What is the Bulk carrier cargo ships?
Bulk carrier cargo shift plays an important role in ongoing trade across the globe. These ships are majorly used for transporting loose cargo and important products like food, grains, minerals, petroleum, and other goods. The major advantage of cargo transport is to transport bulky cargo that cannot be transported via air or land. Additionally, cargo ships are generally equipped with heavy equipment like cranes for loading and unloading cargo.
Here are some of the driving factors that are increasing opportunities for the bulk carrier cargo ships market growth:
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Growing investments by developing countries in transportation:
Emerging countries such as India, China, Indonesia, Thailand, and Singapore in the Asia Pacific are providing lucrative opportunities for market growth. Among these countries, China is the major logistic market in the Asia Pacific region due to the large presence of its manufacturing base and huge population. In addition, the vast growth of the e-commerce industry in India and China is another factor booming the bulk carrier cargo ship market growth. Rising disposable income has resulted in the growing demand for finished goods as well as commodities which proliferate the demand for carrier cargo ships.
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Trade expansion across the globe:
Increasing globalization, rising supply and demand of marine transportation coupled with government initiatives across the globe for expanding infrastructure has given momentum to seaborne trade which is expected to drive market growth in coming years. Further constantly changing demographic economy and growing food and beverage consumption across the globe are further fueling the market growth.
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Technological Advancement in bulk carrier cargo ships:
The advent of new technologies such as augmented reality, blockchain, and smart ships are giving momentum to the market growth. Tech giants are focusing on developing smart and autonomous ships which will help to improve efficiency, and productivity, and enhance carrying capacity. These autonomous ships can remotely manage and can optimize cargo planning, aid maintenance, and inspection, navigation with the help of augmented reality. Thus, innovation in bulk carrier cargo ships will provide immense opportunity for market growth.
Conclusion:
Several agreements such as the North American Free Trade Agreement (NAFTA), ASEAN Free Trade Area (AFTA), and the Trans-Pacific Strategic Economic Partnership (TPSEP) are expected to boost the bulk carrier cargo ship market growth. Moreover, the widespread establishment of new ports will provide new opportunities for market players to expand their footprints globally.
Author's Detail:
Raziya Kotadiya / LinkedIn
Research Analyst at Cognitive Market Research
With a demonstrated history of working in the market research covering qualitative and quantitative research. Skilled in Strategic Forecasting, Market Research, Competitive Intelligence, Business Development, Trend and Opportunity Analysis and Data Visualization.