The Marine Freight market in the US and UK is to reach US$70.97 billion by 2016. One of the key factors contributing to this market growth is the increasing partnerships and alliances. The Marine Freight market in the US and UK has also been witnessing environmental standards stimulating older marine vehicles replacement. However, failure of IT and communications systems could pose a challenge to the growth of this market.
The Marine Freight market in the US and the UK is expected to witness an increasing demand to replace older marine vehicles with new ones that are more fuel-efficient and use technologies that can adapt to stricter environmental standards. Furthermore, there is an increasing focus on stringent international environmental regulations involving factors such as water quality, emissions, and noise levels. Therefore, vendors across the globe will have to step up the modernization of their fleets, technology, and infrastructure. Advanced marine vehicles with lower emissions and noise profiles will be able to meet the increasingly stringent environmental regulations. This increased adoption of newer marine vehicles will drive the market in the near future.
The Marine Freight market in the US and the UK is largely dependent on macroeconomic factors which influence the movement of goods within a country and internationally. These economic factors include consumer and business sentiments, the level of household income, consumer propensity to spend, the level of consumption expenditure, and the level of manufacturing and wholesaling activities in the US and the UK. During prosperity, income tends to rise, increasing consumer propensity to spend. This increases the demand for all types of goods and services, resulting in higher consumption and increased transportation of freight.
The key vendors dominating this market space are Alexander and Baldwin Inc. , AP Moller-Maersk Group, Expeditors International of Washington Inc., and Hapag Lloyd AG. The other vendors mentioned in the report are Alaska Tanker Co., Crowley Maritime Corp., Peterborough Oil Co. Inc., The Wills Group Inc., General Maritime Corp., Frontline Ltd., Overseas Ship holding Group Inc., Ingram Barge Co., Bibby Line Group Ltd. ,Seaboard Corp, CSX Corp., and Eagle Bulk Shipping Inc.
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