Sellbyville, Delaware, Oct. 18, 2018 (GLOBE NEWSWIRE) --
Worldwide Inland Waterways Vessels Market is set to reach a revenue of over USD 2.2 trillion by 2024; according to a new research report by Global Market Insights, Inc. Proliferating domestic trading activities across the globe through inland waterways is driving the global inland waterways vessels market share over the study timeframe.
Increasing preference for these vessels can be attributed to the benefits offered including reliable transportation, cost effectiveness for transporting cargo over long distances, and congestion free movement over the other modes of transportation, are strengthening the market share till 2024.
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Non-passenger inland waterways vessel market will dominate the industry place with more than 84% revenue share by 2024. Increasing demand of cargo ships for transportation of agricultural products are boosting the segment share over the forecast timeframe. High adoption of general cargo and fishing vessels along with the increasing adoption of tugboats for proper movement and towing of ships will support the segment dominance.
Passengers ship will grow significantly at approximately 6% CAGR till 2024. Increasing support from the government for enhancing the industry is playing a major role for inland waterways vessel market expansion till 2024. For instance, in 2018, Government of India approved USD 6.7 billion for leasing out cruises and promote cruise tourism providing a positive outlook for the industry growth.
Industry players are continuously investing in R&D to increase the efficiency of inland waterways vessel and improve the safety significantly. The incorporation of multiple sensors and navigational systems enable easier and efficient movement of people and goods providing a positive outlook for the industry growth. The integration of double hulls systems to reduce spillage enable secured transportation of petroleum, further expanding the inland waterways vessels market revenue generation till 2024.
Browse key industry insights spread across 444 pages with 447 market data tables & 13 figures & charts from the 2018 report Global Inland Waterways Vessels Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/inland-waterways-vessels-market
Global inland waterways vessel market from heavy fuel oil will exhibit the maximum volume share of over 72% over the forecast timeframe. This dominance can be credited to the easier availability and increased usage of such fuels in multiple types of vessels. Low sulfur fuel oil will showcase over 10% CAGR over the forecast timeframe. This growth can be attributed to the benefits offered by the fuel including lower emissions and relatively clean burning compared to the other fuels. The compliance with stringent regulatory norms further supports the segment growth till 2024.
Asia Pacific dominated the global inland waterways vessels market place with around 1,645 thousand units in 2017. This can be attributed to the improving water channels across the region. Supporting government initiatives along with increased investments to promote cruise tourism will further strengthen the regional dominance till 2024. Presence of multiple manufacturers including Sembcorp Marine, Samsung Heavy Industries, Wisdom Marine, Ilshin Shipping, and Hyundai Heavy Industries focus on introducing efficient inland vessels along with the proper integration of inland waterways transportation into inland transport and logistics network will further proliferate the business size.
Sneed Shipbuilding, Sanmar, Bayliner, CMA CGM Group, and European Cruise Service are among the key players in the global inland waterways vessel market place. Other significant players include Windcat Work Boats, DFDS, Seacontractors, Norfolk Tug Company, and CIWTC. Industry participants are focused on expanding their portfolio for increasing their market share over the forecast timeframe.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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