The Business Research Company’s ISO Containers market research report expands on the key drivers, trends, and growth opportunities in the market.
London, August 25, 2022 /PRNewswire/ — Optical character recognition technology is gaining popularity in the ISO tank container market. Optical character recognition (OCR) is the process that converts an image of text into a machine-readable text format. According to the ISO tank container market analysis, companies operating in the ISO tank container sector are focusing on adopting advanced solutions such as optical character recognition to deliver better products.
For example, in September 2019, Santos Brazilor BrazilThe logistics company based, launched an OCR (optical character recognition) reading application, a new technology in its container export operations. The system replaces manual data entry of containers, increasing safety and productivity, reducing errors and speeding up the process of sending cargo.
The global ISO tank container market size is expected to grow from 0.99 billion dollars in 2021 until 1.13 billion dollars in 2022 with a compound annual growth rate (CAGR) of 13.2%. The global ISO tank container market forecast estimates the market size to grow 1.57 billion dollars in 2026 with a CAGR of 8.6%.
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ISO Tank Container Market Overview
The ISO tank container market consists of sales of tank containers by entities (organizations, sole traders and partnerships) that are engaged in the production of intermodal ISO containers for the transportation of liquid products. The ISO tank container is designed and manufactured according to the guidelines set by the International Organization for Standardization (ISO). ISO containers are suitable for various modes of transport and can transport both hazardous and non-hazardous products.
Increased import and export activities – A key driver
The ISO Tank Container market outlook identifies growing import and export activities to propel the ISO Tank Container market. Import and export activities increase the demand for ISO tank containers for transporting materials from one country to another. For example, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-Intergovernmental organizations based, reached the total value of global trade 28.5 trillion dollars in 2021, a 25% increase from 2020 and 13% higher than the 2019 trade value.
China International Marine Containers (Group) Co., Ltd. was the biggest competitor in 2021
China International Marine Containers (Group) Co., Ltd. was the largest competitor in the ISO tank container market in 2021, with a 32.52% market share. ISO tank container market data analysis covers the growth strategy of CIMC Container Holdings that focuses on expanding its product portfolio in cold chain equipment through strategic acquisitions. For example, in September 2021the company acquired a unit of Maersk Group, a Denmark-based logistics company. The company acquired Maersk Container Industry, a marine refrigerator and refrigerated container manufacturing business, for 1.08 billion dollars. This transaction consists of the entire organization and assets of MCI, which include the reference plant in Qingdao, Chinaand its research and development and engineering test facilities in Denmarkalong with basic cooling technology.
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