- Inland water service comprises utilization of rivers, canals, and backwaters for transportation. It can be an alternative to road and rail transport. Inland water transportation service helps reduce both noise and energy consumption. Its energy consumption per km/ton of transported service is about 17% of that utilized by road transport service and 50% of that consumed by rail transport.
- Inland water transportation service offers significantly high load carrying capacity, as compared to that offered by other transportation services. This transportation service is considerably inexpensive, as compared to road and rail transportation.
Key Drivers of Global Inland Water Transportation Service Market
- Rise in government support for transformation of port facilities is fuelling the adoption of water transportation services across the globe. For instance, in March 2018, the Government of India granted US$ 10 Bn to the port sector of the country to maintain ports facilities in order to enhance the inland water transportation service market across the country.
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- Rise in integration of latest technology in water transportation would boost the adoption of inland water transportation service. Sensors integrated in the inland transportation service is estimated to enhance ship performance and safety significantly. Moreover, sensors help minimize operating costs. Sensors integrated in water transportation continuously monitor the performance and provide quick information in terms of any errors or damages. Introduction of GPS, GNSS systems in water transportation is projected to propel the inland water transportation service market across the globe.
North America and Asia Pacific to hold prominent share of global inland water transportation service market
- North America is projected to hold a significant share of the global inland water transportation service market due to an increase in transportation of agricultural products across the region. Countries across the North America are major exporters of oil, which is likely to enhance the inland water transportation service market across the region.
- Followed by North America, Asia Pacific is projected to account for a major share of the global inland water transportation service market due to the shipment of bulk freight coupled with insufficient pipeline. Increase in trading activities across the region is anticipated to boost the inland water transportation service market across the region. Countries across Asia Pacific, including China and Japan, are major exporters of goods for which majority of exporters export their goods via water transportation due to its high loading capacity. This, in turn, is likely to drive the inland water transportation service market in Asia Pacific.
Key Players Operating in Global Inland Water Transportation Service Market
The global inland water transportation service market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global inland water transportation service market are:
- Alnmaritec Ltd.
- Groupe Beneteau
- CMA CGM Group
- Damen Shipyards Group
- Hyundai Heavy Industries
- McKeil Marine Limited