The latest report by IMARC Group, titled “Barge Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global barge transportation market size reached US$ 122 Billion in 2021. A barge is a flat surface vessel that is used to transport passengers and heavy goods through rivers, canals, and lakes. It does not have a self-propelling mechanism and needs to be pulled by tow or a tugboat. It is economical and environment friendly compared to heavy freight shipping and other modes of transport, such as road, rail, and air. Apart from this, barges can also carry higher loads while ensuring cargo safety. As a result, barge transportation finds extensive applications across several industries to transport bulk commodities, such as grains, coal, and petroleum.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Barge Transportation Market Trends:
The market is primarily driven by the increasing offshore exploration of oil and gas. In addition, governing authorities of numerous countries are making huge investments in developing infrastructure for inland waterways. This, coupled with the increasing import and export of chemicals, minerals, petroleum, agricultural, electronic, pharmaceutical, and food products between countries, is escalating the demand for barge transportation across the globe. Besides this, the market is further propelled by the growing adoption of the internet of things (IoT) for navigation and security purposes. Moreover, key players are nowadays offering distinct facilities, such as infrastructure, warehouses, refueling, and intermodal shipment. They are also engaging in mergers and acquisitions (M&A), collaborations, and partnerships with other companies to upgrade existing designs, develop innovative products and expand their consumer base. Furthermore, the rising consumption of packaged food products, the escalating demand for medical supplies, and the expanding agriculture industry are some of the other factors propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 149.6 Billion by 2027, exhibiting a CAGR of
3.42% during the forecast period (2022-2027).
- On the basis of the cargo, the market has been classified into dry, liquid and gaseous cargo.
- Based on the barge fleet, the market has been segregated into open, covered, and tank barges.
- On the basis of the application, the market has been categorized into coal and crude petroleum products; agricultural products; coke and refined petroleum products; metal ores and fabricated metal products; chemicals, rubber and plastic and nuclear fuel; food products, beverages, and tobacco; and others.
- Based on the activities, the market has been bifurcated into Intracoastal and inland water transportation.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report, with some of the key players being Alter Logistics (Goldstein Group Inc.), American Commercial Barge Line (American Commercial Lines Inc), Anderson Trucking Service Inc, Bouchard Transportation Co. Inc., Campbell Transportation Company Inc (Blue Danube Incorporated), Heartland Barge Management LLC, Ingram Marine Group, Kirby Corporation, McAllister Towing and Transportation Co. Inc., PACC Offshore Services Holdings Ltd., Poh Tiong Choon Logistics Ltd. and SEACOR Marine Holdings Inc
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