LONDON--(EON: Enhanced Online News)--According to the latest study released by Technavio, the global container fleet (CF) market is expected to grow at a CAGR of more than 3% during the forecast period.
“High operational costs, global economic slowdown, and low profitability have forced shipping companies to pool their resources and share reefer container and vessel space to minimize operational costs.”
This research report titled ‘Global Container Fleet Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sharan Raj, a lead analyst at Technavio for packaging research, “High operational costs, global economic slowdown, and low profitability have forced shipping companies to pool their resources and share reefer container and vessel space to minimize operational costs.”
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The research analysis categorizes the global CF market into three major types of container segments. They are:
- Dry containers
- Reefer containers
- Tank containers
Global dry container fleet market
The dry container segment consists of two kinds of containers which are standard dry containers and special dry containers. The standard dry containers are used to transport furniture, manufactured goods, clothing, and appliances, while the special dry containers are used to transport large machinery, sheet glasses, vehicles, and grains. As the volume of transport of these materials is high, the dry containers segment will continue to dominate the global container fleet market with a market share of more than 86% throughout the forecast period.
Asia, especially India and China, will be the leading source of import and export demand for dry containers as there is a high demand for commodities in these countries due to the large population and increasing purchasing power of people.
Global reefer container fleet market
Refrigerated sea transportation or reefer shipping refers to the transportation of perishable goods over the sea through specialized reefer ships or temperature-controlled reefer containers. The east coast of South America ships meat and fruits to regions such as Europe, Asia, the Middle East, and Africa, thereby making the region one of the largest producer and exporter of perishable products in the world.
“Reefer containers are expected to post the highest CAGR of over 4% during forecast period, with fruits and vegetables together accounting for 55% of the market share in 2016,” says Sharan.
Global tank container fleet market
Tank containers are used to transport liquid and temperature-controlled products such as petroleum, chemical, petrochemical, and gas. Tanks have lower shipping or reloading costs as it is the container that requires transshipment or reloading and not the cargo in the tank. At the same time, with the help of tank containers, liquids and fragile goods can be transported in an environmentally safe manner.
This segment consists of four types of tank containers comprising of baffle tanks, lined tanks, heated tank containers and refrigerated tank containers. Baffle tank containers are fitted with warm water heating, steam heating, thermostatically controlled electrical heating systems, and sometimes with cooling systems. These are mainly suitable for transporting water.
Lined tanks are mainly used to transport highly corrosive and high-purity products. Lined tanks come in a variety of linings such as rubber, glass, steel, and phenolic resin. Heated tank containers are fitted with electrical or steam heating systems and are used to carry heat sensitive products. Refrigerated tank containers are used to transport dairy products or juices. They are fitted with a cooling system, which keeps the products cool.
The top vendors highlighted by Technavio’s transportation and logistics market research analysts in this report are:
- CMA CGM
- China COSCO Shipping
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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