(MENAFN- GlobeNewsWire - Nasdaq) Efficiency in costs and growing environmental awareness are the two critical factors driving the growth of the inland water freight transport market.
Wilmington, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Inland Water Freight Transport Market by Type (Liquid Bulk transportation and Dry Bulk Transportation), fuel Type (Heavy Fuel Oil, Diesel, Biofuel and Other Fuels), Vessel Type (Cargo Ships, Container Ships, Tankers, and Other Vessel Types): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the inland water freight transport market was valued at $17.4 billion in 2023, and is estimated to reach $33.5 billion by 2033, growing at a CAGR of 6.9% from 2024 to 2033.
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Prime determinants of growth
Efficiency in costs and growing environmental awareness are the two critical factors driving the growth of the inland water freight transport market. Furthermore, the adoption of automated vessels, real-time tracking systems advanced logistics management systems and integration with different transport modes are the two primary factors providing an opportunity for the growth of the inland water freight transport market. Moreover, the lack of developed infrastructure and variations in season are two significant factors acting as restraints in the growth of the inland water freight transport market.
Segment Highlights
Based on container type, dry bulk transportation dominated the market in 2023. This is due to the high demand for the movement of commodities such as coal, grains, minerals, and aggregates. Meanwhile, liquid bulk transportation is expected to grow at a significant rate in the market. This is due to the increase in industrial activities that require the transportation of large volumes of liquid commodities.
Based on fuel type, diesel dominated the market in 2023. This is due to the reliability and efficiency of diesel and the existing infrastructure supporting diesel fuel. Meanwhile, the biofuel segment is expected to grow at a significant rate in the market. This is due to increasing environmental regulations and the push for sustainable and eco-friendly fuel options. Bio-fuel is eco-friendly in nature.
Based on vessel type, cargo ships dominated the market in 2023. This is due to the ability of cargo ships to transport a wide range of goods and also help in bulk transportation. Meanwhile, the container ships segment is expected to grow at a significant rate in the market. This is due to the expansion in global trade and the rise in e-commerce.
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Regional Outlook
Based on region, Europe dominated the market in 2023. This is due to the well-established and extensive inland waterway networks such as the Rhine, Danube, and others in the European region. Meanwhile, the Asia-Pacific is expected to grow at a significant rate in the future. This is due to rapid industrialization, urbanization, expanding trade activities, and growing economic growth.
Players:
Ingram American Commercial Barge Line (U.S.) Ingram Barge Company (U.S.) Maxitrans (Australia) SCF Marine, Inc. (U.S.) Fox Brasil (Brazil) McKeil Marine Limited (Canada) Maersk (Denmark) Rhenus Group (Germany) Imperial Logistics International (South Africa) Seacor Holdings Inc. (U.S.) Nippon Yusen (Japan) Deutsche Post AG (Germany) Jeffboat (U.S.) Svitzer (Denmark) Genesee & Wyoming Inc. (U.S.) COSCO Shipping Co., Ltd. (China) Hapag-Lloyd (Germany) Yang Ming Marine Transport Corporation (Taiwan) Evergreen Marine Corp. (Taiwan) Grimaldi Group (Italy) Stolt-Nielsen Limited (UK) Clipper Group (Denmark) Mediterranean Shipping Company S.A. (Switzerland) Wilhelmsen Ship Management (Norway) China Navigation Company (Hong Kong) Keppel Offshore & Marine (Singapore) Eagle Bulk Shipping Inc. (U.S.) Genco Shipping & Trading Limited (U.S.) Dry Ships Inc. (Greece) Nippon Express (Japan)
The report provides a detailed analysis of these key players in the global inland water freight transport market. These players have adopted different strategies such as product launches, acquisitions, service expansion, and other strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments:
In June 2024, Nippon Express launched a new inland water freight transport solution that focuses on increasing its sustainability efforts. In addition, to address climate change, Nippon Express instituted a carbon offset transport service for all ocean freight less-than-container-load (LCL) shipments. This service counterbalances greenhouse gas emissions initiated by LCL transport by obtaining carbon credits from certified projects that not only alleviate global warming but also contribute to local community benefits. This initiative covers all LCL shipments globally and is designed to help customers reduce their carbon footprint without additional costs. In January 2023, Maxitrans launched the latest inland water freight transport service. The goal of the solution is to make canal logistics more sustainable and productive. The policy aims to provide affordable and environmentally sustainable alternatives for product delivery via rivers and canals, therefore decreasing the dependence on road transportation and, in turn, lowering emissions and traffic congestion. In October 2023, SCF Marine was involved in a significant transaction where SEACOR Holdings sold its U.S. Inland River Transport Holdings LLC, including SCF Marine to Ingram Barge Company. This sale is expected to enhance SCF's service capabilities and allow for further development of innovative and sustainable transport solutions. In October 2023, Ingram Barge company expanded its inland water freight transport capabilities by acquiring Inland River Transport Holdings LLC (SCF) from Seacor Holdings. This acquisition includes more than 1, 000 dry cargo hopper barges, eight high-power towboats, and a comprehensive terminal and fleeting infrastructure along the Mississippi River. The deal importantly reinforced Ingram's logistics network, permitting it to transport crucial agricultural and industrial commodities more effectively across over 4, 500 miles (about 7242.05 km) of the U.S. inland waterways. In 2024, Fox Brasil launched a new inland water freight transport solution, expanding its comprehensive logistics services to include enhanced inland waterway capabilities. This new service aims to provide efficient and cost-effective transportation solutions by leveraging Brazil's extensive river network. The inland water freight transport solution includes specialized services such as break bulk, roll-on/roll-off (RoRo), over-dimensional cargo handling, and sensitive cargoes. Fox Brasil offers a complete range of logistics support, including load-out operations, barge services, route surveys, structural and geometric studies, and end-to-end delivery and discharge at job sites.
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