According to a new market report published by Acumen Research and Consulting titled “Barge Transportation Market (By Cargo: Liquid cargo, Gaseous cargo, Dry cargo; By Fleet: Covered barge, Open barge, Tank barge; By Application: 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; By Activities: Intracoastal transportation, Inland water transportation) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026,”. The global barge transportation market size estimated to reach USD 140.42 billion by 2026. The global barge 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 inter modal 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.
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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.
The global barge transportation market remains extremely susceptible to developments in the end-use industries, mostly the crude oil and petrochemicals industries. The growth in the petrochemical industry and emerging opportunities in ethanol production are expected to impact the market growth positively. For instance, Kirby Corporation has recently acquired Higman Marine, Inc. due to increase in opportunities in petrochemical and ethanol transportation activities.
The global barge transportation market is segmented into cargo, fleet, application, activities and regions. On the basis of cargo the global barge transportation market is segmented into liquid cargo, gaseous cargo and dry cargo. On the basis of fleet, the global barge transportation market is segmented into covered barge, open barge and tank barge. On the basis of application, the global barge transportation market is segmented into 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, and others. On the basis of activities, the global barge transportation market is segmented into intracoastal transportation, and inland water transportation. On the basis of region the global air pollution control system market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
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The demand for barges is anticipated to increase considerably in line with growth in economy and rising demand for petrochemicals. The demand for tank barges is increasing owing to increase in demand for crude oil and rising production of ethanol. Growing output of shale oil in the U.S. is expected to add to adoption of barges for transportation. Global barge manufactures are focusing on developing advanced technology based 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 2.7% from 2018 to 2025. The liquid cargo segment is projected to grow at the highest CAGR during the forecast period. 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; and 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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