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Boiler, Tank, And Shipping Container Market 2024 - By Size, Share, Forecast And Trends Analysis Report 2033
Boiler, Tank, And Shipping Container Market Demand
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Boiler, Tank, And Shipping Container Market 2024 Key Insights:
• 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%.
• Impact Of Rapid Advances In Wireless Technology To Boost The Boilers, Tanks, And Shipping Containers Market Growth
• Development Of Products To Drive The Revenues Of Boiler, Tank, And Shipping Container Market
• Asia-Pacific was the largest region in the boiler, tank, and shipping container market in 2023
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