Companiesandmarkets.com

Global container security market to be worth $620 million

Press Release   •   Aug 23, 2012 11:21 BST

The global container security market has been estimated to be worth a value of $620 million by the end of 2012, with a number of companies and organisations across the globe looking to secure and track their globally shipped assets.

Growth within the global container security market is forecast to be powerful over the next decade, as the utility of container security and tracking defences are realised against a backdrop of increasing terrorist threats, cargo thefts, bio-terrorism threats, lost containers and costs of spoilt commodity during shipping.

The number of tracking systems with GPRS or satellite communication for intermodal containers in active use is forecast to grow at a compound annual growth rate (CAGR) of 66.9% from 77,000 units at the end of 2011 to 1 million by 2016.

World container traffic is dominated by Asia, whereas tracking and security concerns are now focussed in North America, and to some extent, Europe. Following the 9/11 tragedy, shipping container security has become a point of concern especially because a 40 ft container can accommodate, 30,000 kg of conventional high explosive material or even terrorists.

Container tracking overlaps the concern of security in addition to better customer service, monitoring sensitive cargo, cargo thefts and tracking containers at ports for better management and high throughput of ports.

Key players within the global container security market includes; Nutech, Rapiscan, SAIC, and Smiths Detection.

Industry experts have anticipated that there will be a continued strong focus on container transport security and increased supply chain visibility in the coming years, which will favour the container security market.

For more information on the global container security market, see the latest research: Global Container Security Market Report

Follow us on Twitter @CandMResearch

Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.