Rockville, March 28, 2023 (GLOBE NEWSWIRE) -- According to the analysis, the market is valued at US$ 123.29 Billion in 2021, up from US$ 119.92 Billion in 2020, reflecting a Y-o-Y rise of 3.4%. The industry is anticipated to increase at 4.5% CAGR to reach US$ 191.45 billion by the end of the 2031.
The market for barge transportation has increased at a CAGR of nearly 3% from 2016 to 2020. They have experimented with numerous capacity systems and inland waterways due to a spike in the transport of dry goods and crude oil, which has increased trade in recent years.
At the height of the COVID-19 epidemic, sales were negatively impacted, and worldwide maritime trade declined by 4.1% in 2020. This was mostly a result of the implementation of stringent border closures and lockdowns to stop the virus's spread.
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| Barge Transportation Market Report Scope & Strategic Insights: | |
| Report Coverage | Details |
| Market Size Value in | US$ 123.29 Billion in 2021 |
| Market Size Value by | US$ 191.45 Billion by 2031 |
| Growth rate | CAGR 4.5% from 2021-2031 |
| Forecast Period | 2021-2031 |
| Base Year | 2020 |
| No. of Pages | 170 |
| No. Tables | 128 |
| No. of Charts & Figures | 105 |
| Historical data available | Yes |
| Segments covered | Barge Type, Vessel Type, Voyage, Propulsion, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Drivers for the Barge transportation market are:
- Barge transportation is often a more cost-effective option compared to other modes of transportation like rail or trucking, especially for bulk and heavy cargo. Barges can carry large quantities of goods in a single trip, which reduces transportation costs per unit.
- Barge transportation is a more environmentally friendly option compared to road or air transportation, as it ‘
- produces fewer emissions per ton of cargo transported. This makes it an attractive option for companies looking to reduce their carbon footprint.
- Infrastructure improvements, such as the dredging of waterways and the modernization of locks and dams, have made barge transportation more efficient and reliable. This has increased the competitiveness of the barge transportation market, especially for long-distance transportation.
- The demand for commodities like coal, grain, and petroleum products has been steadily increasing, which has led to an increase in demand for barge transportation. Barges are an ideal mode of transportation for these commodities as they can be transported in bulk and over long distances.
- Many governments provide support for barge transportation through subsidies, tax incentives, and investment in infrastructure. This has helped to promote the growth of the barge transportation market in many regions.
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Key Market Trends:
Some of the key trends in the barge transportation market include:
- The barge transportation industry is increasingly adopting digital technologies to improve efficiency and streamline operations. This includes the use of electronic communication, data analytics, and automated systems for cargo handling and tracking.
- Many regions are investing in infrastructure to improve the efficiency and capacity of waterways. This includes dredging, modernization of locks and dams, and development of intermodal facilities.
- There is a growing emphasis on sustainability in the barge transportation market, with many companies investing in technologies and practices that reduce emissions and minimize environmental impact.
- The use of liquefied natural gas (LNG) as a fuel for barges is becoming more common, as it offers lower emissions and reduced costs compared to traditional fuel sources.
- Inland waterways are increasingly being used for tourism, with growing demand for river cruises and other recreational activities. This is creating new opportunities for the barge transportation market, as well as driving investment in related infrastructure and services.
Restraints:
There are also several restraints that can impact the barge transportation market, including:
- Barge transportation can be impacted by weather-related disruptions such as high winds, heavy rains, and ice. These disruptions can cause delays and increase the risk of accidents, which can impact the reliability of barge transportation.
- Some areas may not be accessible by waterways, which limits the availability of barge transportation as a viable option. This is especially true for landlocked regions or areas that lack developed waterway infrastructure.
- Barge transportation faces competition from other modes of transportation such as rail and trucking. These modes of transportation offer greater flexibility and can often transport goods more quickly, which makes them more attractive to certain customers.
- The infrastructure supporting barge transportation, such as locks and dams, may be aging and in need of repair. This can impact the efficiency and safety of barge transportation, which can lead to increased costs and reduced demand.
Competitive Landscape:
The barge transportation market is concentrated with a few large players dominating the market. The top 10 barge operators in the United States account for over 60% of the total barge capacity. The largest barge operator, Ingram Barge Company, alone accounts for over 20% of the total barge capacity.
Leading companies are adopting various strategies such as acquisitions to sustain their market share. For instance:
- In 2020, Russian maritime shipping company SCF Group acquired a 50% stake in Novoship, a leading operator of river-sea vessels and barges in Russia. The acquisition was aimed at strengthening SCF Group's position in the Russian market and expanding its capabilities in river transportation.
Key Companies Profiled
- American Commercial Barge Line LLC.
- INGRAM Marine Group
- Kirby Corporation
- SEACOR Holdings Inc.
- Campbell Transport Company
- Heartland Barge
- Bouchard Transportation
- Canal Barge
- Magnolia Marine Transport
- Marquette Transportation
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Key Questions Covered in the Barge Transportation Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Barge Transportation sales grow until 2031?
- Which are the factors hampering the Barge Transportation demand?
- Which region will spearhead the growth in the global industry by 2031?
- Which are the factors driving sales in the Barge Transportation Market during the forecast period?
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