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Deep Sea, Coastal & Great Lakes Market 2024-2033 - Size, Growth, Trends & Forecast
Deep Sea, Coastal & Great Lakes Market
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According to The Business Research Company's, The deep sea, coastal, and great lakes market size has grown strongly in recent years. It will grow from $563.52 billion in 2023 to $596.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to global trade and economic growth, commodity transport, maritime infrastructure development, manufacturing and consumer goods.
The deep sea, coastal, and great lakes market size is expected to see strong growth in the next few years. It will grow to $729.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to digitalization and automation, resilience and climate change mitigation, supply chain diversification, maritime safety and security. Major trends in the forecast period include alternative fuels and energy transition, emission reduction and sustainability, digitalization and automation, port infrastructure expansion.
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Market Drivers and Trends:
Water transportation service companies are increasingly using sensor technologies to enable monitoring of remote locations of ships. A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any one of several other environmental phenomena present on the ship. Sensors in remote locations of ships collect data autonomously and relay the data to the control room in real-time. The data captured by the sensor allows ship owners to improve the overall maintenance cycle of visits, including condition monitoring and condition-based monitoring. For instance, NoraSens and Silicon Radar are some of the company's manufacturing sensors for ships.
Major companies operating in the deep sea, coastal, and great lakes market are focused on developing new innovative, eco-friendly, and sustainable shipping practices, such as carbon-neutral ships, to provide reliable services to customers. Carbon-neutral ships are ships that produce zero net greenhouse gas emissions. For instance, in September 2023, Mærsk A/S, a Denmark-based shipping and logistics company, launched Laura, a container ship running on bio-methanol. It is a compact variant with a dual-fuel engine that can move 2,136 20-foot (TEU) containers. Comparing the Laura to the same ship running on fuel oil will result in a daily reduction in CO2 emissions of 100 tones.
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Major Key Players of the Market:
AP Moller - Maersk A/S, China Ocean Shipping Company Limited, Cargill Incorporated, CMA CGM S.A., Hapag-Lloyd AG, Evergreen Marine Corp, K-Line, Hyundai Merchant Marine Co. Ltd., Nippon Yusen, Kuehne + Nagel International AG, Mediterranean Shipping Company SA, Carnival Corporation, Seacor Holdings Inc., Crowley Maritime Corporation, Matson Inc., American President Lines, Ltd., Maersk Line, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., Princess Cruises, Celebrity Cruises, Holland America Line, MSC Cruises, Crystal Cruises, Silversea Cruises, Regent Seven Seas Cruises, Oceania Cruises, Azamara Cruises, Viking Cruises, Hurtigruten.
Deep Sea, Coastal, And Great Lakes Market 2024 Key Insights:
• The deep sea, coastal, and great lakes market size is expected to see strong growth in the next few years. It will grow to $729.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Enhancing Water Transportation Services Through Sensor Technology In Ship Monitoring
• Innovative And Sustainable Practices In The Deep Sea, Coastal, And Great Lakes Transportation Industry
• Asia-Pacific was the largest region in the deep sea, coastal, and great lakes transportation market in 2023
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