Press release
Europe Inland Waterways Vessel Market Soaring at 9% CAGR During the Period 2017-2024
Europe Inland Waterways Vessel Market share will exhibit over 9% CAGR during 2017 to 2024. Increasing freight transportation through waterways and rising marine passenger traffic led by regular upgradation of the fleet are driving industry demand. More than 37,000 km of inland waterways in region connects thousands of cities and industrial area particularly in Western Europe. Availability of transshipment facilities, link with sea ports, connection between river basins and well equipped inland ports will positively support the revenue generation.
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Europe Inland Waterways Vessel Market is estimated to surpass USD 115 billion by 2024; according to a new research report.
Passenger ships were valued more than USD 9 billion in 2016. Increasing marine passenger traffic has experienced a substantial growth over the past years. For instance, the cruise passenger traffic in the UK was over 1.6 million in 2014, which surpassed 1.7 million in 2015 with around 9% growth. Rising marine tourism across the region has resulted in increased passenger traffic, positively impacting the industry growth.
Europe inland waterways vessel market provide recreational boaters with thousands of kilometers of varied rivers and canals to explore. This stimulates the demand for leisure boating and develop travel & tourism industry across the region. European ship manufacturers are focusing on regular advancements and modernization of their fleet to ensure efficient and environment friendly transportation. Recovering economic & political condition in the region is expected to positively impact the industry demand.
Stringent legislations related to the environment are formulated in the region to be followed by all the ship owners to curb carbon footprints. The aged fleet of marine transportation will face challenges over the projected time frame. Moreover, next-generation models with enhanced features will be available at higher costs. This may affect inland waterways vessel market over the forecast time span.Non-passenger vessels comprise freight vessels, tug-boats, and workboats. Inland waterway is considered as a prominent way for freight transportation as these vessels can transport over 15% of the country's fleet. The growth in the domestic and international freight transportation will drive the Europe inland waterways vessels market from 2017 to 2024.
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LNG will exhibit highest CAGR over the forecast timeframe owing to its large-scale deployment and shifting preference of the industry participants toward the product. Moreover, its usage saves the non-renewable sources used for other productive purposes.
Heavy fuel oil (HFO) is used in the marine diesel engines. Its usage can be attributed to its cost-effectiveness. However, the fuel contains impurities and its combustion emits SOx, NOx, and CO2. Regulations for eco-friendly products may hamper the demand for heavy fuel oil during the forecast period.
France is one of the largest European military shipbuilders and it maritime sector employs more people than that of the nation' aeronautical industry. The French marine market is one of the biggest and busiest in Europe with more than 5,000 companies. Enhanced shipping routes and efficient fuels are expected to boost demand for inland waterways vessels during the study period.
The Netherlands market was valued USD 14 billion in 2016. The demand is attributed to increasing tourism in the nation. Netherlands includes Holland, that comprises of lakes and rivers in the triangle of Rotterdam, Amsterdam, & Utrecht, and lakes of Friesland in the north. These are the busiest water channels in the country and connect to all the major cities and towns. It is considered as one of the places to find a boatyard for renovations, purchasing of a vessel, and to custom-order a new canal cruiser.
Some of the manufacturers are Viking Line, Rhenus Group, Mediterranean Shipping Company S A, Construction Navale Bordeaux, Meyer Werft GmbH & Co., KG, Bayliner, European Cruise Service. Vessel manufacturers of non-passenger vessels are focusing on fleet upgradation to increase the capacity, efficiency of the vessel. Customization and customer satisfaction are the major focus areas for pleasure boat manufacturers and service providers.
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