- 21 June 2019 22:41
Barge Transportation Market Driving Away With USD 140.42 billion by 2026
Barge transportation comprises an extensive network, ideal for carrying seaborne cargo to inland destinations and exports alike. Responsible, in part, for the worldwide trade of bulk transport, the industry is of great significance to the agricultural sector. In North America, The Army Corps of Engineers maintains and operates over 12,000 miles of canals, rivers, and inland waterways. The Illinois Waterway and Mississippi River are the major waterways in the region that are responsible for moving agricultural and farm products through barges. Shifting preferences toward marine transportation, especially for liquid cargo across the region, will fuel barge transportation market growth.
The global barge transportation market is expected to grow at a CAGR of 3.3% during the forecast period.
The North America barge transportation market accounted for $22.2 billion in 2016 and is predicted to reach $31.1 billion by 2024 with around 5 percent CAGR from 2017 to 2024. Rising petrochemical shipments across the region have contributed to the industry growth in the region. The extensive usage of inland waterways by various farm belts for the transportation of agricultural chemicals and farm products will further propel the regional growth. The advantages of barges in terms of capacity, emissions, and fuel usage in comparison with trucks and railcars are the major factors responsible for industry growth. The rising demand for petrochemical shipments across the globe and huge investments from industry players for the modernization of the existing fleet will further propel the barge transportation market growth over the forecast timespan. In North America, the production of shale oil is enhancing the barge transportation market size for the liquid cargo. The main advantage of the shale oil over offshore is that it has a short lead time from development to production initiation, resulting in time reduction.
The barge transportation industry is witnessing changing government support for the development and modernization of inland waterways across the region. The rivers including Ohio, Mississippi, Illinois, etc., are undergoing modernization. The Inland Waterways Users Board has reported an increased fund support from the government. For instance, in 2015, the government allocated $281 million for few priority projects that was a 12 percent rise from the fund allocated in 2014.
The demand for the petrochemical shipment is witnessing a continuous rise across the region. This rising demand will fuel the barge transportation market growth over the coming years as the import and export of these petrochemicals are heavily dependent on the marine transportation. Operators are finding ways to optimize shipment costs for the rising petrochemical and gas production.
Market By Cargo: Liquid cargo, Gaseous cargo, Dry cargo
Market By Fleet: Covered barge, Open barge, Tank barge
Market 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 and Others
Market By Activities: Intracoastal transportation, Inland water transportation
Market By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
The key players catering to the global barge transportation market are Campbell Transportation Company, Inc.; Alter Logistics; American Commercial Lines LLC; Heartland Barge; 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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