Europe Inland Waterways Vessel Market: Global Analysis, Opportunities And Forecast To 2024
The Europe Inland Waterways Vessel Market is set to observe growth rate of over 9% till 2024. Escalating freight transportation through waterways and growing marine passenger traffic will push the growth of Europe inland waterways vessel industry. Europe has witnessed a considerable surge in trade activities via inland waterways, especially in Western Europe. Inland waterways vessels are highly being adopted due to their benefits, such as cost-effectiveness, congestion-free transportation, and reliability. In Europe, the Netherlands and France are popular tourist destinations, which will significantly contribute to marine tourism and, in turn, propel industry growth. Factors such as link with seaports, well-equipped inland ports, availability of transshipment facilities, and connection between river basins further support marine trade in the region. Reports predict that Europe inland waterways vessel business will witness above 9% CAGR by 2024.
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Rising preference of industry players for adoption of LNG as a fuel has resulted in considerable growth of Europe inland waterways vessel market share. LNG is being highly utilized due to ratification of stringent government regulations across the region regarding harmful emissions. Also, adoption of LNG conserves non-renewable sources, which can be utilized for other productive reasons.
In 2016, passenger ships accounted for around $9 billion in overall revenue share. The growth can be credited to amplifying marine passenger traffic. For example, in 2014, the U.K. observed more than 1.6 million cruise passenger traffic, which soared up to 1.7 million in 2015, at a growth rate of about 9%. Europe houses several tourist places, which has significantly driven marine tourism, thereby fueling industry demand.
Recreational boaters use pleasure vessels to explore long distances of various canals and rivers. Travel & tourism in Europe has witnessed spiraling growth, which has also augmented demand for leisure boating. Expanding tourism landscape has encouraged European ship manufacturers to develop and modernize their fleets for customer satisfaction and efficient transportation, which may propel Europe inland waterways vessel market growth.
In 2016, Netherlands held almost $14 billion in the total Europe inland waterways vessel market share. The growth is stemmed from developing tourism in the country due to the presence of many tourist places. A few places worth visiting in the country are Holland, which has rivers and lakes in the triangle of Amsterdam, Utrecht, Rotterdam, and Frisian lakes in the north. These are believed to be the busiest water channels in Netherlands, which are connected to almost all the major towns and cities. Netherland is also considered to be one of the best places to buy vessels, custom order a new canal cruiser, and get boats renovated at boatyards.
Among the notable European inland waterways vessel companies, a few prominent ones include Rhenus Group, Viking Line, Mediterranean Shipping Company S A, Meyer Werft GmbH & Co., Construction Navale Bordeaux, KG, European Cruise Service, and Bayliner. European inland waterways vessel manufacturers are focusing on fleet upgradation with respect to key parameters such as capacity, efficiency, ecological impact, and others. In addition, a rising trend, which has been noticed among these industry participants is the progressive transition towards LNG fuel from heavy fuel oil (HFO).
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Some Point from Table of Contents:
Chapter 5. Europe Inland Waterways Vessel Market, By Fuel
5.1. Europe inland waterways vessel market share by fuel, 2016 & 2024
5.2. LNG
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3. Low Sulfur Fuel Oil (LSFO)
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Diesel oil
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
5.5. Heavy fuel oil (HFO)
5.5.1. Market estimates and forecast, 2013-2024
5.5.2. Market estimates and forecast, by region, 2013-2024
5.6. Biofuel
5.6.1. Market estimates and forecast, 2013-2024
5.6.2. Market estimates and forecast, by region, 2013-2024
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