(MENAFN- EIN Presswire) Shipping Container Modification Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
WILMINGTON, DELAWARE, UNITED STATES, November 20, 2023 /EINPresswire / -- Allied Market Research's latest report, "Shipping Container Modification Market by Size and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027," reveals a dynamic landscape for the global shipping container modification market. Expected to reach $114.6 billion by 2027, with a CAGR of 6.6% from 2020 to 2027, this industry is evolving rapidly. In 2019, North America took the lead, contributing over one-third of the global market revenue.
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The global shipping container modification market has experienced significant growth, driven by a heightened focus on eco-friendly home construction, the myriad benefits associated with modified shipping containers, and a growing need for architectural protection. While challenges such as the short lifespan of infrastructure and substantial investments required for HVAC systems installation exist, opportunities are abundant. A surge in urban population, increased disposable income, and governmental initiatives toward green building concepts are anticipated to fuel the global shipping container modification market.
Modified shipping containers offer a plethora of advantages, including easy installation, transport convenience, space efficiency, and an aesthetic appeal. Widely utilized in marine transportation, these containers serve as protective structures against natural calamities like tsunamis and earthquakes, driving market growth. The demand for prefabricated housing units, aimed at reducing construction time and costs, is another significant factor contributing to market expansion.
The outbreak of COVID-19 had a profound impact on the global economy, affecting container shipping traffic and leading to a decline in international trade activities. The shipping container modification industry faced disruptions in supply chains due to raw material shortages. However, with the availability of COVID-19 vaccines in 2021, the market is expected to gradually recover.
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The global shipping container market is categorized based on size (small container - 20 feet, large container - 40 feet) and application (energy and mining, construction, retail and commercial, disaster relief, and others). The large container (40 feet) segment dominated the market in 2019, and the construction segment led in terms of application.
Region-wise, the analysis covers North America, Europe, Asia-Pacific, and LAMEA. North America secured the highest contribution to the global shipping container modification market in 2019 and is expected to maintain a leading position throughout the forecast period.
Major players in the industry, including BMarko Structures LLC, Sea Box Inc, Boxman Studios, and Falcon Structures, have adopted business expansion and partnerships as key strategies to enhance their product portfolios. For instance, Ebtech Industrial Modular Building Solutions partnered with Chait Solutions in 2017 to focus on building projects created from shipping container modifications.
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Key Findings of the Study:
The large container (40 feet) segment was the largest revenue generator in 2019 based on size.
The construction segment generated the highest revenue in 2019 based on application.
North America is anticipated to dominate the global shipping container modification market share throughout the study period.
The report provides an extensive analysis of market trends and emerging opportunities.
The global shipping container modification market forecast analysis from 2020 to 2027 is included in the report.
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