Barge Transportation market is expected to grow at a considerable rate by 2030, with a growing CAGR (compound annual growth rate) of 4% from 2022 to 2030.
A barge is a large, flat-bottomed vessel used for moving heavy cargo and people through canals, lakes, and rivers. Due to its affordability and environmental friendliness, it is frequently chosen over heavy freight ships for the transportation of bulk commodities including wheat, coal, and petroleum. The need for barge transportation globally is currently being positively impacted by the enormous growth in the international trade of chemicals, minerals, petroleum, agricultural, electronic, pharmaceutical, and food items.
Key Market Trends:
Barge Transportation Market is developing at a quicker pace with significant development rates throughout the most recent couple of years and is assessed that the market will fill essentially in the gauge period for example 2022 to 2030.
Globally expanding commodity trade, particularly that of refined oil and metal ores, will fuel industry expansion. The revenue from the market is being further boosted by rising offshore crude oil production. In addition, it is projected that the development of new technologies for quicker navigation and communication, along with the falling cost of electronic goods, will fuel demand.
The fundamental forces of supply and demand, which are influenced by a wide range of factors such as navigational conditions, domestic weather patterns, local and global consumption of industrial and agricultural products, steel prices, trade policies, and crop production, have a positive impact on the barge transportation market. A bright picture for the sector is being provided by expanding agricultural export and import activity together with rising agricultural production.
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Segmentation Analysis of Global Barge Transportation market
Based on Product
- Dry Cargo
- Liquid Cargo
- Gaseous Cargo
The dry cargo segment has dominated the market growth over the forecast period.
Based on Barge Fleet
- Open Barge
- Covered Barge
- Tank Barge
The open barge segment has dominated the market growth over the forecast period.
Based on Application
- Coal and Crude Petroleum Products
- Agricultural Products
- Coke and Refined Petroleum Products
- Metal Ores and Fabricated Metal Products
- Chemicals, Rubber and Plastic, Nuclear Fuel
- Food Products, Beverages, and Tobacco
- Others
Asia-Pacific is expected to hold the largest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global Barge Transportation market. Asia-Pacific dominates the market with the largest market share among others.
Competitive Landscape:
The Key players in the Global Barge Transportation Market are Kirby Corporation, Ingram Marine Group, neska Container Line B.V., SEACOR, and Campbell Transportation Company, Inc., and others.
Major Development:
The Global Barge Transportation market is expected to increase at a significant rate during the figure time period, somewhere in the range of 2022 to 2030. In 2020, the market was developing at a consistent rate and with the increasing reception of systems by key players, the market is supposed to ascend over the projected skyline.
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Major Questions Answered In This Report
- What is the growth rate of this Market?
- What are the primary growth determinants of this market?
- Which are the major regions constituting the geographical landscape of this Market?
- Which are the prominent companies operating in Global Barge Transportation Market?
Key Takeaways From The Report:
- The Global barge transportation market registers a growing CAGR of 4% from 2022 to 2030.
- Globally expanding commodity trade, particularly that of refined oil and metal ores, will fuel industry expansion.
- Asia-Pacific hold the largest market share, and is expected to grow further in the upcoming years.
- Some popular companies are Kirby Corporation, Ingram Marine Group, neska Container Line B.V., SEACOR, and Campbell Transportation Company, Inc., and others
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