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Boiler, Tank, And Shipping Container Market: Major Trends Reshaping the Future of the Industry
Boiler, Tank, And Shipping Container
What Will the Boiler, Tank, And Shipping Container Industry Market Size Be by 2025?
The size of the boiler, tank, and shipping container market has seen significant expansion in the past few years. The market, which is projected to elevate from $247.05 billion in 2024 to $261.89 billion in 2025, boasts a compound annual growth rate (CAGR) of 6.0%. The remarkable growth observed in the historical period is chiefly due to factors such as industrialization, increased energy demand, the rise of the oil and gas sector, infrastructure advancements, and maritime commerce.
What's the Long-Term Growth Forecast for the Boiler, Tank, And Shipping Container Market Size Through 2029?
The market size of boilers, tanks, and shipping containers is predicted to experience consistent growth over the coming years, reaching a value of $314.08 billion in 2029. This growth is expected to progress at a compound annual growth rate (CAGR) of 4.6%. The factors driving this growth during the projected period include the shift to renewable energy, governing environmental policies, digital transformation and Internet of Things (IoT), the burgeoning hydrogen economy, and the proliferation of e-commerce and logistics. Key trends to observe during this period are the innovative solutions for energy-efficient boilers, automation in tank farms, the use of containers in the agricultural sector, advancements in tank coating and lining technologies, and the increased utilization of intermodal containers.
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What Are the Key Growth Drivers Fueling the Boiler, Tank, And Shipping Container Market Expansion?
The boiler, tank, and shipping container manufacturing industry is forecasted to thrive due to the rapid progression in miniaturization and wireless technology, which allow for designing of smaller components for equipment. Additionally, the incorporation of technologies such as artificial intelligence, 3D printing, and big data analytics in the manufacturing process leads to increased productivity, reduced operating costs and improved margins. A report by Compass underscores this, predicting that internet traffic in 2022 will be triple that of prior years, and that the proportion of IoT devices will experience a boost, increasing by 28% by 2025. Consequently, these developments are anticipated to propel the boiler, tank, and shipping container manufacturing market during the projected period.
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What Are the Key Trends Driving Boiler, Tank, And Shipping Container Market Growth?
Prominent firms in the boiler, tank, and shipping container market are prioritizing the creation of innovative offerings, like steam water tube boilers, in an attempt to improve efficiency, cut emissions, and fulfill a variety of industrial requirements. Steam water tube boilers function by circulating water inside tubes that are externally heated by steam or hot gases, making them ideal for high-pressure steam generation for diverse industrial applications. For example, in January 2023, UK-based machinery manufacturer Babcock Wanson UK Ltd introduced its FM Pack Water Tube Boilers. These boilers are specially designed for substantial steam output, high pressure, and superheated steam use cases. They deliver improved efficiency, robustness, and the capacity to accommodate different types of fuel and emissions standards.
How Is the Boiler, Tank, And Shipping Container Market Segmented?
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
Subsegments:
1) By Power Boiler And Heat Exchanger: Water Tube Boilers, Fire Tube Boilers, Waste Heat Boilers, Heat Exchangers
2) By Metal Tank (Heavy Gauge): Storage Tanks, Pressure Tanks, Industrial Tanks
3) By Metal Can: Metal Cans, Canned Food Containers, Beverage Cans
4) By Box: Metal Boxes, Packaging Boxes, Shipping Boxes
5) By Other Metal Container (Light Gauge): Light-Gauge Metal Containers, Metal Pails and Buckets, Metal Crates
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Which Companies Are Leading the Charge in Boiler, Tank, And Shipping Container Market Innovation?
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.
Which Regions Are Leading the Global Boiler, Tank, And Shipping Container Market in Revenue?
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.
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