In 2023, the size of the Global Shipping Container Market valued at around USD 10.5 billion, and is anticipated to grow at a CAGR of about 4.2% between 2024 to 2030. The market is observing substantial growth, mainly driven by the increasing volume of maritime shipping resulting from the proliferation of trade agreements among nations. Moreover, the global shift towards automation and the demonstration of autonomous ships has fostered collaboration among nations in the development of self-piloting vessels for both cargo and passenger transport. Due to this freight, companies are developing and launching new technologies to cater to this new age demand in the market. This collective effort is driving advancements in the shipping industry, propelling it toward growth.
As a result, with the introduction of automation in the shipping market, the utilization of shipping containers is anticipated to expand, driven by enhanced safety protocols. Hence, this in turn, is expected to foster the growth in the Global Shipping Container Market.
Rise of AI-based Container Tracking in Global Ports
AI-based container tracking has been a growing trend in the field of shipping containers, the global ports have embraced this technology to enhance their processes, and gain a competitive edge in the industry. Moreover, for monitoring and locating these containers effectively, port authorities are increasingly combining AI-based container tracking systems.
Therefore, as the integration of AI-based tracking systems has been increasingly gaining traction, it has been fueling the demand for the shipping industry. Moreover, the adoption of AI-based tracking system is expected to increase in the forthcoming period, which would drive the demand for the maritime market globally, and as a result, it is expected influence the shipping container market growth in the forecast years.
Dry Containers Dominated the Global Shipping Container Market due to Maximum Demand
Based on type, the Global Shipping Containers Industry is segmented into three containers including – Tank Containers, Dry Containers, and Reefer Containers. Among these, Dry container has the maximum demand in the shipping container market. This type of container is designed to transport non-perishable cargo like clothing, machinery, electronics, and consumer goods. Moreover, they are versatile and widely applicable which makes them a perfect choice for most cargo shipments.
The global consumer and manufacturing goods industries, driven by international trade, heavily rely on dry containers for their transportation requirement. Hence, the rise of e-commerce has further propelled the demand for these containers, as they effectively transport several consumer products across the globe.
Key Market Participants of the Global Shipping Container Industry
According to the recent report of MarkNtel Advisors the main market players in the global shipping container market are- Bertschi AG., Bulkhaul Limited, BNH Gas Tanks, A. P Moller Maersk, NewPort, Danteco Industries BV, China International Marine Containers (Group) Ltd., COSCO SHIPPING Development Co., Ltd., TLS Offshore Containers / TLS Energy, CXIC Group, W&K Container, Thurston Group, Caru Container, OEG Offshore, Sea Box, Others,
Latest Development of the Global Shipping Container Market
In 2022, A.P. Moller – Maersk launches a new ocean shipping service ‘Shaheen Express.’ This service will rotate between Jebel Ali, Mundra, Dammam, Pipavav, and Jebel Ali, and back to Mundra, creating a reliable as well as stable service for the India-UAE-Saudi Arabia corridor.
Asia Pacific Region is Anticipated to Lead the Global Shipping Container Industry
Geographically, the Global Shipping Container Market extends across:
- North America
- Asia-Pacific
- South America
- Europe
- The Middle East & Africa
Out of all the regions, Asia-Pacific is estimated to dominate the Global Shipping Container Industry in the upcoming time period. It is attributed to its significant position in the robust maritime trade and international waters that originate from the original countries such as India, China, South Korea, and others.
Moreover, the increasing quantities of exports, expanding manufacturing activities, and rising intra-regional trade would further support the expansion of the Shipping Container Market in the forecast period.
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