Barge Transportation Market- Description
Barge is defined as a flat surface vessel that usually transports cargo through waterways only.
The usage of inland waterways within the transportation of chemical, agricultural, and farm products has propelled the expansion of the market.
Also, the import-export of crude oil and petrochemical is extensively dependent upon marine transportation and the rise in demand for oil as well as petroleum products strengthens trade has boosted the growth of the barge transportation market.
Barge Transportation Market- Overview
The Barge Transportation Market is valued at USD 126.17 billion in 2022 and is projected to reach a value of USD 165.12 billion in 2030 expanding at a CAGR of 3.42% over the forecast period.
A barge is defined as a long boat with a flat bottom that is used for transporting passengers and heavy goods through rivers, canals, and lakes.
It is also widely preferred over heavy freight shipping as it is economical and environment-friendly and can be easily employed for transporting bulk commodities that includes, grains, coal, and petroleum.
Presently, the significant growth in the international trade of chemicals, minerals, petroleum, agricultural, electronic, pharmaceutical, and food products has been positively influencing the demand for barge transportation around the world.
Barge Transportation Market- Key Market Trends
Increasing offshore production of oil and gas has boosted the market growth
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the increasing offshore production of oil and gas. The rapid industrialization acts as a major growth-inducing factor that catalyses the demand for barge transportation. Also, the rising consumption of packaged food products on account of hectic lifestyles, the escalating demand for medical supplies, and the thriving agriculture industry have fuelled the market growth over the forecast period.
High operating costs associated with barge transportation has hindered the market
One of the major restrain to the market growth over the forecast period is the high operating costs associated with barge transportation. While, the increase in government support for the development of regional waterways infrastructure strengthens the industry growth and has provided lucrative opportunities for the market over the forecast period.
Barge Transportation Market- Segmental analysis of the market
Based on Product
Dry Cargo
Liquid Cargo
Gaseous Cargo
The dry cargo segment has dominated the market growth over the forecast period.
Based on Barge Fleet
Open Barge
Covered Barge
Tank Barge
The open barge segment has dominated the market growth over the forecast period.
Based on Application
Coal and Crude Petroleum Products
Agricultural Products
Coke and Refined Petroleum Products
Metal Ores and Fabricated Metal Products
Chemicals, Rubber and Plastic, Nuclear Fuel
Food Products, Beverages, and Tobacco
Others
The coal and crude petroleum products segment has dominated the market growth over the forecast period.
Barge Transportation Market- Geographical analysis of the market
The barge transportation market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, Latin America has dominated the market growth over the forecast period. This is because Brazil is one of the largest suppliers of metal ore in the world, and is responsible for substantial exports. For every developing country, the amount of export and import increases at a very high scale. In addition, increase in sales of automobiles and rise in construction activities boost the demand for metal ores over the forecast period.
Barge Transportation Market- Competitive Landscape
Some of the prominent companies operating in the market are ABC India Ltd., American Commercial Barge Liner (ACBL), Alter Logistics Continental Corporation, American Commercial Lines LLC, Argosy International Inc., ATS Inc., Blessey Marine Services, Inc, Bouchard Transportation Co. Inc., Campbell Transportation Company Inc.
Report Scope
Barge Transportation Market: Historical Period- 2018-2021
Barge Transportation Market: Industry and Forecast Period- 2022-2030
Barge Transportation Market 2022- USD 126.17 billion
Barge Transportation Market 2030- USD 165.12 billion
Barge Transportation Market CAGR- 3.42%
Major Segments Covered
Product (Dry Cargo, Liquid Cargo and Gaseous Cargo)
Barge Fleet (Opened, Covered, and Tank Barge)
Application (Coal and Crude Petroleum, Agricultural Products, Coke and Refined Petroleum Products, Metal Ores, Secondary Raw Materials and Wastes, Food Products, Beverages, and Tobacco, and Basic Metals, Fabricated Metal Products)
Key Countries and Regions Covered
North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Top companies profiled- ABC India Ltd., American Commercial Barge Liner (ACBL), Alter Logistics Continental Corporation, American Commercial Lines LLC, Argosy International Inc., ATS Inc., Blessey Marine Services, Inc, Bouchard Transportation Co. Inc., Campbell Transportation Company Inc.
