Deep Sea, Coastal, And Great Lakes Global Market Report 2024

The deep sea, coastal, and great lakes market size has grown strongly in recent years. It will grow from $563.52 billion in 2023 to $596.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historic period can be attributed to various factors, including the expansion of global trade and economic growth, the transportation of commodities, the development of maritime infrastructure, as well as the manufacturing and demand for consumer goods.

The deep sea, coastal, and great lakes market size is expected to see strong growth in the next few years. It will grow to $729.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to several key factors, including the trends of digitalization and automation, the emphasis on resilience and climate change mitigation, supply chain diversification, and the increased focus on maritime safety and security. Additionally, major trends expected in this period involve the adoption of alternative fuels and energy transition, efforts for emission reduction and sustainability, further digitalization and automation, and the expansion of port infrastructure.

Water transportation service providers are increasingly integrating sensor technologies into their operations to enable remote monitoring of various ship locations. Sensors, which are devices capable of detecting and responding to different environmental inputs, such as light, heat, motion, moisture, or pressure, are strategically deployed across remote areas of ships. These sensors autonomously gather data and transmit it in real-time to the central control room. This data collected by sensors plays a crucial role in enhancing ship maintenance, including condition monitoring and condition-based maintenance practices. Notably, companies like NoraSens and Silicon Radar are actively involved in manufacturing sensors specifically designed for ships.

The primary categories within the deep sea, coastal, and great lakes transportation market include deep-sea transport and coastal and great lakes transport. Deep-sea transport pertains to the shipping of goods on international routes, involving long-distance journeys across oceans, as opposed to short-sea shipping, which typically covers relatively shorter distances. Additionally, the market is categorized by application, distinguishing between onshore and offshore transport.

The deep sea, coastal, and great lakes market research report is one of a series of new reports that provides deep sea, coastal, and great lakes transportation market statistics, including deep sea, coastal, and great lakes transportation industry global market size; regional shares; competitors with a deep sea, coastal, and great lakes transportation market share; detailed deep sea, coastal, and great lakes transportation market segments; market trends and opportunities; and any further data you may need to thrive in the deep sea, coastal, and great lakes transportation industry. This deep sea, coastal, and great lakes transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing demand for goods and commodities is expected to be a driving force behind the expansion of the deep sea, coastal, and great lakes transportation market in the future. Goods, which refer to tangible products produced or extracted from nature for use or consumption, and commodities, which are basic goods interchangeable with others of the same kind, are in constant need of transportation. Deep sea, coastal, and great lakes transportation methods are essential for moving a wide range of goods and commodities across long distances. For instance, in February 2022, as reported by the United Nations Conference on Trade and Development, global trade experienced a 25% increase in 2021, reaching a total value of $28.5 trillion, up from the figures in 2020. Consequently, the escalating demand for goods and commodities serves as a catalyst for the growth of the deep sea, coastal, and great lakes transportation market.

Major companies operating in the deep sea, coastal, and great lakes transportation industry are actively pursuing innovative, environmentally friendly, and sustainable shipping practices to ensure reliable services for their customers. These include the development of carbon-neutral ships, which are vessels designed to produce zero net greenhouse gas emissions. As an example of such efforts, in September 2023, Mærsk A/S, a Denmark-based shipping and logistics company, introduced the Laura, a container ship powered by bio-methanol. Laura is a compact version equipped with a dual-fuel engine capable of transporting 2,136 20-foot (TEU) containers. The adoption of such eco-friendly technology in the Laura results in a significant daily reduction of approximately 100 tons of CO2 emissions when compared to a similar ship operating on traditional fuel oil. This demonstrates the industry's commitment to sustainable and environmentally responsible transportation practices.

Major companies operating in the deep sea, coastal, and great lakes market include AP Moller - Maersk A/S, China Ocean Shipping Company Limited, Cargill Incorporated, CMA CGM S.A., Hapag-Lloyd AG, Evergreen Marine Corp, K-Line, Hyundai Merchant Marine Co. Ltd., Nippon Yusen, Kuehne + Nagel International AG, Mediterranean Shipping Company SA, Carnival Corporation, Seacor Holdings Inc., Crowley Maritime Corporation, Matson Inc., American President Lines, Ltd., Maersk Line, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., Princess Cruises, Celebrity Cruises, Holland America Line, MSC Cruises, Crystal Cruises, Silversea Cruises, Regent Seven Seas Cruises, Oceania Cruises, Azamara Cruises, Viking Cruises, Hurtigruten.

Asia-Pacific was the largest region in the deep sea, coastal, and great lakes transportation market in 2023. Western Europe was the second largest region in the deep sea, coastal, and great lakes transportation market. The regions covered in the deep sea, coastal, and great lakes transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the deep sea, coastal, and great lakes 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 deep sea, coastal, and great lakes transportation market includes revenues earned by entities by providing transportation service for goods that are being delivered to short-distance destinations. 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 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.


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