In the modern era of e-commerce and smooth international trade, the growth prospects of the global shipping containers market are expected to skyrocket in the projection period. To leverage this economic opportunity, many countries and organisations are actively entering trade agreements to develop efficient containers with better weather resistance. Waterways have always been an integral part of international trade. Trade ports and cities have been historically significant in establishing the economic strength of many countries. To this day, waterways have remained prominent, and their impact is more drastic than aerial and road transportation. As per a report published by United Nations Conference on Trade and Development (UNCTAD), more than 1685 million tons worth of commodities and goods are transported using shipping containers every year.
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Paced Technological Innovations in Cargo Shipping to Facilitate Shipping Containers Market Growth
Transportation by the means of waterways has been an integral part of the global supply chain. The relatively low maintenance cost and high economic feasibility of this mode of transportation allow it to outweigh road and air transportation. Of late, the paced technological innovations in commercial vessels have significantly boosted the efficiency of the process. Modern cargo ships are being equipped with cutting-edge technologies. This includes a state-of-art navigation system, IoT and AI integration, smart manoeuvring system and bay arrangement optimisation. These technological innovations, coupled with the already considerable economic value of waterways are expected to lead the global shipping containers market to sound maturity.
Notable Demand for Dry Storage Containers to Sustain Shipping Containers Market Expansion
Of late, intermodal transportation has gained considerable traction. This is mainly due to the lower investment requirements, higher versatility, enhanced visibility, easier logistics, and eco-friendly nature of the process. Intermodal transportation also makes door-to-door delivery easier. In such a business environment, the demand for dry storage containers has surged drastically. These containers are better at preventing damage to their contents, can handle extreme weather more easily and are fit to be used in intermodal transportation. Considering these prerequisites, the future of dry storage containers seems promising. This, in turn, shall bode well for the long-term growth of the global shipping containers market.
Asia Pacific to Dominate Shipping Containers Market Amidst Flourishing Foreign Investments
Asia Pacific has emerged as a key global trade hub in the past few years. Moreover, many regional economies have favourable regulations and cheaper labour to boost their manufacturing industries. Countries such as India, China, Japan, and South Korea are pivotal players in setting this trend. This has attracted a lot of foreign direct investment (FDI) from leading electronics, automobiles, manufacturing, and other companies. Such a friendly business landscape is set to cement Asia Pacific’s emergence as the leading regional shipping containers market in the foreseeable future.
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Key Market Players
Some of the most prominent players in the global shipping containers market include COSCO Shipping Development Co. Ltd., OEG Offshore Limited, 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, CARU Containers, and Bulkhaul Limited.
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