With increasing seaborne trading activities and rising marine passenger traffic across the globe, worldwide inland waterways vessels market is poised to exhibit substantial upswing in the coming years. Inland waterways vessels offer a reliable means of long haul, congestion-free transportation at competitive cost, which has favored their penetration on a global scale.
Global inland waterways vessels market size is anticipated to surpass USD 2,250 billion by 2024, projects Global Market Insights, Inc.
With continuous R&D efforts by industry players, inland waterways vessels have evolved to a large extent. Incorporation of advanced navigational systems and multiple sensors, along with increasing vessel capacities is creating a conducive environment for inland waterways vessels business outlook. Fast-paced technology developments such as introduction of vessels with integrated inner and outer hulls designed to prevent spills, and vessels with advanced fleet management solution to minimize accidents are likely to bring forth promising gains for the market through 2024.
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Yet another factor supporting inland waterways vessels industry trends include augmenting government support towards the industry through introduction of several port maintenance facilities and upgradation plans.
How is proliferating demand for non-passenger vessels impacting inland waterways vessels industry outlook?
Inland waterways vessels are majorly used for the transportation of industrial products and industry share from non-passenger vessels was over USD 1,385 billion in 2017. Agricultural products, in particular, are being traded through marine route across various countries, which is boosting industry demand. Inland waterways vessels market share from non-passenger vessels is likely to command over 84% revenue share by 2024.
Meanwhile, inland waterways vessels market share from passenger ships is also likely to accumulate significant gains over the forecast period, precisely at a CAGR of around 6% over 2018-2024. Growing usage of ships and yachts for recreational travel and leisure is a key factor supporting segmental growth. Government focus on strengthening the tourism sector and funding for the same is impacting market growth positively. For instance, in 2018 the Government of India allocated USD 6.7 billion for towards cruise tourism development.
What factors are fueling heavy fuel oil-based inland waterways vessels market?
Inland waterways vessels mostly operate on heavy fuel oil due to their easier availability and applicability in various types of vessels. Heavy fuel oil segment is likely to procure more than 72% share of the global market by 2024. However, with fuel preferences shifting towards more environment-friendly options, low sulfur fuel segment is likely to showcase remarkable progress at a CAGR of more than 10% over the forecast timeframe. Desirable environmental credentials attached with low sulfur fuel oil such as relatively cleaner burning and lower emission, that help to stay compliant with regulatory norms is working in favor of the segmental growth.
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What's supporting inland waterways vessels market outlook in Asia pacific?
Asia Pacific is a highly lucrative inland waterways vessels market and had procured a revenue share of more than 78% in 2017. The regional market is driven by supportive government initiatives towards the expansion of cruise tourism. The same can be validated by the procurement of 60 vessels by Inland Waterways Authority of India (IWAI) in 2016 for facilitating transportation through inland waterways. Additionally, the presence of eminent players such as Samsung Heavy Industries, Ilshin Shipping, Wisdom Marine, Hyundai Heavy Industries, and Sembcorp Marine in the continent acts an added advantage for business growth. Improving water channels paired with growing focus on integration of inland waterways transportation into logistics network is favoring inland waterways vessels industry trends in the region. For the record, in 2017 Asia pacific dominated the global landscape with 1,645 thousand units.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and validation
1.1.4 Scope, definitions, & forecast parameters
184.108.40.206 Assumptions & forecast parameters:
1.2 Data Sources
1.2.2 Secondary sources, by region
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa
Chapter 2 Executive Summary
2.1 Inland waterways vessels industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Vessel trends
2.1.3 Fuel trends
2.1.4 Regional trends
Chapter 3 Inland Waterways Vessel Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013- 2024
3.3 Industry ecosystem analysis
3.3.1 Fleet manufacturers
3.3.2 Service providers
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