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Europe Inland Waterways Vessel Market for LNG will exhibit highest CAGR due to its large-scale deployment and shifting preference of the industry participants toward the product

Author : Ronak Bora | Published Date : 2019-03-20 

The commercialization matrix of Europe inland waterways vessel market has upscaled tremendously over the past few years, in sync with the increasing propagation of energy exploitation and efficiency across the continent. While inland waterway transport on European corridors has always been a viable alternative to rail and road mode, the business space has gained an appreciable popularity in recent years in consequence to the sustainability march led by the regional government. In fact, the European Commission has been striving hard to improvise the legislations, with an aim to integrate inland waterway transport more profoundly in the intermodal logistics chain.

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In this regard, the Netherland Presidency, in the year before last, has signed an informal agreement with the European Parliament, dealing with the revision of regulatory standards regarding the technical requirements of inland waterway vessels operating in the region. Needless to mention, these kind of regulatory improvisations and standardizations speak volume and has remarkably contributed toward Europe inland waterways vessel market trends. Validating the efficacy of the aforementioned declaration, Global Market Insights Inc., claims that the overall business space has crossed USD 55 billion frontier in 2016.

While elaborating further of the commercialization potential of Europe inland waterways vessel industry, it is prudent to mention some of the latest initiatives undertaken by the regional players to quicken the pace of the proliferations of the business space.

Making a headway in Europe inland waterways vessel industry, the Swedish Orient Line, apparently, is investigating new ways of utilizing Europe’s inland transport, with the introduction of an environmentally viable container shuttle between Kristinehamn and Gothenburg. Reportedly, it is the first inland waterway based solution for Sweden transport and logistics market.

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Citing another distinctive instance, Port-Liner, one of the formidable players in Europe inland waterways vessel market, is on its way to introduce world’s first fully electric emission free barges in Europe inland waterway, challenging the existing road and rail transport solutions in the continent. Sources claim- the battery powered ships would have the capacity to encompass 280 containers, with an expectation to remove almost 23,000 trucks from roads annually. Reportedly, Amsterdam, Rotterdam, and Antwerp ports would be hosting the new vessels.

Statistics depict- total volume of good transported via inland waterways in Europe was approximately 554 million tonnes in 2016, allegedly, an increment of almost 0.9% than what was recorded in 2015. Experts deemed this to be positive indicator for Europe inland waterways vessel market growth especially from non-passenger vessels. In fact, non-passenger vessel accounted for almost 60% of the overall Europe inland waterways vessel industry share in 2016.  Primarily on account of its competitive advantage over others with regards to energy efficiency and consumption, experts believe, non-passenger inland waterways vessel market in Europe to witness immense growth over 2017-2024.

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Speaking of the competitive spectrum, Europe inland waterways vessel market space is ablaze with renowned biggies including the likes of Mediterranean Shipping Company S A, European Cruise Service, Viking Line, KG, Bayliner, and Meyer Werft GmbH & Co. These giants, in accordance with the regionally changing sustainability trends have been working relentlessly to come up with innovative energy efficient, environment friendly range of products.  In tandem, the currently harmonized regulatory framework (Directive 2006/87) regarding the technical certifications of inland vessels would further stimulate Europe inland waterways vessel market, slated to exceed USD 115 billion by 2024.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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