The global barge transportation market size is anticipated to value USD 140.62 billion until 2025. It is also expected to register a CAGR of 3.4% over the forecasted years, 2018 to 2025. The increasing need for transportation of crude oil, petrochemicals and cargo are expected to drive the market growth.
The application segment of crude & petroleum dominated the global market in 2017 on account of their rising demand as a substitute for coal. While the segment of agricultural products is also gaining traction across the globe owing to increasing need to haul food and agricultural produce in remote locations.
In 2017, the segment of tank barge dominated the global market due to the rising demand for petrochemicals and crude oil across the globe. On the other hand, the covered barge segment is also expected to witness substantial growth in the upcoming years on account of rising usage of barges to haul agricultural produce over long distances.
North America is expected to witness the fastest growth with 4.3% CAGR during the forecasted period due to well-developed inland waterway transport across countries like the U.S. and Canada. The Asia Pacific is also projected to hold second-largest promising growth on account of many initiatives undertaken by statutory governing bodies for the development of inland waterways.
The barge transportation market includes key players such as Kirby Corporation, Heartland Barge, Alter Logistics, and Campbell Transportation Company Inc. They are engaged in developing and designing barges with enhanced capacities. Also, many unorganized players have started entering the global market, thereby creating stiff competition among them.
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Further key findings from the report suggest:
• The segment of dry cargo is projected to witness 2.9% CAGR over the forecasted period, 2018 to 2025.
• The inland water transportation segment dominated the global market in 2017.
• In 2017, North America accounted for substantial share across the global market and is projected to witness CAGR of 4.3% from 2018 to 2025.
• The key players in this market are Kirby Corporation, Heartland Barge, Alter Logistics and Campbell Transportation Company Inc.
Million Insights has segmented the global barge transportation market on the basis of cargo, barge fleet, application, barge activities and region:
Barge Transportation Type of Cargo Outlook (Revenue, USD Billion, 2014 - 2025)
• Liquid cargo
• Gaseous cargo
• Dry cargo
Barge Transportation Barge Fleet Outlook (Revenue, USD Billion, 2014 - 2025)
• Covered barge
• Open barge
• Tank barge
Barge Transportation Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Crude and petroleum products
• Liquid chemicals
• Food pulp and other liquids
• Agricultural products
• Metal ores and fabricated metal products
• Dry and gaseous chemicals
• LPG, CNG, and other gaseous products
• Electronics and digital equipment
Barge Transportation Barge Activities Outlook (Revenue, USD Billion, 2014 - 2025)
• Intracoastal transportation
• Inland water transportation
Barge Transportation Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• MEA (the Middle East and Africa)