The Smart Container System Market is estimated to grow from USD 2.6 billion in 2019 and projected to reach USD 5.7 billion by 2024; it is expected to grow at a CAGR of 16.9% from 2019 to 2024. The most significant factor driving the growth of this market is the rise in the adoption of IoT connected devices by major shipping companies. This trend is gaining momentum, as a large amount of data is collected during the entire transportation process, from which various important insights can be extracted. With these insights, issues can be pinpointed, downtime can be reduced, and procedures can be streamlined, thereby improving operational efficiency in the maritime industry. A few other significant factors driving the growth of the smart container market are the need for enhancing operational efficiency and safety in the shipping industry and growing concerns regarding the wastage of food and medical products due to temperature deviation.
On the other hand, factors such as concerns regarding security and privacy and the high cost of implementation are restraining the growth of the Smart Container Market. However, the focus of the shipping industry on sustainability and the environment and increasing investments in container management technology are the major opportunities for the growth of the Smart Container Market. Interoperability issues due to lack of uniform communication standards are proving to be a challenge for the market.
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The smart container solution providers have adopted strategies such as product launches and developments, agreements, partnerships, collaborations, contracts, and joint ventures to grow in the Smart Container Market. For example, in February 2019, Phillips Connect Technologies announced the acquisition of Connected Holdings, an industry leading IoT (Internet of Things) intelligent services provider in North America. With this acquisition, the company would benefit from the industrial IoT engineering expertise of Connected Holdings to improve its container management solutions.
Major players in the Smart Container Market are Orbcomm (US), Smart Containers Group AG (Switzerland), Traxens (France), Globe Tracker (Denmark), and Nexiot AG (Switzerland). Other players operating in smart container market include Phillips Connect Technologies (Division of Phillips Industries) (US), SeaLand (Maersk) (Denmark), Robert Bosch Manufacturing Solutions (Robert Bosch GmbH) (Germany), Ambrosus (Switzerland), and ZillionSource Technologies Co., Ltd. (Cisco) (China).
ORBCOMM (US) was ranked first in the Smart Container Market in 2018. It provides various solutions for remote container management such as ReeferConnect, VesselConnect, and CargoWatch Secure. The company uses the onboard GSM infrastructure powered by Vobal Technologies to enable the containers fitted with GPS/GSM modem devices to report about their condition when they are in transit. ORBCOMM also offers a variety of components such as satellite and cellular connectivity and cutting-edge hardware required for developing end-to-end IoT and M2M solutions.
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The company has a strong product portfolio for the Smart Container Market that enables the company to maintain its leading position in the market. Its revenue grew substantially between 2016 and 2018 due to its aggressive marketing and expansion activities. The company focuses on growth strategies such as contracts, acquisitions, and partnerships. For instance, in October 2017, it acquired Blue Tree Systems Limited, which solidified ORBCOMM’s transportation portfolio by adding truck in-cab and refrigerated fleet vehicle solutions to its industry-leading cargo solutions.
Smart Containers Group (Switzerland) was ranked second in the Smart Container Market in 2018. Smart Containers develops and provides containers equipped with temperature-controlled systems based on blockchain technology to create visibility and efficiency in the supply chain process. Its smart container solutions combine cutting-edge container technologies and IoT sensors that can be integrated into a logistics ecosystem.
The company is continuously active in this market and grows its business by developing smart container solutions to meet global standards in high-value pharmaceutical goods and food distribution. The company also plans to launch different sizes of smart containers and is working to meet the increasing demand for direct-to-patient deliveries. Its growth strategies mainly involve collaborations and partnerships. For instance, in October 2017, the company announced a collaboration with Cargolux, where it would use the company’s smart containers to transport pharmaceutical products with more efficiency. With this alliance, the company benefits from a strong client base, thereby increasing its share in the Smart Container Market.
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