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The Barge Transportation Market is set to grow from its current market value of more than $121 billion to over $170 billion by 2024; as reported in the latest study by Global Market Insights, Inc.Increasing capacities of barges along with the rising trade activities through inland waterways are proliferating the barge transportation market over the study timeframe. Growing demand for petrochemical shipments owing to the latest exploration advancements including shale oil and directional drilling techniques will further augment the barge transportation market growth till 2024.
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Emergence of advanced technologies for faster navigation and communication coupled with greater regional accessibility will expand the barge transportation market share over the study timeframe. Industry players are continuously improving the barges with efficient technologies including vessel traffic management systems, solar powered monitoring systems, and GPRS navigation, providing a positive outlook for the industry growth.
Dry cargo will account for the maximum barge transportation market revenue share of over USD 75 billion till 2024. The dominance can be attributed to the increasing demand for low value bulk industries for the transportation of recyclable and municipal wastes. The increasing requirement of safe barge transportation services for coal, lumber, steel, ore, and gravel will further propel the revenue generation over the forecast timeframe.
Adoption of propulsion nozzles and restructuring of thruster tunnels reduces the barge transportation costs by 10% to 15%, thereby increasing the overall operating efficiency of the barges. The utilization of LNG for powering the barges improves the efficiency and significantly reduces the carbon emissions adhering to the stringent government regulations. The integration of GPS equipment provides real time monitoring and scheduling of barges enables the service providers to efficiently manage their shipments, positively influencing the barge transportation market share.
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.
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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.
Asia Pacific barge transportation market will account for the maximum volume share of over 5.5 shipments-billion tons by 2024. This can be credited to the availability of vast waterways channels across the region. The growing demand for petroleum products along with increasing waterways freight traffic will further propel the industry growth till 2024.
The prominent players in the barge transportation marketplace include Kirby Corporation, American Commercial Barge Line (ACBL), Campbell Transportation, and SEACOR Holdings. Other notable players include PTC Logistics, Blessey Marine Services, Heartland Barge, and.Canal Barge. Industry participants are engaging in mergers and acquisitions for enhancing their market share. For instance, in 2016, Kirby Corporation announced the acquisition of the Inland tank barge fleet division of SEACOR Holdings Inc. for approximately USD 88 million. This acquisition was aimed at improving Kirby’s portfolio with 13 inland towboats, and 27 units of 30,000-barrel tank barges.
Browse key industry insights spread across 300 pages with 364 market data tables & 14 figures & charts from the report, “Barge Transportation Market Size By Product (Dry Cargo, Liquid Cargo, Gaseous Cargo), By Barge Fleet (Open, Covered, Tank), By Application (Coal & Crude Petroleum, Agricultural Products, Coke & Refined Petroleum Products, Metal Ores, Secondary Raw Materials & Wastes, Food Products, Beverages & Tobacco, Basic Metals & Fabricated Metal Products, Chemicals, Rubber & Plastic, Nuclear Fuel), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, France, Belgium, Netherlands, China, India, Japan, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/barge-transportation-market
Glimpse of Table of Content (ToC)
Chapter 4. Barge Transportation Market, By Product
4.1. Barge transportation 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
Browse Full TOC @ https://www.gminsights.com/toc/detail/barge-transportation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Website: https://www.gminsights.com/pressrelease/barge-transportation-market
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