- Dry Bulk Cargo Barge to Account for Over 55% of Demand in Barge Transportation Market by 2031
- Fact.MR's latest report on barge transportation market presents a thorough study of growth drivers, latest trends, and restraints affecting growth through 2031. It uncovers hidden opportunities across leading segments in terms of barge type, vessel type, voyage, and propulsion across seven major regions. The report also discusses in detail various strategies adopted by key players to gain competitive edge
NEW YORK, Nov. 23, 2021 /PRNewswire/ -- Fact.MR ? A Market Research and Competitive Intelligence Provider: According to Fact.MR, the global barge transportation market is expected to reach a valuation of US$ 123.29 Bn in 2021. With growing popularity of oil and gas trade, the market is projected to expand at a CAGR of 4.5% between 2021 and 2031, surpassing US$ 191.45 Bn by 2031.
Sales are expected to burgeon in response to the extensive use of barges for the transportation of passengers and heavy goods. Barge transportation has emerged as an economical and environment friendly means of transporting bulk commodities such as petroleum, metal ores and coal.
Rising waterborne trade across the globe is primarily driving the barge transportation market. According to the United Nations Conference on Trade and Development (UNCTAD), over 80% of the volume of international trade in goods is carried by sea. Moreover, maritime trade volume reached a total of around 11.08 Bn tons in 2019, according to UNCTAD.
Governments across the globe are investing heavily in developing new waterways, ports, and water transportation vehicles. Moreover, rising environmental concerns is prompting government and barge manufacturers to introduce more ecofriendly solutions.
For instance, in November 2021, Indian politician and Minister for Road Transport (Kerala), announced that the government will launch solar passenger boats and barges for cargo transport to exploit the possibilities of National Waterway along the state.
Hence, a slew of such developments and introduction of new ecofriendly barges will create lucrative growth opportunities for the market.
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Further, with increasing demand for crude oil and petroleum products, tank barges are gaining immense popularity among end-users. They are being increasingly employed for the transportation of petrochemical products. This is expected to provide impetus to barge transportation market during the forecast period.
As per Fact.MR, dry bulk cargo barge transportation segment will account for the largest revenue share of 55% in 2021. Growth is attributable to the increasing demand for products such as coal grains, ores, and other construction materials.
Regionally, North America is expected to dominate the barge transportation market as a result of well-established network of waterways, presence of leading players, rising barge transportation of dry cargo on inland waterways, and increasing investments by government for developing & modernizing ports.
"Amidst growing waterborne trade worldwide, key barge transportation service providers are engaged in offering distinct types of facilities such as warehouses, infrastructure and intermodal shipment. This will help them to penetrate the market swiftly over the forecast period," says a Fact.MR analyst
Key Takeaways from Barge Transportation Market Survey
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Leading players operating in the barge transportation market are focusing on introducing new product lines for different electric and hybrid electric vehicles. Besides this, they are adopting various strategies such as mergers, acquisitions, partnerships, and collaborations to dominate the market.
Some of the prominent players operating in the barge transportation market profiled by Fact.MR are:
More Insights on the Global Barge Transportation Sales Outlook
Fact.MR provides an unbiased analysis of barge transportation market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for barge transportation with a detailed segmentation on the basis of:
Key Questions Covered in the Barge Transportation Market Outlook Report
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Work Barges Market- With increased investments in the development of minor ports and canal networks around the world, the market for work barges has exploded in recent years. The market for work barges is expected to develop due to the increasing adoption of intermodal transportation services across various sectors. Manufacturers are concentrating on updating old products, which might boost the profitability of the work barge industry. The expansion of the work barges market is directly influenced by the increasing prevalence of a broad network of barges for carrying bulk materials across countries.
Platform Supply Vessel Market- Offshore oil and gas exploration, as well as logistical needs from offshore facilities, drive the platform supply vessel market. The majority of platform supply vessels are currently deployed in shallow water logistical operations, despite the fact that they are designed to work in deep water. Oil and gas exploration companies have been compelled to move beyond onshore and shallow water facilities to deep and ultra-deep water exploration as global energy demand has increased. In addition, the growing number of offshore exploration and production activities throughout the world is driving up demand for platform supply vessels.
Ship/boat Keel Market- Tourism growth and vessel replacements are two major demand drivers for ship/boat keels. Excess capacity and supply of shipyards and boats are another structural aspect of the marine sector. In addition, in the coming years, port infrastructure developments and a diverse variety of projects are expected to boost demand for ship/boat keels. As a result, the strong demand for ship/boat keels in the region has been mirrored. Although there has been a recent reduction in the growth ratio of trade to gross domestic product (GDP), the link between economic output and cruise tourism appears to be altering.
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