Yahoo Finance Water Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the water transport market include A. P. Møller-Maersk; Mediterranean Shipping Company (MSC); CMA-CGM; Evergreen Marine Corporation and Nippon Yusen Kabushiki Kaisha (NYK).
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Water Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009764/?utm_source=GNW
The global water transport market is expected to grow from $486.47 billion in 2020 to $507.44 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. 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. The market is expected to reach $611.02 billion in 2025 at a CAGR of 5%.
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. The water transport market is segmented into deep sea, coastal, and great lakes and inland water transport.
Asia Pacific was the largest region in the global water transport market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 32% of the global water transport market. Africa was the smallest region 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 shipowners 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.
Read the full report: https://www.reportlinker.com/p06009764/?utm_source=GNW
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