March 2, 2024
Shipping Containers Market

Innovations In Material Handling Propelled By Digitization Of Supply Chain Operations

The shipping containers market consists of cargo containers used for intermodal shipments of goods. These containers come in standard 20-foot and 40-foot lengths and are critical for transportation of bulk commodities by ships, trucks and rail. The standardization of dimensions allows seamless transfer between different modes of transport without unloading cargo.

The global shipping containers market is estimated to be valued at US$ 147.08 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Digitization of the supply chain is driving increased demand for smart and intelligent containers that can provide real-time location and condition monitoring of cargo. Adoption of IoT sensors and communication devices in shipping containers allows tracking of cargo throughout its journey. Data collected helps streamline operations, minimize losses and optimize routes for just-in-time delivery. Standardization bodies are also working on developing connectivity protocols so that data from various container types can be accessed across different transport modes. This is expected to boost operational efficiency in the shipping containers industry.

SWOT Analysis

Strength: Shipping containers provide standardized and extremely durable cargo carrying units for high volume shipping. This allows for very efficient transportation of goods globally.

Weakness: Steel prices can fluctuate which affects the overall cost of shipping containers. Older shipping containers may need repairs or replacement which adds to operational costs.

Opportunity: Rising global trade and the growth of e-commerce is driving demand for reliable container shipping. New technologies could enable more efficient tracking and utilization of containers.

Threats: Economic downturns can negatively impact international trade volumes and demand for containers. Strict environmental regulations on shipping emissions may require retrofitting of older containers.

Key Takeaways

The global Shipping Containers Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by expanding international trade volumes. The market size is projected to reach US$ 14484.04 Bn  by 2031, expanding at a CAGR of 12%.

Regional analysis: Asia Pacific currently dominates the global market led by China, Japan and India. The region accounts for over 50% of the world’s shipping container demand owing to heavy reliance on containerized trade. Countries like China have also emerged as major exporters of shipping containers boosting regional market share. North America and Europe are other major markets driven by container trade with Asia.

Key players operating in the shipping containers market are Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited and Nuvera Fuel Cells LLC. The market remains competitive with leading global container manufacturers diversifying product lines and developing innovative monitoring and tracking technologies. New investments in greener container fleets is also shaping the competitive landscape.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it