New York, NY, June 11, 2016 --(PR.com
)-- Increasing marine trade, which is a major channel for transport of goods globally, accounts for the rising demand for cargo vessels and its related equipment such as shipping containers, says a market study by Persistence Market Research (PMR). The PMR report, titled “Global Market Study on Shipping Containers: Reefers Segment to Witness Highest Growth by 2021,” states that the global shipping containers market will expand at a steadfast 5.60% CAGR from 2015 to 2021. If the projected figure holds true, the market will reach a valuation of US$11.47 bn by 2021.
The research report by PMR analyzes the shipping containers market in terms of revenue and volume for the forecast period. The report divides the market on the basis of product type and geography in order to gauge the growth prospects of the shipping containers market for the forecast period.
The research report states that the continual development of the shipping containers market is largely attributable to the growth in marine trade over the past years. Seaborne trade, which includes trade carried out on sea routes and inland waterways, such as canals, rivers, backwaters, and creeks, requires shipping containers that are fabricated for the purpose.
Shipping containers are characterized by their high strength and durability, since they are fabricated from corrosion-resistant heavy-duty steel and aluminum. These shipping containers facilitate the transport of goods without the need for loading and unloading of cargo at intermediate points. The size and type of build of the container is in accordance with specifications and regulations framed by the International Organization for Standardization (ISO).
In addition, increasing demand for transportation services also counts as a major factor responsible for growth of the global shipping containers market. Economic development in several countries around the world, which has led to increasing number of factories and manufacturing units, has propelled the demand for increased transportation networks and services, which has indirectly benefitted the shipping containers market.
In several countries, industry bodies and government agencies are involved in formulating guidelines pertaining to vessels and cargo equipment. This is helping agencies in disparate locations maintain specified standards for the shipping companies and stipulate quality requisites for businesses involved in marine trade.
View Report with TOC: http://www.persistencemarketresearch.com/market-research/shipping-containers-market.asp
However, slower economic growth in some parts of the globe, such as in many of the countries around the Mediterranean, will have an impact on global trade, which will translate into slow growth of the global shipping containers market in the years to come.
The report identifies some of the major companies involved in the business for shipping containers and profiles each of the companies for their distinguishing attributes. China International Marine Containers Co. Ltd., CXIC Group Containers Company Limited, Dong Fang International Container (Hong Kong) Co. Ltd., TLS Offshore Containers International Pvt. Ltd., Sea Box Inc., Singamas Container Holdings Limited, Maersk Container Industry AS., W&K Container Inc., and YMC Container Solutions are the major companies that have a significant presence in the global market for shipping containers.
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
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