The global barge transportation market size
is anticipated to reach USD 140.62 billion by 2025, according to a new report
by Grand View Research, Inc., rising at a CAGR of 3.4% during the forecast
period.
The market is projected
to witness significant growth over the forecast period, thanks to growing
intermodal transportation in several industries including petrochemicals, crude
oil, and food processing. Several initiatives undertaken by various governments
to encourage inland water transport and continued investments being made by
various governments to develop inland water transport infrastructure. North
America is expected to offer tremendous growth opportunities for the barge
transportation market owing to presence of several barge manufacturers and
service providers, growing exports and imports, and abundance of waterways.
Barge transportation can
be considered a cost-effective and high-capacity mode of transportation as
compared to other modes of transport, such as road, rail, and air. Barges can
support higher loads and ensure safety, particularly when it comes to
transportation of large volumes of cargos. As a result, adoption of barges is
expected to increase over the forecast period.
Increasing spending on
research and development activities and subsequent advancements in technology
are resulting in development of technologically advanced barges. LNG-fired
barges are emerging as an environmentally-friendly alternative for conventional
barges powered by diesel engines. Advancements in communication and navigation
technologies coupled with growing adoption of IoT and other smart technologies
are triggering the efficiency and safety factor of barges.
The barge transportation
market remains highly vulnerable to developments in the end-use industries,
particularly the crude oil and petrochemicals industries. The growth in the
petrochemical industry and emerging opportunities in ethanol production are
expected to positively influence the growth of the market. For instance, Kirby
Corporation has recently acquired Higman Marine, Inc. owing to increasing
opportunities in petrochemical and ethanol transportation activities.
Access Research Report of Barge Transportation Market @ www.grandviewresearch.com/industry-analysis/barge-transportation-market
Further key findings from the report suggest:
· The demand for barges is projected to
increase significantly in line with growth in economy and rising demand for
petrochemicals
· The demand for tank barges is rising due to
increasing demand for crude oil and growing production of ethanol. Burgeoning
output of shale oil in the U.S. is expected to increase adoption of barges for
transportation
· Barge manufactures are focusing on
developing technologically advanced products that can ensure safety of cargo
throughout the transportation
· The dry cargo segment is expected to hold
the largest market share and expand at a CAGR of 2.9% from 2018 to 2025
· The liquid cargo segment is projected to
grow at the highest CAGR over the forecast period.
· A large number of barge manufacturers are
located in North America and Europe, as these regions have well developed
waterways. The two regions account for sizeable cumulative share in the global
market
· Key players in the market include Campbell
Transportation Company, Inc.; Alter Logistics; American Commercial Lines LLC;
Heartland Barge; and Kirby Corporation; SEACOR Marine Holdings Inc.
Grand View Research has
segmented the global barge transportation market on the basis of type of cargo,
barge fleet, application, barge activities, and region:
Barge Transportation Type of Cargo outlook (Revenue, USD
Million, 2014 - 2025)
·
Liquid cargo
·
Gaseous cargo
·
Dry cargo
Barge Transportation Barge Fleet outlook (Revenue, USD
Million, 2014 - 2025)
·
Covered barge
·
Open barge
·
Tank barge
Barge Transportation Application outlook (Revenue, USD
Million, 2014 - 2025)
·
Coal
·
Crude and petroleum products
·
Liquid chemicals
·
Food pulp and other liquids
·
Agricultural products
·
Metal ores and fabricated metal products
·
Pharmaceuticals
·
Dry and gaseous chemicals
·
LPG, CNG, and other gaseous products
·
Electronics and digital equipment
·
Others
Barge Transportation Barge Activities Outlook (Revenue,
USD Million, 2014 - 2025)
·
Intracoastal transportation
·
Inland water transportation
Barge Transportation Regional Outlook (Revenue, USD
Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
South America
·
MEA (Middle East and Africa)
Access Press Release of Barge Transportation Market@ www.grandviewresearch.com/press-release/global-barge-transportation-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
