Water Transport Global Market Report 2024

The water transport market size has grown strongly in recent years. It will grow from $584.03 billion in 2023 to $618.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The historical period's growth can be credited to factors such as colonial and maritime exploration, the onset of industrialization, military and naval operations, population migration, and the expansion of the fishing industry.

The water transport market size is expected to see strong growth in the next few years. It will grow to $757.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be ascribed to factors such as climate change adaptation, the adoption of sustainable shipping practices, the emergence of Arctic shipping routes, the expansion of the cruise industry, and the ongoing energy transition in shipping. Key trends expected in the forecast period encompass the uptake of alternative fuels, the integration of autonomous and remote-controlled vessels, the implementation of smart shipping solutions, the utilization of electric propulsion systems, and the digitalization of maritime operations.

The anticipated growth in the water transport market is driven by an increasing demand for imports and exports. Imports involve the purchase of goods and services from one country by another, while exports entail goods and services produced within a country and sold to other nations. Water transport plays a vital role in facilitating global import and export activities, efficiently transporting large volumes of goods across oceans, providing cost-effective and reliable access to international markets, and supporting international trade. For example, in September 2023, the United States Census Bureau reported a rise in both exports and imports in the U.S., with the value of July exports reaching $251.7 billion, an increase of $3.9 billion from June, and the value of July imports totaling $316.7 billion, a $5.2 billion increase from June. Hence, the increasing demand for imports and exports is a key driver for the growth of the water transport market.

Water transportation service providers are increasingly incorporating sensor technologies to monitor remote ship locations. Sensors, devices that detect and respond to environmental inputs such as light, heat, motion, or pressure, are deployed in various parts of ships to autonomously collect and relay real-time data to control rooms. This data allows shipowners to enhance maintenance cycles, including condition monitoring and condition-based monitoring. Companies such as NoraSens and Silicon Radar manufacture sensors specifically for ships.

Leading companies in the water transport market are focusing on the introduction of reefer services to gain a competitive advantage. Reefer services cater to specialized transportation needs for goods requiring temperature-controlled environments during shipment. For instance, in August 2023, Ocean Network Express (ONE), a Japan-based maritime transport company, launched FLX, a new reefer service connecting the West Coast of South America to the East Coast of North America (Florida). This service targets customers in need of reliable transportation for refrigerated goods in South America, providing a connection between South Florida and destinations such as Honduras, Colombia, and the West Coast of South America. The introduction of this service is a significant development in the water transport market, benefiting customers seeking efficient transportation for their reefer cargo.

Major companies operating in the water transport market report are Cargill Incorporated, A.P. Moller-Maersk A/S, CMA CGM S.A., COSCO Shipping Lines Co.Ltd., China Ocean Shipping Company Limited, Kuehne + Nagel International AG, Hapag-Lloyd AG, Ocean Network Express Holdings Ltd., Mediterranean Shipping Company, Evergreen Marine Corp., NYK Line, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Rickmers-Line, Hyundai Merchant Marine Co. Ltd., Hamburg Süd Group, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd., Wallenius Wilhelmsen, Grimaldi Group, American President Lines LLC, Orient Overseas Container Line, Matson Inc., Crowley Maritime Corporation, Höegh Autoliners AS, Atlantic Container Line, Pacific International Lines (PTE) Limited.

Asia-Pacific was the largest region in the water transport market in 2023. Western Europe was the second largest region in the global water transport market. The regions covered in the water transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the water transport market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The water transport market includes the revenue generated by entities that transport goods and people from one location to another using marine for long distance travel. 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. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The primary categories in the water transport market include deep-sea, coastal, great lakes, and inland water transport. Deep-sea transportation facilitates the movement of people and goods through sea waterways. The market is further classified by application, distinguishing between onshore and offshore operations.

The water transport market research report is one of a series of new reports that provides water transport market statistics, including global water transport industry market size, regional shares, competitors with a water transport market share, detailed water transport market segments, market trends and opportunities, and any further data you may need to thrive in the water transport industry. This water 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.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.