The Global Shipping Container Modification Market is expected to reach $114,588.3 million by 2027, from $76,522.2 million in 2019, registering a CAGR of 6.6% from 2020 to 2027. Shipping containers are used to build freight container in ship, trucks, and trains. This modified shipping container is used for base camp, storage, office, and commercial purposes. Modified shipping containers are easy to install, easy to transport, and cost effective.
A rise in the need for the protection of architecture from environmental impacts, rise in government focus on green building concepts, the need for shipping container for space constraints and compact shipping containers in large cities, are anticipated to drive the growth of modified shipping container. In addition, rise in focus toward affordable housing structures, and increase in need for modified shipping containers, due to features such as portable, quicker build, and easy to relocate, are anticipated to provide lucrative growth opportunities for the global shipping container modification market.
In addition, urban population are focusing on modified shipping container in order to afford a cheaper living as these containers require less cost as to traditional container houses. In 2018, the U.S. government's housing program, funded around $10 million to build shipping container homes. In addition, scarcity of housing units in developing economies such as Africa, and India, is expected to provide lucrative opportunities for the global shipping container modification market growth.
Market Dynamics
Moreover, developed countries such as the U.S., Japan, the UK, and others had implemented initiatives that focus on building, design, and installing green building concept. This shipping container has features such as cost-effective, and energy effective shipping container for construction, which in turn, drives the growth of the global shipping container modification market. However, modified shipping containers have a limited life as compared to traditional cement houses. They have a life span of up to 30 years. The shipping container can protect interior architecture from the changes in the external environment, and proper insulation is provided in these modified shipping containers, which in turn, boost the demand for shipping container in cold regions such as Russia, Switzerland, and others. In addition, modified shipping container is cheaper than other construction materials used for traditional construction, which is one the factor that boost the demand for shipping containers.
By Size
Large Container (40 Feet) segment holds dominant position in 2019
In addition, an increase in urban population and industrialization in developed countries such as the U.S., Japan, France, and Canada, boost the demand for shipping container, owing to features such as space issues, movable, and easy to transport. Shipping containers are compact and easy to move from one place to other, which drives the growth of the global shipping container modification market share. However, shipping containers need to install heating ventilation and air conditioning systems in extreme cold and hot regions, which is anticipated to hamper the growth of the market. Conversely, upsurge in demand for new construction, and increase in focus toward affordable housing structures, are anticipated to provide lucrative opportunities for the shipping container modification market size.
The global shipping containers modification market is segmented based on size, application, and region. Based on size, the market is bifurcated into small container (20 feet), and large container (40 feet). Large container (40 feet) segment generated the highest revenue in 2019. Based on application, the market is classified into energy and mining, construction, retail and commercial, disaster relief, and others. Construction segment is anticipated to generate the highest revenue throughout the study period.
By Application
Disaster relief segment is expected to grow at a significant CAGR
Region wise, the global shipping container modification market analysis is conducted across North America (U.S, Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa. In 2019, North America region was the highest contributor to the market, and is anticipated to secure a leading position during the forecast period.
Competition Analysis
The major players, such as BMarko Structures LLC, Sea Box Inc, Boxman Studios, Falcon Structures, Container Technology Inc, Ebtech Industrial Modular Building Solutions, Wilmot Modular Structures Inc, Singamas Container Holdings Limited, TLS Offshore Containers/ TLS Special Containers, and YMC Container Solutions.
By Region
Asia-Pacific is expected to dominate the market during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global shipping container modification market trends and dynamics.
- In-depth market analysis is conducted by market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of global shipping container modification market share is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global shipping container modification market forecast analysis from 2020 to 2027 is included in the report.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive market outlook.
Key Market Segments
By Size
Small Container (20 Feet)
- Large Container (40 Feet)
By Application
- Energy and Mining
- Construction
- Retail and Commercial
- Disaster Relief
- Others
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Shipping Container Modification Market Report Highlights
| Aspects | Details |
 By SIZE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | WILMOT MODULAR STRUCTURES INC., BMARKO STRUCTURES, LLC, EBTECH INDUSTRIAL MODULAR BUILDING SOLUTIONS, TLS OFFSHORE CONTAINERS/ TLS SPECIAL CONTAINERS, SEA BOX INC., YMC CONTAINER SOLUTIONS, FALCON STRUCTURES, SINGAMAS CONTAINER HOLDINGS LIMITED, BOXMAN STUDIOS, CONTAINER TECHNOLOGY INC. |
Analyst Review
Shipping container modifications are used to build modular offices, restrooms, bathrooms, locker rooms, workplace housing, and mobile cafes among others. 20 feet shipping container and 40 feet shipping container are generally used to build such places. Shipping container modification has features such as low maintenance, easy to install, aesthetic look, and cost-effective solutions for storage.
A surge in demand for construction of modified shipping containers, owing to affordable housing structures, drive the growth of the global shipping container modification market. There has been a rise in demand for shipping container modification products, owing to reduction in cost and time required for construction, ease of installation, and lack of space in large cities. This in turn, drives the growth of the shipping container modification market. In accordance with the insights of the leading CXOs, the old and unrecyclable containers are easily available in the market at low cost. However, the energy required to dispose these containers is higher than the energy required to modify container for building a house. Moreover, these homes are developed using container that protect from changes in external environment and are easy to install & relocate.
A rise in housing prices, and space constraints issues drive the growth of the shipping container modification market. In addition, adoption of artificial intelligence technology in shipping container industry, owing to development of better design for the house, is anticipated to drive the growth of the global shipping container modification market. However, low life span of infrastructure, and large investment on HVAC systems, is anticipated to hamper the growth of the market. Conversely, upsurge in demand for new construction, and government initiatives toward green building concepts is anticipated to provide lucrative opportunities for growth of the global shipping container modification market.
The global shipping container modification market size was $76,522.2 billion in 2019 and is projected to reach $114,588.3 billion in 2027, growing at a CAGR of 6.6% from 2020 to 2027.
The forecast period considered for the global shipping container modification market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
The base year considered in the global shipping container modification market is 2019.
The report for global shipping container modification market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
On the basis of type, the large container (40 feet) segment is expected to be the most influencing segment growing in the global shipping container modification market report.
Based on size, in 2019, the large container (40 feet) segment generated the highest revenue, accounting for over half of the market share, and is projected to grow at a CAGR of 6.9% from 2020 to 2027.
The report contains an exclusive company profile section, where the leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The key trending markets based on the application, in the global shipping container modification market are the construction and commercial & retail segment.
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