Press release
What's driving the Inland Waterways Vessels Market Development Trends? European Cruise Service, Windcat Workboats, Norfolk Tug Company, Seacontractors, DFDS
Increasing vessel capacities along with proliferating trade activities and freight traffic across inland waterways are expanding the global inland waterways vessels market size. The benefits offered by the vessels including cost effective and reliable transportation over long distances and congestion free cargo movement compared to the other modes of transportation, is further expanding the market size till 2024.
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Industry Growth drivers:
1 North America
1.1 Increasing trading activities
2 Europe
2.1 Rising marine passenger traffic in Europe
3 Asia Pacific
3.1 Increasing shipbuilding activities
4 LATAM
4.1 Development of ports
5 MEA
5.1 Government initiatives
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Alnmaritec Ltd.
2. Bayliner
3. Groupe Beneteau
4. CIWTC (Central Inland Water Transport Corporation Limited)
5. CMA CGM Group
6. Construction Navale Bordeaux
7. Daewoo Shipbuilding & Marine Engineering Company Limited
8. Damen Shipyards Group
9. DFDS
10. EURO-RIJN B.V.
11. European Cruise Service
12. Hodder Tugboat Co. Ltd
13. Hyundai Heavy Industries
14. McKeil Marine Limited
15. Mediterranean Shipping Company S.A
Passengers ship will grow significantly at approximately 6% CAGR till 2024. Increasing support from the government for enhancing the industry is playing a major role for inland waterways vessels market expansion till 2024. For instance, in 2018, Government of India approved USD 6.7 billion for leasing out cruises and promote cruise tourism providing a positive outlook for the industry growth.
Asia Pacific dominated the global inland waterways vessels market place with around 1,645 thousand units in 2017. This can be attributed to the improving water channels across the region. Supporting government initiatives along with increased investments to promote cruise tourism will further strengthen the regional dominance till 2024. Presence of multiple manufacturers including Sembcorp Marine, Samsung Heavy Industries, Wisdom Marine, Ilshin Shipping, and Hyundai Heavy Industries focus on introducing efficient inland vessels along with the proper integration of inland waterways transportation into inland transport and logistics network will further proliferate the business size.
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The heavy fuel oil dominated the fuel segment with over 1,428,152 shipments in 2017. This dominance can be attributed to the wider fuel availability of the fuel and presence of multiple vessels operating on this fuel. The growing preference towards lower fuel emissions, increasing vessel efficiency and compliance to stringent government regulations is supporting the low sulfur fuel oil growth till 2024.
Global inland waterways vessels market from heavy fuel oil will exhibit the maximum volume share of over 72% over the forecast timeframe. This dominance can be credited to the easier availability and increased usage of such fuels in multiple types of vessels. Low sulfur fuel oil will showcase over 10% CAGR over the forecast timeframe. This growth can be attributed to the benefits offered by the fuel including lower emissions and relatively clean burning compared to the other fuels. The compliance with stringent regulatory norms further supports the segment growth till 2024.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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