According to OECD (Organization for Economic Co-operation and Development), the volume of maritime trade is predicted to increase threefold by the end of 2050. This is mainly underpinned by a sustained rise in global freight transport. Noticeably, nearly 90% of transported cargo is via shipping. To this end, water transport has gained immense popularity. Unlike expensive road or air transportation, maritime transport is much more affordable and comprises lower maintenance costs. Furthermore, ocean freight shipping is safe, flexible, eco-friendly and an ideal solution for transporting bulky cargo. Rising demand for maritime trade has concurrently elevated the demand for shipping containers on the global front. Such trends are unfolding tremendous scope for holistic growth of the global shipping containers market.
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Cutting-Edge Technological Advancements to Create a Promising Business Opportunity
An upsurge in maritime trade has added sharp spikes to demand for shipping containers. Against this backdrop, various players in the domain are taking affirmative steps toward the technological developments in commercial vessels to improve their efficiency and productivity. Moreover, cargo ships are furnished with state-of-art technologies including advanced navigation systems, smart manoeuvring systems, and IoT. Various cargo ships also leverage AI for digital optimisation and bay arrangement optimisation. Upwelling trade agreements and merchandise trade have further fuelled the demand for cargo transportation using vessels. This in turn has introduced numerous opportunities across the global shipping containers market, stimulating key players in the market to upscale their R&D endeavours and develop novel containers with greater efficiencies.
Ascending Sales of Dry Storage Containers to Unlock Remunerative Prospects for Shipping Containers Market
A consistent uptick in intermodal transportation has paved new avenues for dry storage containers. Lower investments, better visibility, reliability, ease in planning, and eco-friendliness are influencing the demand for intermodal transportation around the world. Shorter delivery time frames, door-to-door cargo delivery, and higher safety are further accelerating the adoption of intermodal transportation. In this scenario, dry storage containers have gained significant prominence. It offers various mechanical and functional benefits coupled with high versatility. Moreso, these containers are airtight that facilitate damage prevention in extreme conditions, making them the most suitable option in various logistics applications. As a result, the rise in sales of dry storage containers is likely to make significant contributions to the valuation of the shipping containers market.
Asia Pacific Reigns Supreme Amid Surging Maritime Trade
Asia Pacific has advanced to the forefront of the global shipping containers market on the solid turf of growing maritime trade. Companies are actively tapping into the potential of Asian soil to set up their manufacturing and distribution units. Underpinning this development is the business-friendly environment and burgeoning consumer and customer pool. China and India are instrumental in the growth of the regional market due to sustained demand and application of diverse types of shipping containers. In coming years, a robust influx of investments is enabling the region to position itself as a key trade hub for companies around the globe.
Key Market Players
Prominent market players holding leading positions in the global shipping containers market include COSCO Shipping Development Co. Ltd., China International Marine Containers Co. Ltd., Singamas Container Holdings Ltd., Maersk Container Industry AS, CXIS Group Containers Co. Ltd., BNH Gas Tanks, Norcomp Nordic AB, NewPort Tank, Bertschi AG, Bulkhaul Limited, CARU Containers, and OEG Offshore Limited.
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