Inland Waterways Vessels Market - Global Industry Analysis Report, Share, Size, Growth, Price Trends and Forecast, 2019 – 2025
The emergence of vessels with integrated inner and outer hulls result in lower spills. Design innovations including double hulls and integration of advanced fleet management solution software contribute significantly towards reducing accidents and increasing operational efficiency, thereby supporting the global inland waterways vessels market growth over the study timeframe.
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Industry participants are focusing on introducing innovative technologies and improving the efficiencies of the vessels for increasing their market share. The introduction of advanced communication and navigation systems along with the integration of GPRS facilities allows easier and efficient transportation of people and goods is boosting the global inland waterways vessels market growth.
The major industry participants in the global inland waterways vessels market place include:Sanmar, Bayliner, Sneed Shipbuilding, CMA CGM Group, and European Cruise Other notable participants include CIWTC, Windcat Work Boats, Norfolk Tug Company, Seacontractors, and DFDS.
Industry Growth drivers:
1 North America
1.1 Increasing trading activities
2.1 Rising marine passenger traffic in Europe
3 Asia Pacific
3.1 Increasing shipbuilding activities
4.1 Development of ports
5.1 Government initiatives
Governments across the globe are actively supporting the global inland waterways vessels industry by introducing several port maintenance facilities, traffic management systems, and upgradation plans. For instance, Hamburg Port Authority is developing an Intelligent Transport System (ITS) that enables easier optimization of data interchange among the inland waterways vessels. This will enable easier loading and unloading of passenger and goods and reduce downtime significantly.
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 marketplace 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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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.
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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