Europe inland waterways vessel market from passenger ships was valued over USD 9 billion in 2016.
Sellbyville, DE -- (SBWIRE) -- 10/23/2018 -- Europe inland waterways vessel market from passenger ships was valued over USD 9 billion in 2016. Rise in marine passenger traffic owing to developing marine tourism across the region is expected to support the industry growth during forecast period. Non-passenger segment growth is credited to growing international and domestic freight business across the region.
Liquified natural gas (LNG) will exhibit fastest growth during the forecast period due to increasing preference for this fuel. Growth of heavy fuel oil (HFO) is credited to low cost of fuel and its application in diesel engines. Stringent regulations regarding emissions may hamper product adoption as it emits harmful gases such as CO2, NOX and SOX.
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Inland waterways vessel market in Europe will exhibit nearly 9% CAGR during 2017 to 2024. European commission encouraging adoption of waterways for freight transportation will stimulate the industry growth during the forecast period. Europe has nearly 37 thousand kilometers of waterways which is used for freight transport and connect various industrial areas across the region.
Simplified transportation, reliability, high transport capacity and eco-friendly alternative in terms of noise emissions & energy consumption by rivers and canals compared to rail and road transport will drive the Europe inland waterways vessel market share from 2017 to 2024. Moreover, transshipment facilities, well equipped inland ports and connected river basins support the business growth.
Developed travel & tourism industry in the region, widely spread rivers & canals used for water sports stimulates recreational water sports and leisure boating. Ship manufacturers focus on modernization and upgradation of their fleet to enhance customer experience. Modernized boats and increasing preference for recreational boating will support the industry growth in the region.
However, strict government norms such as directive 2006/87/EC and 96/50/EC related to technical specifications for water vessels limit the industry growth. The old ships may not continue their operations as they do not comply with the norms. Manufacturers will have to invest more to comply with these regulations.
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Rhine is the major river in Europe which contributes nearly 2/3rd of the total transportation. It covers France, Netherlands, Italy, Germany and Switzerland making these countries important for Europe inland waterways vessel market growth. Germany, Belgium, France and Netherlands together contribute more than 50% of the total Europe inland waterways vessel market revenue.
Netherlands inland vessel market was valued at over USD 14 billion in 2016. Country growth is credited to developed tourism industry as it is one of the popular tourist destination in Europe. The country also has several lakes and rivers which are used for fright transport making them busiest waterways. Favorable travel conditions in Netherlands stimulating demand for passenger and pleasure boats is expected to boost market revenue during forecast period.
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Europe inland waterways vessel market participants are Rhenus Group, Viking Line, Meyer Werft, Bayliner, Euro RIJN B.V., Construction Navale Bordeaux and others. Companies regularly expand and upgrade their fleet which in turn increases the competition. Manufacturers look for consolidation and engage in M&A for business expansion. Long term contracts with shipping companies and efforts to enhance customer experience are focus areas for competitors in the industry.
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