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Boiler, Tank, And Shipping Container Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Boiler, Tank, And Shipping Container Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6009804
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the boiler, tank, and shipping container market include Cesaroni Technology Inc; Ordan Thermal Products Ltd; Allied Can Manufacturing Inc; Nu-Tech Precision Metals Inc and Steam Sauna.

The global boiler, tank, and shipping container market is expected to grow from $182.47 billion in 2020 to $207.77 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $267.47 billion in 2025 at a CAGR of 7%.

The boiler, tank, and shipping container market consists of sales of boiler, tank, and shipping containers by entities (organizations, sole traders or partnerships) that produce power boilers and heat exchangers, cut, form, and join heavy gauge metal to produce tanks, vessels, and other containers or form light gauge metal containers. The boiler, tank, and shipping container market is segmented into power boiler and heat exchanger; metal tank (heavy gauge); and metal can, box, and other metal container (light gauge).

Western Europe was the largest region in the global boiler, tank, and shipping container market, accounting for 31% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global boiler, tank, and shipping container market. Africa was the smallest region in the global boiler, tank, and shipping container market.

Many metal and mineral manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.

Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in boiler, tank, and shipping container manufacturing thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by the Economist Intelligence Unit in 2018, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the boiler, tank, and shipping container manufacturing market in the forecast period.

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