Categories: Market Research

Water Transport Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024

The Water Transport Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 growth in the historic period can be attributed to colonial and maritime exploration, industrialization, military and naval operations, population migration, fishing industry growth.

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 growth in the forecast period can be attributed to climate change adaptation, sustainable shipping practices, arctic shipping routes, cruise industry expansion, energy transition in shipping. Major trends in the forecast period include adoption of alternative fuels, autonomous and remote-controlled vessels, smart shipping solutions, electric propulsion systems, digitalization of maritime operations.

Growing demand for imports and exports is expected to propel the growth of the water transport market going forward. Imports refer to goods and services that are purchased by one country from another country and brought into the importing country for domestic use or consumption. Exports refer to goods and services produced within one country and sold to customers or businesses in other countries. Water transport plays an important role in global import and export by efficiently moving large volumes of goods across oceans, providing cost-effective and reliable access to international markets, and facilitating international trade. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, the US experienced an increase in exports and imports. The value of July exports was $251.7 billion, which is $3.9 billion more than June exports. Similarly, the value of July imports was $316.7 billion, an increase of $5.2 billion from June imports. Therefore, the growing demand for imports and exports is driving the growth of the water transport market.

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The water transport market covered in this report is segmented –

1) By Type: Deep Sea, Coastal, And Great Lakes, Inland Water Transport

2) By Application: Onshore, Offshore

Subsegments Covered: Deep Sea Transport, Coastal and Great Lakes Transport, Inland Water Freight Transport, Inland Water Passenger Transport

Major companies operating in the water transport market are increasing their focus on introducing reefer services to gain a competitive edge in the market. Reefer services refer to specialized transportation services for goods that require temperature-controlled environments during shipment. For instance, in August 2023, Ocean Network Express (ONE), a Japan-based maritime transport company, launched FLX, a new service connecting the West Coast of South America to the East Coast of North America (Florida). This reefer service targets customers seeking dependable transportation for refrigerated goods in South America, creating a connection between South Florida and destinations including Honduras, Colombia, and the West Coast of South America. The new service is an important development in the water transport market, and it is expected to benefit customers looking for reliable and efficient transportation services for their reefer cargo.

The water transport market report table of contents includes: