Comprehensive worldwide projection indicates significant growth potential for the Smart Container Market. This market, which is divided into segments based on hardware, software, and services, encompasses a number of different verticals, such as chemicals, food and beverage, oil and gas, and pharmaceuticals. Its adaptability is further increased by the incorporation of technologies like Bluetooth Low Energy, LoRaWAN, GPS, and cellular. According to predictions, the industry is expected to grow significantly, rising from USD 3.9 billion in 2022 to USD 9.7 billion by 2027. Over the course of the projection period, this growth translates into a strong Compound Annual Growth Rate (CAGR) of 19.6%. The need for smart container solutions is growing across several industries, and these technologies are essential for improving safety, efficiency, and monitoring capabilities in the global supply chain. This is one of the main drivers behind the expansion.
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In the upcoming years, the smart container market is expected to rise significantly due to a number of important aspects. Industry investment in smart container solutions is being driven by the growing focus on attaining end-to-end supply chain visibility. Another important motivator is the increasing need for efficient internal container condition monitoring and management as businesses look for ways to improve their capacity to guarantee the security and quality of their cargo. The market for smart containers is being pushed by the increasing adoption of Internet of Things (IoT) devices by transportation companies, which indicates a trend towards more connection and data-based insights. The food and beverage industry is anticipated to play a significant role in the global adoption of smart containers during the forecast period. This indicates that the industry recognises the value of these technologies in guaranteeing the integrity and traceability of perishable goods throughout the supply chain.
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By offering, hardware segment to lead market during the forecast period
Hardware components, which include sensors, networking devices, telematics and telemetry devices, are essential to the operation of smart containers. These parts have many uses, ranging from data transmission to centralised databases for additional processing to environmental sensing. The precision and dependability of hardware components are crucial in container monitoring; gadgets like data loggers and gateways guarantee dependable connectivity and the monitoring of vital parameters like temperature, pressure, and humidity for goods like food, medicines, and chemicals. Of them, sensors are the electronic components that are used in smart containers the most frequently. The hardware category is expected to command the biggest market share, despite the expensive cost of these devices and the significant number of hardware components deployed in each container.
By technology, BLE segment to register second-highest growth rate during the forecast period
Bluetooth Low Energy (BLE) has become a low-power networking standard that is very versatile and extensively applicable. Its rapid growth has been primarily driven by the proliferation of Internet of Things (IoT) devices. The need for a standardised and effective communication method amongst the growing number of IoT devices is driving this explosion in BLE technology. BLE technology was expressly created to address the special needs of Internet of Things (IoT) devices, which are distinguished by their small size and necessity for long battery life. One thing that makes BLE unique is how little power it uses, which is especially important for devices that value energy efficiency more than constant data flow. The fact that BLE is a widely accepted and used standard means that specific compatible hardware is not required, which is a major benefit. Since many IoT devices must be deployed in order to use smart containers, BLE technology is essential for enabling connectivity and communication between these devices, which greatly contributes to the BLE technology segment's strong growth rate within the smart container market.
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Europe to hold the largest market share during the forecast period
Throughout the forecast period, Europe is expected to own the greatest share of the smart container market. This significance is explained by the fact that major companies in the smart container market are heavily represented in the region. Interestingly, these European firms provide more than just hardware solutions; they also include whole IoT software platforms that improve analytics and data storage. Leading businesses that offer these integrated solutions include Sensolus, Arviem, and Nexxiot AG. The increased use of technology in the region has made it easier to apply modern smart container technologies, including as Bluetooth Low Energy, LoRaWAN, AI, ML, and IoT, widely. Support from financing initiatives like the EU Horizon 2020, which promotes innovation, research, and the application of cutting-edge technology, is also contributing to this expansion. These elements work together to accelerate the development and uptake of smart containers in the European region, with an emphasis on digitising transportation and the shipping sector.
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).
News Covered:
https://www.globenewswire.com/en/news-release/2023/02/21/2611756/0/en/The-Rise-of-Smart-Containers-and-IoT-Devices.html
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