The Asia Pacific Smart Container Market would witness market growth of 19.0% CAGR during the forecast period (2022-2028).
Until the recent past, containers used to be visible only at the time they were docked at ports or after delivery at the consignee. The operators were able to confirm the status of cargo in these two locations only. Theft of cargo, container breakage, and damage to cargo, no such information was accessible while using traditional containers, which is not similar in the case of smart containers. This is further leading to the acceptance of smart containers resulting in market expansion.
The smart containers would enhance on-board ships thus allowing the operators to remotely monitor the temperature inside the container. Furthermore, leasing companies and container crew could also get accurate data to manage their inventory accordingly. The smart container solutions provide ETA at the time of termination, which may help in improving intermodal operations at the port or terminal.
The terminal operators are accountable to locate hazardous goods according the rules and guidelines for segregation of dangerous goods defined by International Maritime Organization (IMO). Smart container solution provides the crew with reliable data, hence enabling operators to ensure whether the cargo meets all the guidelines of IMO.
India has been one of the fastest-growing economies in the world for the past few years. This growth is majorly driven by the rising demand for goods and services. The movement of cargo within the nation and across borders has offered economic opportunities to a large number of people. The logistics industry represents approximately 5% of the Gross Domestic Production (GDP) of India. The nation manages around 4.6 billion tonnes of cargo every year. Due to this, the logistics industry in the region is widely adopting advanced technologies.
The China market dominated the Asia Pacific Smart Container Market by Country in 2021; thereby, achieving a market value of $877 Million by 2028. The Japan market is registering a CAGR of 18.3% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 19.8% during (2022 - 2028).
Based on Vertical, the market is segmented into Food & Beverages, Pharmaceuticals, Oil & Gas, Chemicals and Others. Based on Offering, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Global Positioning System (GPS), Cellular, Long Range Wide Area Network (LoRa Wan) and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Container Market is Projected to reach USD 10.8 Billion by 2028, at a CAGR of 18.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include A.P. Moller - Maersk A/S, Orbcomm, Inc. (GI Partners L.P.), SkyCell AG, TRAXENS, AirDAO, ZillionSource Technologies, Berlinger & Co. AG, Globe Tracker, ApS, Nexxiot AG and Phillips Connect (Phillips Industries, Inc.).
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