OTTAWA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Barge is a flat surfaced vessel used for cargo transportation through waterways. Barges are toed or tugged by naval vessels in the water bodies. Further, they are generally utilized in water bodies such as canals, rivers, and lakes; apart from this barge transportation is now largely used at sea ports. Barge is a popular mode of transportation embraced by major industries for transporting their cargo.
Precedence Research, Recently Published Report on “Barge Transportation Market (By Barge Fleet: Covered, Open, and Tank; By Product: Liquid Cargo, Dry Cargo, and Gaseous Cargo; By Application: Agricultural Products, Coal & Crude Petroleum, Metal Ores, Coke & Refined Petroleum Products, Food Products, Secondary Raw Materials & Wastes, Basic Metals & Fabricated Metal Products, Beverages & Tobacco, Rubber & Plastic, Chemicals, and Nuclear Fuel) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
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Growth Factors
Numerous benefits offered by barge transportation in terms of efficiency, cost, and security & safety of cargo propel the growth of the market. Rising import & export business along with improving economic condition across different parts of the world plays significant role in triggering the market growth. In addition, the barge transportation market holds intense growth potential in the near future due to increasing initiatives and investment by the government f different regions for development of inland water infrastructure. Further, various research activities are carried out by the industry participants to develop new and upgrade the existing barge designs. For instance, hybrid LNG barge is more environment-friendly and fuel-efficient alternative for conventional ones.
However, rapid development for advanced railway transportation projected to restrict the market growth. Moreover, increasing domestic trade and attractive return on investment induce significant growth potential for the market players in the coming years.
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Regional Snapshots
Europe led the global barge transportation market with prominent revenue share of approximately 40% in the year 2019. The accelerating growth of the region attributed to the improved economic condition, significant development in industrialization, and well-established network for inland waterway in the region. European countries have large number of ports and water resources that makes them most favorable region for the growth of barge transportation. For instance, the Netherlands is located at the Rhine-Scheldt Delta that provides an important mode of international transportation. Furthermore, increase in the size of barge transportation fleet along with cooperation between public and private shipping companies significantly drives the growth of barge transportation industry in the country. Some of the European countries have planned out to completely shut down the coal production in the coming years, which will negatively impact the import and export of coal in those countries. For instance, German government announced in January 2020 to completely cut out its coal power by 2038.
The Asia Pacific registered lucrative growth for the barge transportation market during the forecast period. It follows Europe in terms of revenue share owing to major initiatives taken by the government along with rapid growth in the regional economy. Asia Pacific has enormous water resources and their extensive network. For instance, China has total 24,000 km of waterways network that comprises of Yangtze River, Grand Canal, and many other tributaries and canals.
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Report Highlights
- Europe dominated the global barge transportation market in 2019 with prominent market value share of around 40%. Increasing import and export trade activities across the region account for the prime factor driving the market growth.
- By product, dry cargo led the global barge transportation market owing to increasing demand for iron ore, coal, and grains especially in the Asia Pacific, Germany, and the U.S. The segment is projected to cross the revenue of USD 22 Billion by 2027. High production volume of dry cargo products triggers the competition for advanced transportation, making it a preferred choice for the end-users.
- In 2019, agriculture application accounted for significant revenue share and exceeded the market value of USD 4 Billion. Positive growth in the agricultural products creates huge demand for enhanced & efficient logistics services, supporting the accelerating growth of the market.
- Increasing cross border import & export of petrochemicals and chemicals attributed for the significant growth of tank barges in the year 2019. The segment contributes nearly 25% of the value share in the global barge transportation market.
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Key Players & Strategies
Despite of being highly competitive the global barge transportation market is consolidated in nature. Significant investment by market players to enhance their service by implementing new technologies for the fleet management is the prime reason supporting the rise in competition in the market. In addition, the service providers in the market are duly engaged in providing distinct facilities such as warehouses, infrastructure, shipping documents, and intermodal shipment.
In addition, major market players in the Europe are investing significantly for the development of port services and terminals to offer advanced services toothier customers further accelerates the market growth.
Some of the key players operating in the market are SEACOR Holdings, American Commercial Barge Line (ACBL), Ingram Marine Group, Campbell Transportation Company, Kirby Corporation, APL Logistics, and Crowley Maritime Corporation among others.
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