Boiler, Tank, And Shipping Container Market Definition And Segments
Boilers, tanks, and shipping containers refer to a type of container made of metal by using a method of manufacturing that includes cutting, forming, and joining metal parts to produce tanks that are used for storage and transportation of goods from one place to another, the processing of liquid material, and the storage of hazardous liquids.
The main types of boilers, tanks and shipping containers are power boiler and heat exchanger, metal tank (heavy gauge), metal can, box, and other metal container (light gauge). The power boiler and heat exchanger are used by the powerplants to boil the water into steam. The different product types include refrigerated containers, dry storage containers, special-purpose containers, flat rack containers, and other product types. They are available in different sizes such as small containers, large containers, and high cube containers and are used in residential, commercial, and other applications.
The boiler, tank, and shipping container market covered in this report is segmented –
1) By Type: Power Boiler and Heat Exchanger, Metal Tank (Heavy Gauge), Metal Can, Box, and Other Metal Container (Light Gauge)
2) By Product Type: Refrigerated Container, Dry Storage Container, Special Purpose Container, Flat Rack Container, Other Product Types
3) By Container Size: Small Containers, Large Containers, High Cube Container
4) By Application: Residential, Commercial, Other Applications
The boiler, tank, and shipping container market size has grown strongly in recent years. It will grow from $230.24 billion in 2023 to $243.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrialization, energy demand, oil and gas industry growth, infrastructure development, maritime trade.
The boiler, tank, and shipping container market size is expected to see strong growth in the next few years. It will grow to $299.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to energy transition, environmental regulations, digitalization and iot, hydrogen economy, e-commerce and logistics. Major trends in the forecast period include energy-efficient boilers, tank farm automation, containerization in agriculture, tank coating and lining technologies, intermodal container usage.
Impact Of Rapid Advances In Wireless Technology To Boost The Boilers, Tanks, And Shipping Containers Market Growth
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in boiler, tank, and shipping container manufacturing thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs, and higher margins. For instance, according to the Compass, the internet traffic is projected to three times from earlier in 2022 and the share of IoT devices is expected to rise 28% by 2025, thus driving the boiler, tank, and shipping container manufacturing market in the forecast period.
Harnessing Robotics And Automation For Enhanced Efficiency And Productivity
Many metal and mineral manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reducing potential breakdowns. For instance, in November 2021, according to a report published by the Association for Advancing Automation, a US-based automation trade association, the need for automation pre-COVID-19 pandemic was seen in the second quarter of 2021, when robot orders increased by 67%. In Q2 2021, businesses in North America placed orders for 9,853 robots worth $501 million.
Major companies operating in the boiler, tank, and shipping container market include Ball Corporation, China International Marine Containers (Group) Ltd., General Electric Company, Alfa Laval AB, Ardagh Group S.A., Doosan Heavy Industries & Construction Co. Ltd., Pacific International Lines (Private) Limited, BWX Technologies Inc., CIMC Enric Holdings Limited, A.P. Møller-Mærsk A/S, Novelis Inc., Rio Tinto Group, Alcoa Corporation, United Co RUSAL PLC, Aluminum Corporation of China Limited (CHALCO), Glencore International, Emirates Global Aluminum, Norsk Hydro ASA, Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Vallourec SA, Voestalpine AG, Mechel PAO, Atlas Copco AB, Metso Oyj.
Development Of Products To Drive The Revenues Of Boiler, Tank, And Shipping Container Market
Major companies operating in the boiler, tank, and shipping container market are developing new products such as double-pallet shipping containers to meet larger customer bases, more sales, and increase revenue. A double-pallet shipping container is a type of cargo container designed to accommodate and transport two standard-sized pallets simultaneously. For instance, in December 2021, Tower Cold Chain, a UK-based provider of temperature-controlled containers, launched the KTM42D, a reusable double-pallet container. This product's unique feature is its passive temperature management system, which confirms the internal temperature using data logging technology. It has an interior temperature range of -80 to -60 degrees Celsius. It is appropriate for transporting vaccinations, products used in the life sciences, and any other item that needs a constant temperature during storage or transportation.
Asia-Pacific was the largest region in the boiler, tank, and shipping container market in 2023. Western Europe was the second largest region in the boiler, tank, and shipping container market. The regions covered in the boiler, tank, and shipping container market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the boiler, tank, and shipping container market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The boilers, tanks and shipping containers market consists of sales of dry storage container, open top tanks, and half height containers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The boiler, tank, and shipping container market research report is one of a series of new reports from The Business Research Company that provides boiler, tank, and shipping container market statistics, including boiler, tank, and shipping container industry global market size, regional shares, competitors with a boiler, tank, and shipping container market share, detailed boiler, tank, and shipping container market segments, market trends and opportunities, and any further data you may need to thrive in the boiler, tank, and shipping container industry. This boiler, tank, and shipping container market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.