Research: Shipping container market revenue to extend humungously by 2028
Shipping Container market is prognosis to record CAGR of almost 12.1% in 2021-2028.
As per study of Zion Market Research, Shipping Container industry accumulated proceeds worth nearly US$ 6.45 billion in 2020 and is anticipated to accrue returns of approximately US$ 16.01 billion by 2028.
Growth of shipping container market over forecast period can be credited to thriving transport & logistics sector along with rise in trading activities through sea and land routes. In addition to this, escalating demand for convenience and affordability has converted into huge product penetration in various sectors.
Apart from this, need for storing huge volume of goods is predicted to embellish expansion of shipping container industry over ensuing years. Easy availing of shipping containers in myriad forms such as dry storage containers and refrigerated containers will establish a strong base for shipping container market growth across globe in coming years.
Citing an instance, Reefer – a form of refrigerated container- is utilized for transporting perishable items such as fish, vegetables, alcoholic drinks, pharmaceuticals, fruits, meat, sea food, and flowers.
Expansion of dry storage containers segment over assessment period is subject to its reduced costs, easy availability, and extensive usage. In addition to this, they are airtight and can prevent goods damage due to extreme temperatures. Furthermore, they are utilized for packing drums, boxes, cartons, sacks, pallets, and barrels.
Growth of consumer goods segment over anticipated timespan can be credited to rise in transport of electronic equipment, toys, and furniture through shipping containers. Additionally, rise in consumer product import in emerging economies will further pave way for demand of shipping containers for transporting the product, thereby driving segmental surge. Thriving online retail & e-commerce activities will provide impetus to massive product penetration in consumer goods segment.
Expansion of shipping container industry in Asia Pacific zone over assessment period is owing to high maritime trade and shipping activities witnessed in sub-continent. In addition to this, presence of giant producers in Japan, India, and China will further contribute towards regional market size. Expansion of manufacturing base in India and China will accelerate growth of shipping container industry in Asia Pacific.
Key players influencing market growth and profiled in report are Maersk Container Industry, TLS Offshore Containers International, OEG OFFSHORE LIMITED, Sea Box, Inc., YMC Container Solutions, CXIC Group Containers Company Limited, Marine Containers Co., Ltd., CARU Containers B.V., Singamas Container Holdings Limited, China International and W&K Container.