Inland Waterways Vessels Market Size - By Vessel (Freight Vessels [Cargo Ships, Container Ships, Tankers], Tugboats [Harbo River], Work Boats [General Cargo Ships, Fishing Vessels], Ferries), Transportation, Application, Fuel & Global Forecast, 2023 - 2032

Inland Waterways Vessels Market Size

Inland Waterways Vessels Market size was valued at USD 1.21 trillion in 2022 and is anticipated to register a CAGR of over 5% between 2023 and 2032, owing to the increase in trade & economic activities. As global trade and economic activities expand, the demand for efficient & cost-effective cargo transportation will also increase. Inland waterway vessels offer an eco-friendly and economically viable mode of transporting bulk goods, thereby reducing transportation costs. Governments and businesses are rapidly recognizing the potential of navigable rivers and canals to facilitate trade, thereby leading to investments in vessel infrastructure and supporting market revenue.
 

The growing awareness of the benefits of inland waterway transportation routes is accelerating the inland waterways vessels market growth. Many stakeholders now recognize that the use of navigable rivers & canals for transportation is cost-effective and environment friendly. This awareness has led to increased investments in waterway infrastructure and the adoption of inland waterways as a viable mode of cargo transport. As a result, more businesses and governments are leveraging these benefits, thereby propelling market size.
 

The high cost of vessels presents a significant challenge in the inland waterways vessels market. The acquiring and maintaining of vessels can be a substantial financial burden for companies and governments, especially while considering the need for specialized vessels for different types of cargo & routes. The ongoing operational & maintenance costs, such as crew salaries and fuel expenses, also contribute to the overall high cost of vessel ownership.
 

COVID-19 Impact

The COVID-19 pandemic had negative impacts on the inland waterways vessels market in several ways. Lockdowns and restrictions disrupted trade, leading to decreased cargo volumes. Supply chain disruptions affected vessel operations, causing delays and revenue losses. Economic uncertainties led to setbacks in the investments in new vessels and infrastructure projects. The reduced demand for passenger transport in inland waterways further strained industry growth. Overall, the pandemic created challenges and uncertainties, hindering the growth & development of the market.
 

Inland Waterways Vessels Market Trends

Digitalization and automation are the emerging trends in the inland waterways vessels industry as they are revolutionizing operations and enhancing efficiency. Advanced technologies, such as IoT sensors and AI-powered systems, are being integrated to monitor vessel performance, cargo conditions, and navigation in real-time. The automated systems for cargo handling & navigation are reducing the need for manual labor, increasing safety, and optimizing resource utilization. These innovations are driving cost-effectiveness, improving logistics, and positioning the market for sustainable growth in the digital age.
 

The demand for versatile vessels is a growing trend in the inland waterways vessels market. Customers are seeking vessels that can handle a wide range of cargo types and adapt to the varying waterway conditions. Versatile vessels offer increased operational flexibility, thereby enabling the transportation of bulk goods, containers, and liquid cargoes. This trend reflects the industry's need for adaptable solutions to meet diverse shipping requirements, ultimately boosting efficiency and competitiveness in the evolving logistics landscape.
 

Inland Waterways Vessels Market Analysis

The inland waterways vessels market from freight vessels segment is set to witness remarkable growth through 2032, attributed to the increasing demand for the efficient & cost-effective transportation of goods via waterways. Freight vessels including container ships and bulk carriers can transport large quantities of cargo, making them essential for industries such as logistics, agriculture, and manufacturing.
 

As businesses look for environment-friendly & economical shipping options, the freight vessels segment will further expand by catering to the evolving needs of the supply chain. For instance, in May 2023, Future Proof Shipping (FPS), a shipping firm based in the Netherlands, launched the H2 Barge 1, the first hydrogen-powered zero-emission inland container ship, in Rotterdam, the Netherlands.
 

The Heavy Fuel Oil (HFO) segment held around 75% of the inland waterways vessels market share in 2022. HFO-powered vessels, which are known for their cost-efficiency and reliability, are preferred by many operators in this industry. With stricter emission regulations, vessel owners are also investing in technologies such as exhaust gas cleaning systems (scrubbers) to comply with the environmental standards while continuing to use HFO-powered vessels. The growth of this segment is driven by the balance between cost-effectiveness and the need to address environmental concerns, making it a viable choice for many operators.
 

Asia Pacific inland waterways vessels market size dominated around USD 646.8 billion in 2022, owing to several key factors such as the region's extensive network of rivers, lakes, and canals, which provide ample opportunities for inland waterway transportation. The increasing trade activities in Asia Pacific countries have led to the higher demand for efficient & cost-effective cargo transport.

Additionally, governments in the region are investing in infrastructure development and modernizing their inland waterway transportation systems, further driving market growth. These factors are collectively contributing to the expansion of the market in Asia Pacific. For instance, in July 2023, COSCO Shipping Development, a subsidiary of COSCO Shipping Corporation, launched an electric container ship as part of its efforts to reduce emissions and promote eco-friendly shipping solutions.
 

Inland Waterways Vessels Market Share

The major companies operating in the inland waterways vessels market-

•    Kirby Corporation
•    American Commercial Barge Line (ACBL)
•    Ingram Barge Company
•    Barge Transportation
•    Canal Barge Company
•    American River Transportation Company (ARTCO)
•   SCF Marine Inc.

Inland Waterways Vessels Industry News

•  In September 2023, Maersk, a major shipping company, launched the world's first container ship that runs on bio-methanol, a renewable & sustainable fuel source. This initiative represents a significant step toward reducing the shipping industry's carbon emissions and environmental impact.
 

This inland waterways vessels market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million, Tonnage & Number of Vessels) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Vessel

• Freight vessels
• Tugboats
• Work boats
• Ferries

Market, By Transportation

• Liquid bulk transportation
• Dry bulk transportation

Market, By Application

• Logistics
• Military
• Others

Market, By Fuel

• LNG
• Low Sulfur Fuel Oil (LSFO)
• Diesel oil
• Heavy Fuel Oil (HFO)
• Biofuel

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Belgium
  • Netherlands
  • Hungary
  • Austria
  • Romania
  • Slovakia
  • Greece
  • Portugal
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Indonesia
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Egypt
  • South Africa
  • Turkey