DUBLIN--(BUSINESS WIRE )--The "Shipping Container Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global shipping container market reached a value of US$ 9.5 billion in 2021. Looking forward, the market is projected to reach US$ 15.3 billion by 2027, exhibiting a CAGR of 8.12% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Shipping containers are considered suitable for withstanding shipment, storage, and handling. They are used in the transportation and carriage of goods without the requirement of unloading and reloading at intermediate points. Their size and built complies with the specifications and regulations of the International Organization for Standardization (ISO). As they are affordable, offer convenience and facilitate transportation of goods through both land and sea, renting of shipping containers is gaining immense traction among businesses of different sectors across the globe.
An increase in the demand for cargo transportation through ships, along with the rising in trade-related agreements, represents one of the key factors fueling the growth of the market. Additionally, the growing trend of automation in marine transportation and the escalating marine safety norms are offering lucrative growth opportunities to market players manufacturing shipping containers.
However, the coronavirus disease (COVID-19) outbreak severely impacted the market on account of the implementation of complete lockdown in numerous countries and a temporary halt in the manufacturing units of different businesses. The market nonetheless is now experiencing growth again due to the upliftment of lockdown restrictions and a considerable rise in the need for transporting the COVID-19 vaccine to different parts of the world.
This, in confluence with increasing investments in drug development and production of different healthcare products, is strengthening the growth of the market. Furthermore, the growing adoption of IoT-connected devices by major shipping companies is assisting in the collection of a large amount of data during the entire transportation process. These insights are utilized in reducing downtime and streamlining different procedures, thereby improving operational efficiency in the maritime industry.
Key Questions Answered in This Report
7 Market Breakup by Container Size
For more information about this report visit https://www.researchandmarkets.com/r/kk5wfr
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900