Optical Character Recognition Technology Is Gaining Popularity In The ISO Tank Container Market

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Aug 25, 2022, 11:40 ET

The Business Research Company's ISO tank container market research report expands on key drivers, trends, and growth opportunities in the market.

LONDON, Aug. 25, 2022 /PRNewswire/ -- Optical character recognition technology is gaining popularity in the ISO tank container market. Optical Character Recognition (OCR) is the process that converts an image of text into a machine-readable text format. As per the ISO tank container market analysis, the companies operating in the ISO tank container sector are focusing on the adoption of advanced solutions such as optical character recognition to provide better products.

For instance, in September 2019, Santos Brasil, a Brazil-based logistics company, launched an app with OCR reading (optical character recognition), a new technology in its container export operations. The system replaces the manual typing of container data, increasing safety and productivity, reducing errors, and speeding up the process of dispatching cargo.

The global ISO tank container market size is expected to grow from $0.99 billion in 2021 to $1.13 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The global ISO tank container market forecast estimates the market size to grow to $1.57 billion in 2026 at a CAGR of 8.6%.

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ISO Tank Container Market Overview

The ISO tank container market consists of sales of tank containers by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing intermodal ISO tank containers for transporting liquid products. The ISO tank container is designed and manufactured as per the guidelines defined by the International Organization of Standardization (ISO). The ISO tank containers are suitable for different modes of transportation and can transport both hazardous and non-hazardous products.

Increasing Import And Export Activities – A Major Driver

The ISO tank container market outlook identifies increasing import and export activities to drive the ISO tank container market. Import and export activities increase the demand for ISO tank containers for transportation of materials from one place to another. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, the overall global trade value reached $28.5 trillion in 2021, a 25% increase from 2020 and 13% higher than the 2019 trade value.

China International Marine Containers (Group) Co., Ltd. Was The Largest Competitor In 2021

China International Marine Containers (Group) Co., Ltd. was the largest competitor in the ISO tank container market in 2021, with a 32.52% share of the market. The ISO tank container market data analysis covers the CIMC Container Holdings' growth strategy that focuses on expanding its product portfolio in cold chain equipment through strategic acquisitions. For instance, in September 2021, the company acquired a unit of Maersk Group, a Denmark-based logistics company. The company acquired Maersk Container Industry, a marine refrigerator and refrigerated container manufacturing business, for $1.08 billion. This transaction consists of MCI's entire organization and assets, which include the reefer factory in Qingdao, China, and its R&D and test engineering facilities in Denmark, along with core refrigeration technology.

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