According to a new report published by Allied Market Research, titled, “Shipping Container Modification Market by Size, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global shipping container modification market is expected to reach $114.6 billion by 2027, from $76.5 billion in 2019, registering a CAGR of 6.6% from 2020 to 2027. In 2019, the North America dominated the market, in terms of revenue, accounting for over one-third share of the global shipping container modification industry.
Benefits associated with modified shipping containers are easy to install, easy to transport, space constraints, and provide an aesthetic look. Modified shipping container is used in marine transportation, protects from natural calamities such as Tsunami, earthquakes, and others, which drives the global shipping container modification market growth. An increase in demand for prefabricated housing units owing to reduction in construction cost and time, and government initiative towards green building concept are predicted to cater to the growth of the global market. Many competitors, architects, and builders are taking advantage of used shipping containers for building homes. For instance, in January 2019, Indiedwell Inc., started building shipping container homes with used shipping containers of size 40-feet. In addition, the rise in focus toward green building in countries such as the U.S., the UK, France, and Germany, offer lucrative growth opportunities for the global shipping container modification industry.
Coronavirus disease is a dangerous issue causing major impact on the worldwide economy. This disease spread rapidly across various countries such as India, the U.S., China, and others. During the lockdown, the global container shipping traffic had decreased owing to coronavirus outbreaks. The shipping container modification industry has widespread impact due to decline in international trade activities around the globe. In addition, supply chain of the modified shipping container stopped, owing to shortage of raw materials. Moreover, in 2021, with the availability of vaccine against COVID-19, the global shipping container modification market analysis is expected to gradually witness growth.
Global shipping container is segmented based on size, application, and region. Based on size, the market is classified into small container (20 feet), and large container (40 feet). Large container (40 feet) segment generated the highest revenue in 2019. Based on application, the market is bifurcated into energy and mining, construction, retail and commercial, disaster relief, and others. Construction segment generated the highest revenue in 2019.
Region wise, global shipping container is conducted across the North America (U.S, Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa. In 2019, North America region was the highest contributor to the global shipping container modification market, and is anticipated to secure a leading position during the forecast period.
The major players, such as BMarko Structures LLC, Sea Box Inc, Boxman Studios, Falcon Structures, Container Technology Inc, Ebtech Industrial Modular Building Solutions, Wilmot Modular Structures Inc, Singamas Container Holdings Limited, TLS Offshore Containers/ TLS Special Containers, and YMC Container Solutions, have adopted business expansion, and partnership as their key strategies to improve their product portfolio. For instance, in August 2017, Ebtech Industrial Modular Building Solutions signed a partnership with Chait Solutions, based in the U.S. that deals in providing landscape design, and graphic design systems. The partnership aimed to concentrate on building created from shipping container modification.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global shipping container modification market trends and dynamics.
- Based on size, the large container (40 feet) segment was the largest revenue generating segment in 2019.
- On the basis of application, construction segment generated the highest revenue, in 2019.
- Region-wise, North America region is anticipated to dominate the global shipping container modification market share throughout the study period.
- The report provides an extensive analysis of the market trends and emerging opportunities.
- The global shipping container modification market forecast analysis from 2020 to 2027 is included in the report.