Inland navigation vessel market to reach $ 2.5 trillion globally by 2030 at 3.9% CAGR: Allied Market Research
Rising demand for freight transportation by ships and advancement in technology for ships and ship engines are fueling the growth of the global inland navigation vessel market
PORTLAND, Ore., September 14, 2021 / PRNewswire / – Allied Market Research published a report titled, “Inland navigation vessel market By Vessel Type (Passenger and Non-Passenger Vessel), Fuel Type (LNG, Gas Oil, Heavy Fuel Oil and Others) and Application (Oil Tankers, Bulk Carriers, General Cargoers, Container Ships and Others): Global Opportunity Analysis and Forecast of industry, 2021-2030. ” According to the report, the global inland navigation industry has generated $ 1,698.24 billion in 2020, and is expected to reach $ 2,500.40 billion by 2030, with a CAGR of 3.9% from 2021 to 2030.
Drivers, constraints and opportunities
Increasing demand for freight transportation by ships, increasing trade agreements and technological advancements in ships and boat engines are driving the growth of the global market. inland navigation vessel market. However, fluctuations in transportation and inventory costs and environmental concerns associated with recreational boating are hampering market growth. On the other hand, the trend towards the automation of maritime transport and the increase in maritime safety standards present opportunities in the years to come.
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Due to the huge impact on supply chains around the world, huge losses were suffered by boat and engine manufacturers in the first and second quarters of 2020. This resulted in reduced trading revenues during the period.
Bans on freight and container transport activities in many countries resulted in reduced demand for inland waterway vessels during the lockdown. However, the ban was lifted during the post-lockdown and activities are said to increase.
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Non-Passenger Vessel Segment to Maintain Leading Position During Forecast Period
On the basis of vessel type, the non-passenger vessel segment accounted for the highest share in 2020, contributing nearly 93% of the global inland navigation vessel market, and is expected to maintain its leading position over the course of the year. forecast period. In addition, this segment is estimated to have the highest CAGR of 4.0% from 2021 to 2030. This is due to the increase in trade and transport activities via ships across the world. The research also analyzes the segment of passenger ships.
Bulk Carrier Segment Will Maintain Leading Position Throughout Forecast Period
On the basis of applications, the bulk carrier segment held the largest share in 2020, accounting for over a third of the global inland navigation vessel market, and is expected to maintain its leading position throughout the forecast period. This is due to its ability to transport a large amount of goods from one place to another. However, the general cargo segment is expected to account for the fastest CAGR of 6.6% from 2021 to 2030. This is attributed to a safer and more secure mode of freight transportation than others.
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Asia Pacific, followed by Europe and North America, to maintain its dominance by 2030
Depending on the region, Asia Pacific, followed by Europe and North America, contributed to the highest market share in 2020, holding more than two-fifths of the global inland navigation vessel market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to the increase in transport activities carried out by Asian countries for different parts of the globe. However, LAMEA is expected to register the highest CAGR of 6.5% during the forecast period, due to increased investment by shipbuilders in LAMEA countries.
The main players in the market
CMA CGM Group
Damen Shipyards Group
Hodder Tugboat Co. Ltd.
Windcat Workboats BV
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