Press release
Global Barge Transportation Market to be Driven by Rising Demand for Dry Cargo Barge in the Forecast Period of 2023-2028
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analyzing the market based on the SWOT and Porter's Five Forces models.
Barge Transportation Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 130.9 Billion
• Forecast CAGR (2023-2028): 3.50%
• Forecast Market Size (2028): USD 160.7 Billion
Rapid industrialization, in conjunction with increasing offshore oil and gas production, acts as a major growth-inducing factor catalyzing demand for barge transportation. Furthermore, rising consumption of packaged food products due to hectic lifestyles, rising demand for medical supplies, and a thriving agriculture industry are all contributing to market growth.
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Aside from that, numerous countries' governments are increasingly investing in improving inland waterway infrastructure, which is contributing to market growth. Unique services such as infrastructure, warehouses, refueling, and intermodal shipment are provided by several leading companies.
Barge Transportation Industry Definition and Major Segments
A barge transports heavy goods through rivers, canals, and lakes. It can also be used to transport bulk commodities like grains, coal, and petroleum. It is preferred over heavy freight shipping because it is more cost effective and environmentally friendly.
The barge transportation market can be segmented on the basis of type, barge fleet, applications, activities and region.
The market is segmented into the following, based on type:
• Liquid Cargo
• Gaseous Cargo
• Dry Cargo
Based on barge fleet, the market can be divided into:
• Covered Barge
• Open Barge
• Tank Barge
Based on applications, the industry can be segmented into:
• Crude and Petroleum Products
• Coal and Crude Petroleum Products
• Food Products, Beverages, and Tobacco
• Metal Ores and Fabricated Metal Products
• Chemicals, Rubber and Plastic, Nuclear Fuel
• Others
Based on barge activities, the market can be bifurcated into:
• Intracoastal Transportation
• Inland Water Transportation
Based on regions, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Barge Transportation Market Trends
According to type, it is anticipated that the dry cargo segment will dominate the barge transportation market. This increase in demand for barge transportation can be ascribed to the significant portion of dry cargo, which includes products and commodities like sand, food grains, and coals, among others. The crude and petroleum products sector is predicted to have a sizable market share based on application. The rising demand for petroleum products in many upstream and downstream industries can be held accountable for this. These elements are anticipated to support market expansion overall within the anticipated time frame.
The barge transportation industry is being propelled by global industrialization, which is increasing demand for inland waterway shipping. The increasing import and export activities, particularly in the petrochemical and oil and gas industries, can also be attributed to market growth. Furthermore, rising government investments in the marine transportation industry are expected to boost industry growth during the forecast period.
With rising demand for consumer goods such as packaged goods, particularly among the working population with increased purchasing power, the market for barge transportation is expected to expand. Furthermore, the increased demand for cost-effective transportation is expected to drive barge transportation market growth. Because barge transportation is a sustainable mode of transportation, it is becoming more popular as environmental consciousness grows, which is expected to boost industry growth in the coming years.
Key Market Players
The major players in the global barge transportation market report are:
• Campbell Transportation Company, Inc.
• Alter Logistics
• American Commercial Lines LLC
• Heartland Barge
• Kirby Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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