Inland Waterways Vessels Market to Hit $2.25 Billion by 2024
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., the Inland Waterways Vessels Market to grow at over 4.5 percent compound annual growth rate (CAGR) from 2017 to 2024.
Increasing trade activities via inland waterways is primarily driving the industry growth over the forecast timeframe. These vessels are highly preferred owing to their benefits including congestion free transportation, reliability, and cost effectiveness as compared to other modes, further escalating the revenue generation. Various governments across the globe are launching initiatives to modernize their marine ports, positively impacting the inland waterways vessels market till 2024.
Non-passenger vessels are likely to showcase dominance in the global inland waterways vessels market with more than 80 percent revenue share by 2024. High prominence of work boats such as general cargo ships and fishing vessels for carrying out specific tasks will primarily contribute to the revenue generation. Passenger ships will exhibit over three percent CAGR from 2017 to 2024 owing to rising government support across the globe for their enhancement. For instance, in October 2017, the Chinese government made an announcement for facilitation of cruise industry in the country.
Marine ports across the globe are witnessing increasing goods and passenger traffic, resulting in heavy investments. For instance, in March 2018, India’s port sector was rewarded $10 billion for the benefit of the industry participants for efficiently accomplishing their tasks including maintenance, operations, harboring, etc. This will instigate immense growth potential to the global inland waterways vessels market over the next eight years. However, restricted participation of private sector may hamper the industry growth.
Globally stringent requirements are witnessed which are associated with fixtures and fittings during the construction of vessels. For instance, investigation of Rhine ships (ROSR) and an EU Directive comprises several requirements to be adhered to. Moreover, an overall technical inspection of the ships is conducted for providing them with a certificate to transport commodities or passengers. These mandatory standards will enhance the quality of vessels, further improving the product sales, fostering the inland waterways vessels market growth over the coming years.
Global inland waterways vessels market from diesel oil will exhibit maximum volume share of over 90 percent till 2024 owing to strong prevalence of fuel in the industry. High usage of the fuel in majority of the vessels will augment to the revenue generation. LSFO will grow rapidly, witnessing more than 6.5 percent CAGR over the next eight years. The substantial growth is attributed to its rising deployment owing to increasing marine pollution and adverse environmental impacts. Moreover, this fuel fulfils the stringent regulatory standards, further contributing the industry growth.
Asia Pacific will capture highest revenue share in inland waterways vessels market, accounting for more than $1.75 trillion by 2024. Rising initiatives from countries including Japan, South Korea, and China for enhancement of marine transportation will essentially drive the industry growth. These countries have carried out extensive construction activities for bulk-carriers, new tankers, and liquefied natural gas (LNG) carriers over the past few years, further supporting the regional dominance. North America is likely to grow substantially, exhibiting more than 6 percent CAGR owing to regular modernizations in the terminals and continuous focus of industry participants to expand their fleet.
Sanmar, Rhenus Group, Sneed Shipbuilding, Bayliner, Viking, European Cruise Service, and CMA CGM Group are among the prominent global inland waterways vessels market participants. Other noticeable participants include Seacontractors, Windcat Work Boats, CIWTC, DFDS, and Norfolk Tug Company. Fleet expansion is among the key strategy implemented by the industry players to gain competitive edge. For instance, in March 2018, Viking planned to construct six vessels to be delivered within next few years.