers, paving the way for new opportunities in the shipping containers market.
Dry Storage Containers Likely to Account for a Significant Revenue Share
Dry storage containers have witnessed a surge in popularity, driven by increasing intermodal transportation. The advantages of low investment, enhanced visibility, environmental friendliness, reliability, and efficient planning have propelled their adoption. Intermodal transportation offers door-to-door cargo delivery with a focus on safety and speed, making dry storage containers an ideal solution for various logistics applications. These versatile, airtight containers can protect cargo from extreme conditions, making them a preferred choice for intermodal transportation and contributing significantly to the growth of the shipping containers market.
Asia Pacific Retains Dominance in Shipping Containers Market Post-pandemic
Asia Pacific continues to be a vital trade hub, with growing maritime trade driving the expansion of the shipping containers market. The regions business-friendly environment, coupled with a rapidly expanding consumer base, has attracted investments from companies worldwide. Emerging nations like China and India are at the forefront of demand for various types of shipping containers.
According to a 2020 report by the United Nations Conference on Trade and Development (UNCTAD), Asia Pacific dominated global maritime trade and is expected to maintain this position in the coming years. Despite a brief slowdown during the 2020 lockdown, the region demonstrated resilience and resumed maritime trading activities in late 2020. Increasing intraregional trade, rising manufacturing, and the export of commodities across countries such as South Korea, China, Japan, and India are driving the demand for containers. Additionally, merchandise trading has surged in Asia Pacific since 2021, with export growth reaching 10%, outpacing other regions. These factors, combined with a growing preference for marine transportation, are fueling demand for containers and contributing to the growth of the shipping containers market in Asia Pacific.
Shipping Containers Market: Competitive Landscape
Key players in the global shipping containers market include Singamas Container Holdings Ltd., China International Marine Containers Co. Ltd., CXIS Group Containers Co. Ltd., Maersk Container Industry AS, COSCO Shipping Development Co. Ltd., NewPort Tank, BNH Gas Tanks, Norcomp Nordic AB, CARU Containers, Bertschi AG, Bulkhaul Limited, and OEG Offshore Limited.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/shipping-containers-market
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This press release first seen on Brilad
COMTEX_442125676/2840/2023-10-19T10:44:09
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.