SELBYVILLE, Del., April 29, 2020 /PRNewswire/ -- According to latest report "Barge Transportation Market by Product (Dry Cargo, Liquid Cargo, Gaseous Cargo), Barge Fleet (Open, Covered, Tank), Application (Coal & Crude Petroleum, Agricultural Products, Coke & Refined Petroleum Products, Metal Ores, Secondary Raw Materials & Wastes, Food Products, Beverages & Tobacco, Basic Metals & Fabricated Metal Products, Chemicals, Rubber & Plastic, Nuclear Fuel), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of barge transportation will cross $50 billion by 2026.
An increase in the port infrastructure development activities across the globe is a major factor that will drive the barge transportation market growth. Several countries are making large investments in port modernization and developing economical modes of transportation, attributing to the industry development.
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Gaseous cargo will showcase growth in the barge transportation market due to rising international trade of gaseous & non-renewable products such as Liquefied Natural Gas (LNG), gaseous chemicals, CNG, and Liquefied Petroleum Gas (LPG), etc. Moreover, owing to leakage concerns associated with the gas carrying pipelines, the demand for barge transportation systems is increasing significantly. Gases are majorly transported using tank barges to ensure the maximum safety and transportation efficiency.
Open barges are majorly used for non-perishable commodities such as iron ore and coal. Deck barges are the open rectangular barges having flat surface decks. These barges lack walls and cannot be used for goods that require containerization. These barges are increasingly used to carry heavy equipment loads. The cost-effectiveness of the open fleet as compared to the counterparts is anticipated to support the open barge transportation market growth over the forecast timeline.
Increasing manufacturing activities, particularly in Asia Pacific countries, are driving the growth of secondary raw materials and the waste sector. Manufacturers tend to manage the raw material inventory level in bulk quantities to avoid the price volatility of the product. Barge transportation is observed as an important way of transporting bulk raw materials and wastes owing to its cost-effectiveness and bulk carrying capabilities.
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The MEA possesses a large fleet of barges, particularly in the countries including Saudi Arabia, Qatar, and Kuwait. Moreover, the major ports across the region handle large volume of cargo, further supporting the regional barge transportation market growth. According to the Saudi Ports Authority (MAWANI), Saudi ports handled a total cargo tonnage of over 21 million tons during April 2019, an increase of about 3 percent as compared to the same period in 2018. Additionally, the number of containers reached about 622,000, with a rise of approximately 22 percent from the same period last year. This will provide ample opportunities to the regional market growth.
Some major findings of the barge transportation market report include:
Ø Barges are increasingly being used to carry bulk goods across various industry verticals
Ø Increasing government & private sector investments in exploring new offshore drilling projects are driving the market growth.
Ø The global technology companies are introducing new solutions such as IoT in the maritime industry to enhance the barge efficiency and productivity.
Ø Barge transportation service providers are making large investments in expanding their number of fleets to offer customers enhanced services and gain market share.
Ø Key players operating in the barge transportation market are American Commercial Barge Line (ACBL), Kirby Corporation, Ingram Marine Group, SEACOR Holdings, APL Logistics, Campbell Transportation Company, and Crowley Maritime Corporation.
Ø To sustain in the competitive market, players are majorly focusing on technological advancements and innovation strategies. They are offering several value-added services to gain more customers.
Table of Contents (ToC) of the report:
Chapter 3. Barge Transportation Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Impact analysis of COVID-19 pandemic
3.3.1. Global outlook
3.3.2. Impact by region
22.214.171.124. North America
126.96.36.199. Asia Pacific
188.8.131.52. Latin America
3.3.3. Industry value chain
184.108.40.206. Research and development
3.3.4. Competitive landscape
220.127.116.11. Distribution network
18.104.22.168. Business growth
3.4. Industry ecosystem analysis
3.4.1. Fleet manufacturers
3.4.2. Service providers
3.4.3. Profit margin analysis
3.4.4. End-use landscape
3.4.5. Vendor matrix
3.5. Technology & innovation landscape
3.5.1. GPRS tracking and fleet management solutions
3.5.2. Maritime Hydrogen Fuel Cell (MarFC) Generator
3.5.3. Autonomous barges
3.6. Global transportation industry
3.6.1. Current trends & forecast
22.214.171.124. Lifting of Iranian sanctions to be positive for shipping industry
126.96.36.199. Big data analytics
188.8.131.52. Long-term demographic shifts
3.6.2. Consumer preference
184.108.40.206. Low freight
220.127.116.11. Huge quantity
18.104.22.168. Reduced emission
3.6.3. Pain points
22.214.171.124. Delivery time
126.96.36.199. Damage of goods
188.8.131.52. Uncertain weather conditions
184.108.40.206. Supply-demand gap
3.7. Regulatory landscape
3.8. Key freight challenges and opportunities
220.127.116.11. Investment analytics
18.104.22.168. Reducing fuel consumption
22.214.171.124. Blockchain technology
126.96.36.199. Increasing seaborne trade
188.8.131.52. 2014-2020 Logistics mid to long term development plan
184.108.40.206. Ministry of Transport (MOT) China
220.127.116.11. Maritime Safety Administration (MSA)
3.9. Innovation & sustainability
3.9.1. Solar powered barge monitoring system
3.9.2. LNG-powered barge
3.9.3. Push boat/push barge developments
3.9.4. Organizational solutions
3.9.5. Vessel traffic management system
3.10. Comparison of road, railway, and barge transportation
3.10.2. Reduced emissions
3.10.3. Safety related statistics
3.10.4. Spill rate
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.2. Industry pitfalls & challenges
3.12. Growth potential analysis
3.13. Porter's analysis
3.13.1. Supplier power
3.13.2. Buyer power
3.13.3. Threat of new entrants
3.13.4. Threat of substitutes
3.13.5. Internal rivalry
3.14. PESTEL analysis
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Global Barge Transportation Market shipments to register 2.5% growth till 2026: GMI
The MEA possesses a large fleet of barges, particularly in the countries including Saudi Arabia, Qatar, and Kuwait. Moreover, the major ports across the region handle large volume of cargo, further supporting the regional market growth.
SOURCE Global Market Insights, Inc.