The global Container
Shipping Market is estimated to exhibit a steady growth over the
forecast periodowing to increasing number of manufacturing units and factories
in developed as well as developing regions. Container shipping makes use of
multi-sized vessels, including 20, 40, 45, 48, and 53 feet for the
transportation of goods from one place to another. Twenty-foot Equivalent Unit
(TEU) and Forty-foot Equivalent Units (FEU) are the most widely used container
sizes. The type and size of these containers comply with regulations set by the
International Organization of Standardization (ISO) for easy transportation
through trains, trucks, cranes, and ships. The most commonly used type is
special or dry cargo, which can further include half-height, open side, open
top, open end, flat rack, liquid bulk, modular, and refrigerated. Flat racks
are used for boats, vehicles, and industrial equipment. Open side vessels are
employed for transportation of vegetables, whereas open top are utilized for
easy loading of odd-sized machineries and goods.
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Moreover,
rising demand for transportation services across the globe is also likely to
drive the market over the coming years. On the other hand, growing shipping
freight may pose a challenge for the global market. However, revolutionizing IT
sector and growing usage of automation solutions in container transfer
processes at ports, such as ship to shore operations of APM terminals at
Rotterdam and the TraPac terminal in LA, are projected to support the industry
growth. Furthermore, growing number of mergers and acquisitions activities is
projected to have a positive impact on the market growth. For example, Ocean
Network Express (ONE), a new joint venture, announced by three Japanese
companies including K-Line, NYK, and MOL, received merger approvals in the
recent past and the new firm started its operations in April 2018.
IBM Corp.
and Maersk Group recently announced a new blockchain-based joint venture to
offer a global trade digitization platform and address the needs for simplicity
and transparency in shipping across border and trading zones. Development of
block chain technology to support the intercontinental e-commerce will
eventually fuel demand for the product in the years to come. The market is
expected to witness significant growth in developed regions, such as North
America and Europe on account of presence of better transportation services.
U.S. is the leading country for container transport in North America, followed
by Canada. Whereas in Europe, countries including, U.K., Germany, France,
Italy, and Spain, are likely to contribute significantly to the market growth.
Asia
Pacific is projected to witness potential growth opportunities on account of
presence of several developing nations, including Japan, China, and India and
emergence of a number of leading companies due to low labor costs. Rising
number of manufacturing units in the region is also contributing significantly
to the growth. Key companies are adopting marketing strategies, such as
partnerships, mergers and acquisitions, joint ventures, novel product
development, and technological innovations in order to strengthen their
position in the market. For instance, recently at Innovation Expo 2018, Kotug
demonstrated its remote-controlled tug, which can eliminate risks to crew
members during normal ship handling operations. The demonstration was a joint
industry project supported by several stakeholders including Alphatron. Kotug
believes that this development will eventually lead to unmanned autonomous shipping.
Some of the
prominent companies operating the global container shipping market are A.P.
Moller–Maersk Group; HAPAG-LLOYD AG, China Ocean Shipping Company,
Mediterranean Shipping Company S.A., China Shipping Container Lines Co., Ltd.,
and Hanjin Shipping Co., Ltd.
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