Global Water Transport Market Trends And Strategies Of Major Players In The Water Transport Market 2021-2030
22 Jun, 2021
The water transport market consists of sales of water transportation services and related goods by entities (organizations, sole traders and partnerships) that provide water transportation of passengers and cargo using watercraft, such as ships, barges, and boats.
Global Water Transport Market Size And Drivers:
The global water transport market is expected to grow from $486.7 billion in 2020 to $507.4 billion in 2021 at a compound annual growth rate (CAGR) of 4%. The market is expected to reach $611.2 billion in 2025 at a CAGR of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
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Trends In The Global Water Transport Market
Water transportation service companies are increasingly using sensor technologies to enable monitoring of remote locations of ships. A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any one of a number of other environmental phenomena present in the ship. Sensors in remote locations of ships collect data autonomously and relay the data to the control room in real-time. The data captured by the sensor allows ship-owners to improve overall maintenance cycle of visits, including condition monitoring and condition-based monitoring. For instance, NoraSens and Silicon Radar are some of the companies manufacturing sensors for ships.
Global Water Transport Market Segments:
The global water transport market is further segmented based on type and geography.
By Type: Deep Sea, Coastal, And Great Lakes, Inland Water Transport
Sub segments Covered: Deep Sea Transport, Coastal and Great Lakes Transport, Inland Water Freight Transport, Inland Water Passenger Transport
By Geography: The global water transport market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global water transport market, accounting for 45% of the market in 2020.
Read More On The Report For The Global Water Transport Market At:https://www.thebusinessresearchcompany.com/report/water-transport-global-market-report-2020-30-covid-19-impact-and-recovery
Water Transport Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides water transport market overviews, analyzes and forecasts market size and growth for the global water transport market, water transport market share, water transport market players, water transport market segments and geographies, water transport market’s leading competitors’ revenues, profiles and market shares. The water transport market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.