The deep sea, coastal, and great lakes transportation market comprise of sale and transportation service of deep sea, coastal, and great lakes by different entities associated in providing deep sea, coastal, and great lakes transportation of passengers and cargo by the use of watercraft, such as ships, barges, and boats.
According to study, “Deep Sea, Coastal, And Great Lakes Global Market Report 2019” the key companies operating in the global deep sea, coastal, and great lakes market are Carnival Corporation, MSC Mediterranean Shipping Company SA, A.P. Moller, Seacor Holdings Inc., K-Line America. Some of the key players are adopting value addition methods, mergers and acquisition strategies, and setting the unique services for their clients
Based on type, deep sea, coastal, and great lakes market is segmented into deep sea transportation, great lakes water transportation and coastal transportation. Based on product and services, market is segmented into container transportation, liquid bulk, transportation, dry bulk transportation, passenger transportation and others. Based on fuel type, market is segmented into heavy fuel oil, biofuel, diesel and others (e.g. LNG). Based on sales channel, market is segmented into Original equipment manufacturers (OEMs) and aftermarket. In addition, based on application, market is segmented into offshore and onshore.
The deep sea, coastal, and great lakes market is primarily driven by the increase in investments over the transportation industry, followed by the rise in economic growth & rise in government support initiatives. However, increase in the infrastructure costs & maintenance costs may impact the market over the forecast period. Moreover the large scale investments in the water transportation industry is adding a key opportunity for the market. Moreover, change in shift towards the available less polluting fuels and low emission fuels are adding to the major trends for market. Varying shift towards the less polluting fuels such as liquefied natural gas (LNG), biofuels and many more have been seen growing considerably in the recent times. The pricing and low emission standards have resulted an increase in demand of LNG. Moreover, the European Commission have planned to have new LNG refueling facilities for the seagoing and the inland vessels. The rise in usage of LNG powered ships are estimated to play a major role in Deep Sea, coastal, and great lakes water transportation industry over the forecast period. The companies such as Rolls Royce, Wartsila, and MAN have also developed new LNG engine technologies with better power, transportation capabilities.
Based on geography, the Asian-Pacific region holds major share in deep sea, coastal, and great lakes water transportation market owing to shipment of bulk freight coupled with insufficient pipeline in the region. Countries over the Asia Pacific region, including China and Japan, are key exporters for the majority of exporters exporting their goods via water transportation owing to its high loading capacity. The European and North-American regions are projected to exhibit a higher growth rate owing to increase in transportation of agricultural products over the forecast period.
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Ankur Gupta, Head Marketing & Communications