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Inland Water Freight Transport Global Market Report 2023
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, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inland Water Freight Transport Global Market Report 2023" - https://www.reportlinker.com/p06250366/?utm_source=GNW
The global inland water freight transportmarket will grow from $16.99 billion in 2022 to $17.82 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The inland water freight transport market is expected to grow to $20.70 billion in 2027 at a CAGR of 3.8%.
The inland freight water transport market includes revenues earned by entities by providing navigation as well as drainage, irrigation, water supply, and hydroelectric power generation.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Inland waterfreight transportation refers to a mode of transportation over stretches of water, not part of the sea, over which crafts with a carrying capacity of not less than 50 tons can navigate when normally loaded to provide inland water transportation of passengers and cargo on lakes, rivers, or intracoastal waterways.
Western Europe was the largest region in the inland water freight transport market in 2022.Asia Pacific was the second largest region in the inland water freight transport market.
The regions covered in this inland water freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
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.
On water transport, the rate is often calculated by the cubic metre of the standard container.On the 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, international trade is expected to double within the US, with the majority of the trade expected to move via ocean shipping. According to the World Bank, which is the major financer of India’s National Waterway Project, the cost of transporting one tonne of freight over 100 km through roadways is around $3.07; through railways it is around $1.93; and through waterways it is around $1.62; and this makes waterways the economical way of transporting cargo in India.
Volatility in the crude oil price is impacting 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 the 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 logistics companies use the saved money to improve their operations. Fuel price changes have a direct impact on operational costs. 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’s growth.
The development of information technology platforms for better vessel management is an emerging trend in the inland water freight transport market.For instance, in April 2021, according to research published in Springer, a Germany based publishing company, about 80% of global trade by volume was carried by waterways, with a fleet of 95402 ships in 2019.
Information technology on ships is used for fuel optimization and monitoring vessel performance, recognising scanned copies and photos of documents, customer relationship management, warehouse management, and Que management systems.A few significant online apps and portals used for operations management on ships are BunkerEx, an online portal for ship owners helping in finding optimal bunker ports; 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 digitising workflows, cutting costs, and improving budgeting.
Therefore, the combination of digital and physical connectivity helps carriers and seaports 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 $278 million.With this acquisition, Kirby Corporation will be able to provide better service to customers’ fleeting needs with young and well-maintained vessels.
Savage Inland Marine is a USA-based company operating in inland water freight transport.
The countries covered in the inland water freight transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The inland water freight transport market research report is one of a series of new reports that provides inland water freight transport market statistics, including inland water freight transport industry global market size, regional shares, competitors with an inland water freight transport market share, detailed inland water freight transport market segments, market trends and opportunities, and any further data you may need to thrive in the inland water freight transport industry. This inland waterway freight transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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