Barge transportation market from coal and crude petroleum will exhibit more than 3% CAGR over the forecast timeframe. This can be attributed to the growing petroleum consignments globally. Introduction of enhanced oil recovery techniques along with advanced drilling methods including hydraulic fracking and directional drilling are propelling the segment revenue till 2024. Increasing oil trading activities from Middle East, Europe, and North America will further supplement the industry growth.
Global barge transportation market, estimated by Global Market Insights, Inc., is claimed to surpass USD 170 billion by the end of 2024. Growing investments in fleet modernization and increment in the barge number has substantially driven the market dynamics over the years.
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Dry cargo segment will dominate the barge transportation market with a revenue share of over USD 75 billion over the forecast timeframe. This can be credited to the growing demand for industries that deal with low value bulk including municipal and recyclable waste. The requirement for secure barge transportation market services for transporting lumbar, steel, gravel, coal, and ore will further support the segment dominance.
The covered barge fleet dominated the barge transportation market with a volume share surpassing 4 shipments-billion tonnes in 2017 owing to the enhanced safety features offered compared to open fleets. The growing requirement for safe and low-cost movement of agricultural products across various parts of the globe will further escalate the segment dominance till 2024.
Studies have proven what most of the industries are already aware of, that barges are one of the most efficient means of transport. Goods-specific barges can perform even better, and the barge transportation industry is gradually becoming a crucial part of the energy policies of countries focused on utilizing lesser fuel. The previous year, a report commissioned by the U.S. National Waterways Foundation revealed that inland river barge transportation was delivering better fuel efficiency than road or rail. The study showed that a ton of cargo can be moved 647 miles on a barge with 1 gallon fuel, where as the numbers for train and trucks were 477 miles and 145 miles per gallon respectively. Subsequently, increased adoption of waterways for transporting goods and resources will give tremendous propulsion to the global barge transportation market.
Asia Pacific will dominate barge transportation market share with more than 5 shipments-billion tons in 2024 owing to the increasing domestic and international trading activities for non-renewable materials and chemicals through marine transportation. The availability of vast waterway channels along with increasing demand for petrochemical products will further escalate the industry growth over the projected timeframe.
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Some of the other biggies involved in barge transportation market include American Commercial Barge Line, Campbell Transportation, Blessey Marine Services, Canal Barge, PTC Logistics, and Heartland Barge. The overall industry is restrained by some of the crucial factors such as huge initial cost associated with fleet construction, limitations of international water ways, and climatic conditions. However, leading companies are continuously focusing on overcoming these challenges as much as possible by incorporating technology in the business module.
Chapter 4. Barge Transportation Market, By Product
4.1. Market share by product, 2017 & 2024
4.2. Dry cargo
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. Liquid cargo
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4. Gaseous cargo
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
Chapter 5. Market, By Barge Fleet
5.1. market share by vehicle, 2017 & 2024
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Tank barge
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
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