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The Rising Barge Transportation Market: Factors Driving Growth and Challenges || Carrier Global Corporation, Emerson Electric Co., AmeriCold Logistics LLC
Barge Transportation Market
The Business Research Company's Barge Transportation Global Market Report 2023 identifies the rising international trade is the major driver for the barge transportation market's growth in the forecast period. Imports are products and services purchased by people of a nation but manufactured outside the country. International trade refers to exchanging products and services across international boundaries or territories whenever goods or services are required or desired. For instance, in February 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental body, the value of international trade hit a new high of $28.5 trillion in 2021, a 25% rise over 2020 and a 13% increase over 2019.
The global barge transportation market is expected to grow from $124.17 billion in 2022 to $131.20 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The barge transportation market is expected to reach $158.02 billion in 2027 at a CAGR of 4.8%.
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Major competitors in the barge transportation market are Carrier Global Corporation, Emerson Electric Co., AmeriCold Logistics LLC, Lineage Logistics LLC, Digi International Inc., ORBCOMM Inc., Cryoport Inc., Controlant AGM, Sensitech Inc..
A key trend in the barge transportation market includes technological innovations. Major companies operating in barge transportation are focused on developing innovative technologies to strengthen their position in the market. For instance, in June 2023, Cargill Incorporated, a US-based manufacturer of barge and carrier vessels, in collaboration with KOTUG, a Netherlands-based maritime and towage company, launched Kotug's zero-emission E-Pusher and E-Barges. These are one of the world's first electric-propelled boats and barges for cocoa bean transportation.
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The barge transportation market is segmented -
1) By Barge Type: Dry Bulk Cargo Barge, Liquid Cargo Barge, Car-Float Barge, Power Barge, Construction Barge
2) By Vessel Type: Open Barge, Covered Barge, Tank Barge
3) By Propulsion: Towed Barge, Self-Propelled Barge
4) By Activities: Intracoastal Transportation, Inland Water Transportation
5) By Application: Coal And Crude Petroleum Products, Food Products, Beverages, Tobacco, Metal Ores And Fabricated Metal Products, Chemicals, Rubber And Plastic, Nuclear Fuel, Other Applications
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the barge transportation market.
The Business Research Company's "Global Barge Transportation Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Barge Transportation Market Include:
1. Executive Summary
2. Barge Transportation Market Characteristics
3. Barge Transportation Market Trends And Strategies
4. Barge Transportation Market - Macro Economic Scenario
5. Barge Transportation Market Size And Growth
……………
27. Barge Transportation Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Barge Transportation Market
29. Barge Transportation Market Future Outlook And Potential Analysis
30. Appendix
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