Shipping Container is a container used to withstand shipment, storage, handling and transport of goods from one place to another. This may range from large reusable steel boxes and used for intermodal shipments. The global shipping container market is expected to increase in the forecasted period owing to the rise in global trade and the boost in the demand for containers. The growing seaborne trade and strong demand for shipping container is anticipated in the forecasted period.This growth is primarily driven by Increased Globalization Due To Rapid Growth in Economies of Some Developing Countries, Growing Adoption for Highly Efficient and Superior Capacity Shipping Containers and Growing Demand for Cost-Effective Shipping Solution.
Globally, a noticeable market trend is evident Adoption of Remote Container Management (RCM) Solutions. Major Manufacturers, such as China International Marine Containers (Group) Ltd. (China), TLS Offshore Containers International (Singapore), CXIC GROUP (China), A.P. MOLLER - MAERSK GROUP (Denmark), Singamas Container Holdings Limited (Hong Kong), Dong Fang International Asset Management Ltd. (Hong Kong), W&K Containers, Inc. (United States), YMC Container Solutions (United Kingdom), China Shipping Container Lines Co. Ltd. (China), Jindo Co. Ltd. (South Korea), MSC Mediterranean Shipping Company S.A. (Switzerland), CMA CGM Group (France) and Sea Box Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In March 2018, CIMC Container and Siasun Robot & Automation Co. Ltd (Siasun), to cooperate in the field of intelligent manufacturing. Upon finalization of the agreement, the “Flying Dragon Plan” of CIMC Container is expected to get its production lines renovated and upgraded.
In March 2018, Carrier Transicold and Singamas Container Holdings Ltd launched PrimeLINE ONE, with a joint initiative, a new refrigerated shipping container. The PrimeLINE ONE container provides the benefits of assembly on-site, with an alternative to the traditional approach of bolting a complete refrigeration system to the front end of an insulated shipping container
Container freights are subjected to stringent regulatory guidelines as they carry various types of materials including hazardous one. As per United Kingdom safety convention regulations 2017, it is required to maintain “high level of safety in the transport and handling of containers by providing internationally acceptable test procedures and related strength requirements.” Moreover, Health and Safety Executive of United Kingdom mandates container freight to be approved by governing bodies and must be periodically examined by the competent person and in accordance with arrangements that are approved by HSE.
- Increased Globalization Due To Rapid Growth in Economies of Some Developing Countries
- Growing Adoption for Highly Efficient and Superior Capacity Shipping Containers
- Growing Demand for Cost-Effective Shipping Solution
- Adoption of Remote Container Management (RCM) Solutions
- Slow Economic Growth in Countries Such As China and Certain European Countries
Growing Cross Border Activities and Inland Marine Cargo Transport
Tariff or Tax Levied On the Goods and Ongoing & Upcoming Rigorous Environmental & Safety Regulatory Compliances Across Different Regions
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