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Asia Pacific Inland Waterways Vessels Market to hit USD 1700 billion by 2024

Author : Ronak Bora | Published Date : 2019-05-15 

Asia Pacific accounted for the maximum revenue share of over 78% in 2017 owing to increasing freight traffic and improving waster channels across the region. The supporting government initiatives along with the presence of major industry players including Samsung Heavy Industries, Wisdom Marine, Sembcorp Marine, Hyundai Heavy Industries, and Ilshin Shipping are supporting the global inland waterways vessels market proliferation over the study timeframe.

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The heavy fuel oil dominated the fuel segment with over 1,428,152 shipments in 2017. This dominance can be attributed to the wider fuel availability of the fuel and presence of multiple vessels operating on this fuel. The growing preference towards lower fuel emissions, increasing vessel efficiency and compliance to stringent government regulations is supporting the low sulfur fuel oil growth till 2024.

Growth drivers

1    North America - Increasing trading activities

2    Europe - Rising marine passenger traffic in Europe

3    Asia Pacific - Increasing shipbuilding activities

4    LATAM - Development of ports

5    MEA - Government initiatives

Inland Waterways Vessels Market, By Fuel

  • LNG
  • Low Sulfur Fuel Oil (LSFO)
  • Diesel oil
  • Heavy fuel oil (HFO)
  • Biofuel

Inland waterways vessels market for Passenger ships showcased a considerable growth rate of over 2% CAGR over the projected timeframe due to the proliferating tourism sector and increasing demand for cruise ships and yachts for leisure and recreation travel.

The global inland waterways vessels market share from non-passenger vessels accounted for more than USD 1,385 billion in 2017. The dominance is credited to the increasing petrochemical shipments globally. The increasing usage of vessels for transportation of agricultural products and higher adoption of tugboats for ship movements is supporting the segment dominance.

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Increasing vessel capacities along with proliferating trade activities and freight traffic across inland waterways are expanding the global inland waterways vessels market size. The benefits offered by the vessels including cost effective and reliable transportation over long distances and congestion free cargo movement compared to the other modes of transportation, is further expanding the market size till 2024.

Inland Waterways Vessels Market, By Vessel

  • Passenger ships
    • Car ferries
    • Ro-ro ferries
    • Cruise ships
    • Yachts
  • Non-passenger vessels
    • Freight vessels
      • Cargo ships
      • Container ships
      • Tankers
    • Tug boats
      • Harbor River
    • Work boats
      • General cargo ships
      • Fishing vessels

The emergence of vessels with integrated inner and outer hulls result in lower spills. Design innovations including double hulls and integration of advanced fleet management solution software contribute significantly towards reducing accidents and increasing operational efficiency, thereby supporting the global inland waterways vessels market growth over the study timeframe.

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The major industry participants in the global inland waterways vessels market place include Sanmar, Bayliner, Sneed Shipbuilding, CMA CGM Group, and European Cruise Other notable participants include CIWTC, Windcat Work Boats, Norfolk Tug Company, Seacontractors, and DFDS. Industry participants are focused on expanding their portfolio with diversified specifications for gaining orders and increasing their market share over the forecast timeframe.

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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