Non-passenger-based inland waterways vessels market to garner substantial returns over 2017-2024, environmental concerns to bring about sustainable product development in the industry
The revenue graph of inland waterways vessels market has witnessed considerable escalation in the recent years, subject to reliability and energy efficiency provided in this mode of transportation. Indeed, both passenger and non-passenger vessels have found increasing relevance in inland waterways lately. Observing the environmental advantages of adopting superior inland waterways transportation, regional governments have taken efforts to make major investments in developing inland waterways.
U.S. Inland Waterways Vessels Market, By Fuel, 2016 & 2024, (Units)
A recent instance validating the authenticity of the aforementioned statement is the Jal Marg Vikas Project undertaken by the Indian government that may be a potential game changer for transportation through the Ganges. The $809 million project is being designed to be economically and environmentally potent and may effectively enhance trade and commerce through the Gangetic route. The rejuvenation of the Ganges may emerge as one of many driving forces inevitably stimulating the regional inland waterways vessels market share.
It is rather overt that the development and maintenance of internal water inlets are imperative for the growth of inland waterways vessels industry. The St Lawrence Seaway in Canada is an example of a successful waterway which has added a commendable boost to the regional inland waterways vessels market for the last 60 years and has proved to be quite a competitive means of moving cargo like iron ore, coal, stone, cement and salt. Indeed, St. Lawrence Seaway seems to have trumped surveys when it comes to competitive options for tonnage movement, as reported by logistic professionals who study movement routes to be adopted for the most profitable means of transportation. Thus, more vessels came to be deployed to operate on this route – close to 2,270 vessels alone had been used in 2017.
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It will be prudent to mention that cargo movement makes up for a bulk of inland waterways transportation requirement. On these grounds, non-passenger inland waterways vessels market is expected to attain the dominant position in this industry. As per estimates, non-passenger vessels are forecast to account for a mammoth 80% of the inland waterways vessels industry share by 2024.
Similar to non-passenger vessels, passenger inland waterways vessels market has also gained commendable traction on account of the increasing popularity of river cruises, ferries and yachts. With the expanding tourism industry, river cruises have witnessed a great surge in demand over the last couple of decades. In Europe in fact, river cruises on rivers such as Danube, Main and Rhine have been conducted with great success with luxury long boats like the Viking River Cruise. The adoption of similar boats has been rapidly occurring in the U.S. where tourism interest in rivers like Mississippi and Ohio, has added a significant boost to the regional inland waterways vessels industry. It is thereby rather undeniable that the rise in water-based tourism will augment passenger inland waterways vessels market size, slated to register a CAGR of 3% over 2017-2024.
Regulatory authorities have been trying to promote inland waterways transport on a large scale, as using waterways to transport cargo has certain environmental advantages such as reduction of pressure on highways and railways, lower noise pollution, less land-based congestion and reduced emission. Additionally, water-based transportation also has minimal effect on human livelihood and ecological diversity.
Since most of the inland waterways vessels naturally use diesel as fuel, diesel oil has been forecast to account for 90% of inland waterways vessels market share by 2024. However, since diesel is not quite the most ecofriendly fuel, companies have been developing vessels that would be run by electricity and will be virtually free of any kind of emission. In fact, such barges have already been designed and are being released to operate from Amsterdam, Rotterdam and Antwerp, for moving goods in the inland waterways of Netherlands and Belgium. In 2018 alone, five such barges, which can accommodate up to twenty-four 20 ft containers, are being released and if they succeed in their operation, they will be potentially taking 23,000 trucks off the roads.
The rising preference for energy efficient and technologically advanced solutions for the transportation of goods is certain to add stimulus to inland waterways vessels market. Another factor augmenting the commercialization scale of this vertical is the expanding tourism industry that is becoming more and more ecologically tolerant by the day. With a base valuation of $1,500 billion in 2016, inland waterways vessels market size is projected to be pegged at $2,250 billion by 2024 driven by a plethora of trading activities, favorable government support, and the growing demand for congestion-free transportation.
Author Name : Paroma Bhattacharya
Europe inland waterways vessel market to be driven by environmentally viable product innovations, industry share to surpass USD 115 billion by 2024
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. 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.
France Inland Waterways Vessel Market, By Vessel, 2016 & 2024, (USD Million)
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.
- 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.
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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.
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.
Author Name : Satarupa De