Press release
Insights into Barge Transportation Market: Global Trends and Analysis
Barge Transportation
The barge transportation market size is expected to see steady growth in the next few years. It will grow to $166.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to sustainability initiatives, global trade expansion, intermodal integration, resilience to disruptions, demand for bulk commodities. Major trends in the forecast period include market diversification, focus on safety measures, inland waterway development, containerized cargo, efficiency improvement.
Market Overview -
Barge transportation is described as the shipment of products and cargo by barge, a type of freight-carrying vessel designed for transporting passengers or commodities via rivers or canals. These cargo vessels are typically long, flat-bottomed boats with no self-propelling mechanism.
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Surging International Trade Drives Barge Transportation Market Expansion
The rising international trade is expected to propel the growth of the barge transportation market going forward. 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. Therefore, the rising international trade is driving the barge transportation market.
Competitive Landscape -
Major companies operating in the barge transportation market report are Carrier Global Corporation, Emerson Electric Co., AmeriCold Logistics LLC, Lineage Logistics LLC, Digi International Inc., ORBCOMM Inc., Cryoport Inc., Controlant AGM, Sensitech Inc., SpotSee Holdings LLC, ELPRO-BUCHS AG, Berlinger & Co AG, Hanwell Solutions Ltd., Tippmann Group, Cryopak Industries Inc., Savi Technology Inc., Rotronic AG, Maven Systems Pvt. Ltd., Klinge Corporation, Monnit Corporation, LogTag Recorders Ltd., Testo SE & Co. KGaA, Verigo, SecureRF Corporation, BT9 Ltd., Zest Labs Inc., Blulog, Gemini Data Loggers UK Ltd., Intelleflex Corporation, Infratab Inc.
Technological Advancements Propel Barge Transportation Market With Zero-Emission Solutions
Technological innovations are the key trend gaining popularity in the barge transportation market. 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. The emissions-free vessel, which is furnished with innovative state-of-the-art technology and cutting-edge propulsion systems, removes hazardous pollutants such as carbon dioxide (CO2), sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter (PM).
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Key Segments -
The barge transportation market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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