Barge Transport Market Demand, Size, Share, Scope and Scope
Barge transport market
The global barge transportation market is expected to grow at a considerable rate by 2030, growing at an increasing CAGR (compound annual growth rate) of 4% from 2022 to 2030.
Transport by barge – Overview
A barge is a large, flat-bottomed vessel used to move heavy goods and people across canals, lakes and rivers. Due to its affordability and environmental friendliness, it is often preferred over heavy cargo vessels for transporting bulk cargo including wheat, coal and oil. The need for barge transport globally is currently being positively influenced by the enormous growth in international trade in chemicals, minerals, petroleum, agricultural, electronics, pharmaceuticals and foodstuffs.
Key Market Trends – Growth Drivers and Restraints
The global barge transportation market is growing at a faster pace with significant development rates over the past couple of years and the market is estimated to fill up substantially during the gauge period, for example, 2022 to 2030.
The global expansion of commodity trade, particularly that of refined petroleum and metal ores, will fuel the expansion of the industry. Market earnings are further boosted by increased offshore crude oil production. In addition, the development of new technologies for faster browsing and communication, as well as the falling cost of electronic goods, are expected to fuel demand.
The fundamental forces of supply and demand, which are influenced by a wide range of factors such as shipping conditions, national weather conditions, local and global consumption of industrial and agricultural products, steel prices , trade policies and agricultural production, have a positive impact on the barge transport market. A bright picture for the sector is provided by the expansion of agricultural export and import activities as well as the increase in agricultural production.
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Global Barge Transport Market Segmentation Analysis
Based on the product
• Dry goods
• Liquid cargo
• Gaseous cargo
The dry cargo segment led the market growth over the forecast period.
Based on the barge fleet
• Open barge
• Covered barge
• Tank barge
The open barge segment led the market growth over the forecast period.
Based on demand
• Coal and crude petroleum products
• Agricultural production
• Coke and refined petroleum products
• Metal ores and fabricated metal products
• Chemicals, rubber and plastic, nuclear fuel
• Food, beverages and tobacco
Asia-Pacific is expected to hold the largest market share
North America, Europe, Latin America, Asia-Pacific, Middle East and Africa are the major regions that make up the geographical landscape of the global barge transportation market. Asia-Pacific dominates the market with the largest market share among others.
Key players in the global barge transportation market include Kirby Corporation, Ingram Marine Group, neska Container Line BV, SEACOR, and Campbell Transportation Company, Inc., among others.
The global barge transport market is predicted to rise at a significant rate during the reference period, somewhere between 2022 and 2030. In 2020, the market was growing at a constant rate and with the growing reception of systems by major players , the market is expected to rise above the projected horizon.
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Main questions answered by this report
1) What is the growth rate of this market?
2) What are the main determinants of the growth of this market?
3) What are the major regions that make up the geographical landscape of this Market?
4) Who are the major companies operating in the global barge transportation market?
Key takeaways from the report-
1) The global barge transport market is growing at a CAGR of 4% from 2022 to 2030.
2) The global expansion of commodity trade, particularly that of refined petroleum and metal ores, will fuel the expansion of the industry.
3) Asia-Pacific holds the largest market share and is expected to grow further in the coming years.
4) Some popular companies are Kirby Corporation, Ingram Marine Group, neska Container Line BV, SEACOR and Campbell Transportation Company, Inc., and others
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