Inland Waterways Vessels Market to Soar at a CAGR of 4.5%to 2024

MaketStudyReport.com adds a New Inland Waterways Vessels Market Research Report for the period of 2017 - 2024 that shows the growth of the market is rising at 2024.

Inland Waterways Vessels Market will cross USD 10 billion by 2024, according to a new research report.

Rising domestic trade activities through waterways will essentially drive the industry growth over the forecast timeframe. High preference of inland waterways vessels owing to provision of the benefits such as cost
effectiveness than other modes, reliability, and congestion free transition will further contribute towards the revenue generation. Increasing government support for enhancing the marine port infrastructure will also impact the global inland waterways vessels market positively till 2024.

Global inland waterways vessels market from non-passenger vessels is anticipated to dominate the overall industry with more than 80% revenue share over the forecast timeline. High adoption of workboats, that are used for specific tasks, including fishing vessels and general cargo ships will primarily support the industry dominance. Passenger ships will grow significantly, exhibiting more than 3% CAGR owing to rising marine passenger traffic coupled with increasing government support across the globe to enhance their quality. For instance, in October 2017, the government of China facilitated cruise industry across the country.

Diesel oil will acquire over 90% volume share in the global inland waterways vessels market over the next eight years. Substantial revenue generation can be attributed to its high prevalence in the marine industry over the past decades. The fuel is highly used in most inland waterways vessels, further propelling the segment?s growth. LSFO is expected to exhibit highest growth rate of over 6.5% CAGR till 2024. Rising adoption of the fuel owing to compliance with marine emission standards will majorly drive the global inland waterways vessel market from LSFO.

Global inland waterways vessels market from Asia Pacific will showcase dominance, surpassing USD 1,750 billion over the forecast timeframe. Increasing government initiatives to enhance the marine industry, especially in the countries including South Korea, Japan, and China will support the regional dominance. Tankers, bulk carriers, and LNG carriers are increasingly being built over the past years across the region, further strengthening the industry penetration. North America will witness more than 6% CAGR over the next eight years due to continuous modernizations and initiatives to expand their vessel fleet by the competitors across the region.

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Rising traffic of commodities and passengers on marine ports across the globe has led to rising investments from the port operators. For instance, in March 2018, the marine port sector of India was rewarded with USD 10 billion that is likely to prove beneficial for the industry players to accomplish various tasks that include harboring, maintenance, and operations efficiently. It will induce immense potential to the global inland waterways vessels market over the next eight years. Limited participation of private sector is likely to pose a challenge before the industry participants.

Stringent regulations regarding fittings and fixtures during the manufacturing process of these vessels are significantly impacting the quality of inland waterways. For instance, in Europe, the ROSR and the EU directive constitute various mandatory requirements that are to be fulfilled. Moreover, an overall technical inspection is carried out for providing the ships with the certificate to transport passengers & goods. The manufacturers are focusing on producing the vessels that comply with these regulations, resulting in improved product quality, further strengthening the global inland waterways vessels market penetration till 2024.

Sneed Shipbuilding, Rhenus Group, Viking, CMA CGM Group, European Cruise Service, and Sanmar are among the major competitors in the global inland waterways vessels market. Other noticeable players include CIWTC, Norfolk Tug Company, DFDS, Windcat Work Boats, and Seacontractors. The industry participants focus on strengthening their fleet to expand their customer base. For instance, in March 2018, Viking announced its plan to add six vessels to its fleet, strengthening its portfolio.

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