June 10, 2020
As per the report titled ‘Barge Transportation Market Size By Product, By Barge Fleet, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global barge transportation market is expected to see significant gains over 2020-2026.
Global barge transportation market is primarily driven by increasing petroleum exploration activities across the globe and growing number of import and export agreements between countries.
Notably, barge is a vessel used for transporting cargo or ships’ stores and for other general utility purposes. Transport barges, also known as cargo-carrying crafts are usually pushed or pulled by a strong vessel on inland waters and oceans. Barges have hulls which are indispensable assets as supporting units, lifting or pulling platforms, and lighters. Moreover, several benefits such as less fuel consumption as compared to its counterparts and consequently reduced air pollution, lower noise levels, and less visual intrusion are favoring the use of barges, especially for transporting mechanically dredged material.
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Based on product terrain, barge transportation market is categorized into dry cargo, gaseous cargo, and liquid cargo. The lattermost segment is projected to expand with a CAGR of 4% through 2026, due to rising investments in offshore drilling activities.
On the basis of barge fleet, the market is categorized into open, tank, and covered. Tank segment accounted for over 25% market share in 2019 and is anticipated to gain decent traction in the coming years, owing to escalating demand from oil & gas industry.
Speaking of the application spectrum, coke & refined petroleum products segment is estimated to record a CAGR of 4% over the forecast period, due to rising number of petroleum exploration activities across the globe.
Considering the geographical landscape, global barge transportation market is spit into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America barge transportation market is expected to grow considerably in the coming years, primarily due to increasing trade activities in the U.S. demanding efficient transportation across the overall region.
Major players operating in global barge transportation market are American Commercial Barge Liner (ACBL), ABC India Ltd., Alter Logistics, American Commercial Lines LLC, Continental Corporation, Argosy International Inc., Blessey Marine Services, Inc., ATS, Inc., Bouchard Transportation Co. Inc., Canal Barge, Campbell Transportation Company, Inc., and Contargo Waterway Logistics BV among others.