Pune, 25, Nov, 2022: According to the Water Transport Market study published by Maximize Market Research, the market is expected to grow from USD 507.70 billion in 2021 to USD 809.20 billion in 2029, at a CAGR of 3.81 percent over the forecast period from 2022 to 2029. Sensor Technologies Driving Advancements in Water Transport Market.
Water Transport Market Scope and Research Methodology
The Water Transport Market research report includes product categorization, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, and the most recent dynamic analysis, among other things. The study discusses the worldwide market’s drivers, opportunities, and limitations. It discusses the influence of various drivers, trends, and constraints on market demand during the forecast period. The research also outlines market potential on a global scale. The research includes the production time, base distribution, technical characteristics, research and development trends, technology sources, and raw material sources of significant Water Transport Market firms in terms of production bases and technologies. The more precise research also contains the key application areas of market and consumption, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an analysis of the industry chain relationship. This report’s study also contains product specifications, manufacturing processes, cost structure, and data information organized by area, technology, and application.
The bottom-up approach was used for market estimation and global market trend analysis. Data was collected employing both primary and secondary research methods for a large sample to get accurate inferences. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market. Thus the report provides a complete overview of the Water Transport Market.
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Water Transport Market Overview
Transporting goods, persons, and people have historically been done largely by water. Important commodities like coal, oil, and gas are being transported by ships to power the world economy. The water transport market is growing as a result of the rising usage of this mode of transportation for goods. In 2020 alone, waterways transported roughly 1.9 million metric tonnes of oil and almost 1.2 million metric tonnes of coal. Furthermore, container ships transport the majority of over 80% of all goods that are transported by water. Ships can move a lot of freight compared to other modes of transportation, which makes them less expensive and more suited to transferring big, heavy, and bulky goods while producing very little pollution. In 2018, shipping accounted for around 11% of global transportation emissions, somewhat less than road and air transport. Undoubtedly, one of the hardest kinds of transportation is water transportation. For the supply chain to be successful, it requires a number of partners, including carriers, ports, tug operators, and freight forwarders.
Water Transport Market Dynamics
The demand for water transportation at reasonable prices has fuelled the water transport market. Thanks to the discrepancy in fare costs vs those of other modes of transportation, water freight is frequently seen as inexpensive and reasonable for large cargo. The standard unit of measurement for calculating the cost of water transportation is the cubic meter of the usual container. On the other hand, while using air transportation, the chargeable weight is calculated by taking into consideration both the size and weight of the cargo. According to the U.S. Department of Transportation, ocean vessels moved goods valued at around $736 billion in 2000.
Water transportation service companies are increasingly using sensor technology to keep an eye on ships in remote areas. A sensor is a tool that picks up input from the outside environment and responds to it. Light, heat, motion, moisture, pressure, or any other environmental phenomenon occurring on board the ship might be the specific input. Remote sensors on ships gather information independently and transmit it in real-time to the control room.
Consumers may purchase goods at reduced prices as fuel prices decline, while logistics companies can improve their operations thanks to the savings. Operating costs are directly impacted by changes in fuel prices. According to estimates from the US Energy Information Administration, the cost of operating the water transport industry increased in 2021, with Brent crude oil spot prices averaging $71 billion for the year compared to $42 billion in 2020.
Water Transport Market Regional Insights
The Asia Pacific is expected to dominate the water transport market with a 45 % share in 2021. Around 95% of India’s commerce volume and 70% of its trade value are carried by water. India has 205 recognized small and intermediate ports, along with 12 large ports. The National Perspective Plan for Sagarmala calls for the construction of six additional mega ports across the country. Under the automatic route, up to 100% in foreign direct investment (FDI) is allowed for port and harbour construction and maintenance projects. Additionally, it has made it possible for companies who build, maintain, and manage ports, inland waterways, and inland ports to receive a 10-year tax exemption. The capacity of India’s major ports in FY20 was 1,534.91 million tonnes annually (MTPA). In FY21, 672.60 million tonnes (MT) of cargo were handled by all significant Indian ports.
The amount of freight transported by inland waterways in Russia has fluctuated significantly recently, and is expected to increase by 11% in 2023. In terms of sea transport, crude oil and coal were the top two types of dry cargo in Russia by volume. Additionally, the majority of the country’s transhipments were made up of fossil fuels. More than one-third of the air freight volume in Russia was made up of international exports. Air Bridge Cargo Airlines, a member of the Volga-Dnepr Group and a significant national cargo airline, was first in freight tonnage transported in 2021.
Water Transport Market Segmentation
By Type:
- Deep sea
- Coastal
- Great lakes
- Inland water transport
By Product:
- Counter-current
- Cross-flow
- Cross-flow and Counter-current Paths in the Same Unit
By Application:
- Onshore
- Offshore
Water Transport Market Key Competitors:
- A.P. Møller-Mærsk A/S
- China Ocean Shipping Company Limited
- Cargill Incorporated
- CMA CGM S. A.
- Hapag-Lloyd AG
- Nippon Yusen
- Evergreen Marine Corp
- K-Line
- Hyundai Merchant Marine Co.
- Kuehne + Nagel International AG.
Key questions answered in the Water Transport Market are:
- What is Water Transport?
- What is the growth rate of Water Transport Market over the forecast period?
- What is the nature of competition in Water Transport industry in developed economies and developing economies?
- Who are the key players in the Water Transport Market?
- Who are the market leaders in Water Transport in Europe
- Who are the market leaders in Water Transport in USA and Canada
- Who are the market leaders in Water Transport in India, China, Japan and South Korea?
- What are the factors affecting growth in the Water Transport Market?
- Who held the largest market share in Water Transport Market?
- What are the factors for the growth of Asia-Pacific region in Water Transport Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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