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Inland Water Freight Transport Global Market Report 2022
Major players in the inland water freight transport market are American Commercial Barge Line, Ingram Barge, Kirby Inland Marine, American River Transportation, CMA CGM Group, McKeil Marine Limited, AP Moller - Maersk A/S, Rhenus Group, and Imperial Logistics International.
New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inland Water Freight Transport Global Market Report 2022" - https://www.reportlinker.com/p06250366/?utm_source=GNW
The global inland water freight transport market is expected to grow from $15.91 billion in 2021 to $16.71 billion in 2022 at a compound annual growth rate (CAGR) of 5.0%. The market is expected to grow to $19.34 billion in 2026 at a compound annual growth rate (CAGR) of 3.7%.
The inland water freight transport market consists of sales of inland water freight transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide inland water transportation of cargo on lakes, rivers, or intra-coastal waterways. Only goods and services traded between entities or sold to end consumers are included.
The main types of transportation in the inland water freight transport market are liquid bulk transportation and dry bulk transportation.Dry bulk transportation involves the shipment of dry raw materials in large unpackaged parcels.
It is also segmented by fuel into heavy fuel oil, diesel, biofuel, and others and by vessel type into cargo ships, container ships, tankers, and others.
Western Europe was the largest region in the inland water freight transport market in 2021.Asia Pacific was the second largest region in the inland water freight transport market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The need for economical transportation for cargo has been the main driving factor for the inland water freight transport market.Water freight is usually considered inexpensive and economical for heavier cargo because of the difference in fare charging in comparison to other modes of transport.
In water transport, the rate is often calculated by the cubic meter of the standard container and on other hand in air transport, the chargeable weight is calculated by a combination of size and weight of cargo. According to the U.S. Department of Transportation, goods worth approximately $736 billion were shipped through ocean vessels in 2000 and by 2020, the international trade is expected to be double within the US, with the majority of the trade is expected to move via ocean shipping. According to the World Bank, which is the major financer in India’s National Waterway Project, the cost for transporting one ton of freight over 100 km through roadways is around $3.07, through railways is around $1.93 and through waterways is around $1.62 and this makes waterways the economical way of transporting cargo in India.
Volatility in the crude oil price is impacting the water transport and therefore it is expected to restrain the market for inland water freight transport during the period.According to the United Nations Conference on Trade and Development, fuel oil is a major source powering the global economy and supplies 95% of the energy used in world transport.
Water transport carries over 80% of global merchandise trade by volume and is highly dependent on oil.As the cost of oil rises, the carriers are forced to raise prices or bear losses.
Usually, the receiver is charged more to make up for added costs.Higher fuel costs cause product inflation and affect every aspect of product transportation.
When fuel prices fall, the consumer receives goods at a low price and logistic companies use the saved money to improve their operations. An increase or decrease in fuel price affects the operations cost directly. For instance, according to US energy information administration data, crude oil prices rose during the year 2021, with Brent crude oil spot prices averaging $71/b for the year compared with $42/b in 2020., thus increasing the operating costs of water transport and hindering the inland water freight transport market growth.
The development of information technology platforms for better vessel management is an emerging trend in the inland water freight transport market.According to the United Nations Conference on Trade and Development (UNCTAD) in 2019, about 80% of global trade by volume was carried by waterways with a fleet of 95402 ships.
Information technology on ships is used for fuel optimization and monitoring vessel performance, recognizing scanned copies and photos of documents, customer relationship management, warehouse management, and Que management system.Few significant online apps and portals used for operations management on the ship are - BunkerEx, an online portal for ship owners helping in finding optimal bunker port; Nautilus Labs, which takes data from sensors, manual reports, and market information to get a unified fleet intelligence picture; and Radiantfleet, with its software, helps in digitizing workflows, cut cost and improve budgeting.
Therefore, the combination of digital and physical connectivity helps carriers and seaports to integrate their processes with shippers and track devices for containers and cargo.
In April 2020, Kirby Corporation, a USA-based waterway transport company acquired Savage Inland Marin’s inland barge fleet for $278 million.With this acquisition, Kirby Corporation will be enabled to provide better service to customers’ fleeting needs with young and well-maintained vessels.
Savage Inland Marine is a USA-based company operating in inland water freight transport.
The countries covered in the inland water freight transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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