Press release
Water Transport Market Poised for 4.8 % Growth, Set to Hit $5.7 Billion by 2029
Water Transport
The rise in import and export needs is predicted to fuel the expansion of the water transport industry. Imports involve products and services bought by one nation from another and brought into the purchasing nation for local use or consumption. On the other hand, exports are products and services produced within one country and sold to consumers or businesses in other nations. Water transport is integral to worldwide trade, facilitating the efficient movement of massive quantities of goods across seas, providing affordable and reliable access to international markets, and aiding global trade. For example, the United States Census Bureau, a US government entity, reported in September 2023 that there was a surge in US exports and imports. The total value of exports for July amounted to $251.7 billion, which showed an increment of $3.9 billion from June's exports. Likewise, July's imports valued at $316.7 billion, was $5.2 billion more than the June's imports. Hence, the escalating demand for imports and exports is a major factor propelling the growth of the water transport industry.
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What is the projected compound annual growth rate (CAGR) of the water transport market from 2025 to 2034, and what factors influence it?
The size of the water transport market has seen significant expansion in the past few years. The market, which is projected to be worth $616.23 billion in 2024, is expected to reach $654 billion by 2025, indicating a Compound Annual Growth Rate (CAGR) of 6.1%. Factors that contributed to the growth experienced in the historic period include colonial and maritime discoveries, advancements in industrialization, military and naval activities, a rise in population migration, and the expansion of the fishing industry.
The size of the water transport market is predicted to consistently increase in the coming years, with projections suggesting it will expand to $789.9 billion in 2029 with a compound annual growth rate (CAGR) of 4.8%. This projected expansion during the forecast period can be linked to factors such as adapting to climate change, implementing sustainable shipping procedures, the introduction of arctic shipping routes, growth in the cruise industry, and the transition towards green energy in the shipping sector. Key trends expected to shape the forecast period include the utilization of alternative fuels, autonomous and remote-controlled vessels, smart shipping technologies, electric propulsion systems, and the shift towards digitizing maritime operations.
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How are the latest trends influencing the growth of the water transport market?
Leading firms in the water transportation sector, including Ocean Network Express (ONE), are increasing their emphasis on offering reefer services to stay competitive. Reefer services are specialized shipping services for items that require a temperature-controlled environment during their voyage. For instance, in August 2023, ONE, a shipping company from Japan, started a new service named FLX which connects the West Coast of South America to the East Coast of North America, particularly Florida. This service is aimed at customers needing reliable transportation for their refrigerated goods in South America, as it builds a bridge between South Florida and locations like Honduras, Colombia, and the West Coast of South America. This development in the water transport sector is set to benefit those seeking reliable and streamlined services for their reefer cargo.
What are the major segments of the water transport market and their role in driving growth?
The water transport market covered in this report is segmented -
1) By Type: Deep Sea, Coastal, And Great Lakes, Inland Water Transport
2) By Application: Onshore, Offshore
Subsegments:
1) By Deep Sea: Container Shipping, Bulk Shipping, Oil Tankers, Cargo Ships
2) By Coastal And Great Lakes: Ferry Services, Coastal Shipping, Great Lakes Shipping
3) By Inland Water Transport: Barges, Tugboats, Inland Cargo Vessels
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What regions are leading the charge in the water transport market?
Asia-Pacific was the largest region in the water transport market in 2024. Western Europe was the second largest region in the global water transport market. The regions covered in the water transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the water transport market?
Major companies operating in the water transport market include A.P. Moller-Maersk A/S, CMA CGM S.A., COSCO Shipping Lines Co.Ltd., China Ocean Shipping Company Limited, Kuehne + Nagel International AG, Hapag-Lloyd AG, Ocean Network Express Holdings Ltd., Mediterranean Shipping Company, Evergreen Marine Corp., NYK Line, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Rickmers-Line, Hyundai Merchant Marine Co. Ltd., Hamburg Süd Group, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd., Wallenius Wilhelmsen, Grimaldi Group, American President Lines LLC, Orient Overseas Container Line, Matson Inc., Crowley Maritime Corporation, Höegh Autoliners AS, Atlantic Container Line, Pacific International Lines (PTE) Limited
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What Is Covered In The Water Transport Global Market Report?
•Market Size Forecast: Examine the water transport market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the water transport market for a structured understanding.
•Key Players Overview: Analyze major players in the water transport market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the water transport market.
•Segment Contributions: Evaluate how different segments drive overall growth in the water transport market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the water transport market.
•Industry Challenges: Identify potential risks and obstacles affecting the water transport market.
•Competitive Landscape: Review strategic developments in the water transport market, including expansions, agreements, and new product launches.
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