Press release
Water Transport Market Size Forecast: $734.56 Billion by 2029 | Global Outlook
Water Transport Market
What Is the Projected Market Size Valuation of the Water Transport Market by 2025?
In the past few years, the water transport market dimension has consistently expanded. It is predicted to enhance from $572.98 billion in 2024 to $600.28 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. The growth during the historic period can be credited to factors such as colonial and maritime exploration, industrial growth, military and naval endeavors, population movement, and expansion of the fishing industry.
What Is the Estimated Market Growth Value for the Water Transport Industry in 2029?
Anticipations are high for considerable advancements in the water transport market over the next few years, with an expected surge to $734.56 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 5.2%. This forecasted growth is driven by factors including adaptation to climate change, the promotion of sustainable shipping methods, development of arctic shipping routes, the broadening of the cruise industry, and the shift towards energy-efficient shipping. The prediction for the future also highlights trends such as the use of alternative fuel sources, the implementation of autonomous and remote-controllable vessels, the utilization of intelligent shipping solutions, the installation of electric propulsion systems, and the progress in digitizing maritime procedures.
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What Are the Growth Drivers and Opportunities in the Water Transport Market?
The surge in import and export needs is forecasted to drive the expansion of the water transport market. Imports are products and services acquired by a certain nation from another, subsequently introduced to the buyer's country for local use or consumption. Similarly, exports are goods and services made within a nation and sold to consumers or corporations in other nations. Water transport is crucial in international import and export, as it efficiently carries large quantities of goods across seas. It offers affordable and dependable access to international markets, thereby augmenting global trade. To illustrate, the United States Census Bureau, a US government entity, reported an increase in US exports and imports in September 2023. The July exports stood at $251.7 billion, marking an increase of $3.9 billion from June's exports. Likewise, July's imports valued at $316.7 billion, up by $5.2 billion from goods brought into the country in June. Consequently, the escalating demand for imports and exports is spurring the expansion of the water transport market.
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What Are the Primary Segments Covered in the Global Water Transport Market Report?
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
What Are the Top Growth Trends in the Water Transport Market?
Leading firms in the water transport sector, such as Ocean Network Express (ONE), are strategically broadening their service offerings to include reefer services, in a bid to gain a competitive edge. Reefer services cater to the specialized transportation needs of goods requiring temperature-regulated environments during transit. In a recent development in August 2023, ONE, a maritime transport enterprise based in Japan, introduced their new service, the FLX. This service links the West Coast of South America to the East Coast of North America, specifically Florida. The primary aim of this reefer service is to provide dependable carriage of refrigerated goods for the South American market, establishing a critical link between South Florida and various destinations such as Honduras, Colombia, and the West Coast of South America. This new service signifies a key advancement in the water transport market and is anticipated to satisfy the clientele who prioritise reliability and efficiency in the transportation of their reefer cargo.
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Which Companies Are Shaping the Future of 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
Which Region Holds the Largest Market Share in the Water Transport Industry?
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.
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