Inland Waterways Vessels Market Analysis

Inland Waterways Vessels Market Analysis

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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.