During the recession, increasing unemployment and declining per capita disposable income reduced demand for cruises, while a drop in total trade value led to plummeting demand for freight shipping. In spite of the industry's revenue bouncing back in 2010 due to an improving global economy, the slow rise of incomes and economic activity and overcapacity in the deep-sea freight shipping market has prevented the industry from recovering to prerecessionary highs. In the five years to 2020, industry revenue is forecast to climb. Increasing incomes and improving economic conditions in the United States and among its main trading partners will increase demand for cruises and sea freight shipment, thereby driving demand for industry services.
This industry provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The deep-sea shipping activity includes US-flagged vessels and non-US-flagged vessels (company has to be primarily based in the US). Marine transportation establishments that use the St. Lawrence River are considered a part of the Great Lakes Water Transportation System and are thus included in this report. This industry also includes deep-sea passenger transportation such as cruise ships.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.