From Pharmaceuticals to Chemicals: Smart Container Market in Diverse Verticals


The "Smart Container Market" report projects rapid expansion for the Smart Container Market. By 2027, the market is anticipated to have grown from USD 3.9 billion in 2022 to USD 9.7 billion, with a noteworthy compound yearly growth rate (CAGR) of 19.6%.

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The increased implementation of smart container technology across numerous industries, including food and beverage, chemicals, oil and gas, and pharmaceuticals, is one reason for this growth estimate. The research also emphasises the significant contributions that hardware, software, and services have made to this expansion, as well as the wide spectrum of technologies—including GPS, cellular, Bluetooth Low Energy, and LoRaWAN—that are driving innovation in the market for smart containers.

It is anticipated that a number of important factors will contribute to the growth of the smart container market in the upcoming years. The need for monitoring and managing internal container conditions has grown as a result of an increasing emphasis on obtaining end-to-end supply chain visibility. Additionally, IoT devices are being adopted by shipping businesses more frequently to improve their operations. It is projected that the global adoption of smart containers would accelerate over the next five years as a result of the increased demand, notably from the food and beverage industry. The industry's response to the need for effective and transparent supply chain management is highlighted by this, making smart containers an essential part of addressing these changing requirements.

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By Offering, hardware segment to lead market during the forecast period

Hardware elements are essential to the operation of smart containers and can be used for a variety of tasks, such as environmental sensing or data transmission to centralised databases for analysis. Particularly in applications for container monitoring, their precision and dependability are critical. For goods like food, pharmaceuticals, and chemicals that require controlled environments, devices like data loggers and gateways are strategically used throughout the container's journey to ensure dependable connectivity and monitor crucial parameters like temperature, pressure, and humidity. The most often used electronic components in smart containers among these physical components are sensors. The hardware segment is anticipated to command the biggest market share in the smart container industry due to the significant number of hardware components needed and their associated costs.

By Technology, BLE segment to register second-highest growth rate during the forecast period

Due in large part to the explosive growth of Internet of Things (IoT) devices that require effective communication channels, Bluetooth Low Energy (BLE) has become a highly adaptable and extensively used low-power networking standard. The development of BLE technology was primarily targeted at meeting the demands of IoT devices, which are frequently small and call for prolonged battery life. BLE prioritises low power consumption in contrast to continuous data transfer protocols, making it suitable for Internet of Things applications. Its universal acceptance and compatibility, which negates the need for specialised gear for deployment, is one of its main advantages. Given the widespread use of IoT devices in the context of smart containers, BLE technology is essential for enabling connectivity and communication between these devices.

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Europe to hold the largest market share during the forecast period

Europe is positioned to lead the Smart Container Market throughout the projection period, largely as a result of the significant number of players that are present there. Market players in this region are expanding the capabilities of data storage and analytics by providing superior IoT software platforms in addition to hardware solutions. Leading European companies like Nexxiot AG, Sensolus, and Arviem are driving these initiatives. The broad use of smart container technologies like IoT, AI, ML, Bluetooth Low Energy, and LoRaWAN is also a result of Europe's propensity for technological adoption. Funding initiatives like the EU Horizon 2020, which runs from 2021 to 2027 and is intended to assist the creation, testing, and implementation of cutting-edge technology and creative transport solutions, serve as an example of the region's commitment to innovation.

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.prnewswire.com/news-releases/smart-container-market-worth-5-7-billion-by-2024--exclusive-report-by-marketsandmarkets-300970558.html 

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