The global barge transportation market size projected to register USD 140.42 billion by 2026. The global barge transportation market is expected to grow at a CAGR of 3.3% during the forecast period. The market is anticipated to experience significant growth during the forecast period, owing to the growing intermodal freight transportation in several industries including crude oil, petrochemicals, and food processing. Increasing export and import trade coupled with improving economic conditions worldwide are primarily playing vital role in stimulating market growth. Rising domestic trade is encouraging the requirement for an efficient mode of transportation. Barge transportation can particularly cater to this need. Also, advancements in barge manufacturing technologies are anticipated to further trigger the growth of the market over the forecast period.
Numerous initiatives are 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 barge transportation market is expected to offer tremendous growth opportunities attributable to presence of several barge manufacturers and service providers, increasing exports and imports, and abundance of waterways.
Rising spent on research and development activities and consequent advancements in technology are ensuing in development of technologically advanced barges. LNG-fired barges are gaining traction as an eco-friendly alternative for conventional barges powered by diesel engines. Advancements in navigation and communication technologies coupled with growing adoption of IoT and other smart technologies are triggering the efficiency and safety factor of barges.
Barge transportation can be considered to be a high-capacity mode of transportation and cost-effective as compared to other modes of transport, such as by road, rail, and air. Barges can ensure safety and support higher loads, predominantly when it comes to transportation of large volumes of cargos. Consequently, acceptance and adoption of barges is expected to augment during the forecast period.
Market By Cargo
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Market By Geography
North America barge transportation market is expected to offer tremendous growth opportunities attributable to presence of several barge manufacturers and service providers, increasing exports and imports, and abundance of waterways.
Plenty of barge manufacturers are based in Europe and North America, as these regions have well developed waterways. The two regions account for sizeable cumulative share in the global barge transportation market.
The key players catering to the global barge transportation market are Campbell Transportation Company, Inc.; Alter Logistics; American Commercial Lines LLC; Heartland Barge; Kirby Corporation; SEACOR Marine Holdings Inc. and among others. The global players are continuously investing in R&D activities and innovating to have updated technology based product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries.
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