06 May 2021
Visiongain has published a new report on Barge Transportation Market Report to 2031: Forecasts by product (Dry Cargo, Liquid Cargo, Gaseous Cargo), by application (Coal & Crude Petroleum, Agricultural Products, Metal Ores, Rubber & Plastic, Others). PLUS Profiles of Leading Barge Transportation Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Barge transportation market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Barge transportation services include transportation facilities via different modes and provides import and export of goods services globally. Moreover, the barge processes systematic assembling of goods at the storage facility. Furthermore, in order to export & import goods via barge transportation, several country regulations requires administrative documents including the management of river transport certificates, insurance, and others.
Factors such as surge in rising agricultural export & import and massive presence of large capacity barges & increasing quality of inland waterways are propelling the market growth. On the contrary, growing international trading activities of non-renewable materials & chemicals and increased initiatives & investment by country governments are becoming major factors expected to provide an immense opportunity to the barge transportation market.
COVID-19 Impact on Barge Transportation Market
The unpredictable COVID-19 pandemic has affected production & supply chain activities globally. The barge transportation market is severely impacted and has experienced massive decline in revenue. As government & regulators have declared lockdowns & closed several ongoing production lines. Therefore, due to this global health crisis, the demand for the barge transportation has affected tremendously and is expected to regain by the third quarter of 2022.
Surge in rising agricultural export & import
Cultivation of agriculture goods are expected to rise at a tremendously growth rate and is expected to maintain its dominance during the forecast period. Moreover, countries which are having lower agricultural productions are largely importing agricultural goods. Therefore, due to these several demand, end use verticals are availing barge transportation services which, as a result driving the market growth.
Massive presence of large capacity barges & increasing quality of inland waterways
Globally, the presence of barge transportation services & units are expanding and gaining momentum pace in the market. Moreover, improving quality of inland waterways are propelling the growth of barge transportation and is anticipated to exhibit tremendous growth during the forecast period.
Growing international trading activities of non-renewable materials & chemicals
With an expansion of international trading, increased demand & requirement for goods, raw materials, and other carriers are expected to provide lucrative opportunities to the market. In addition, the technological advancements plays a vital role in the market. Key players have an opportunity to expand solutions with customized transportation services, which is becoming major opportunistic factors to the market.
Increased initiatives & investment by country governments
Due to growing manufacturing & procuring of raw materials, government across several countries are availing bulk trade globally. Moreover, the demand for barge transportation is anticipated to rise especially among countries emerging into business partnerships & acquisition system. Therefore, in order to stimulate & improve barge transportation, government are imposing new initiatives & investing in barge transportations across several end use verticals which is therefore expected to boost the market growth in the upcoming years.
Some of the companies profiled in the report include ABC India Ltd., American Commercial Barge Liner (ACBL), Bouchard Transportation Co. Inc., Campbell Transportation Company, Inc., Marquette Transportation Company LLC, McAllister Towing & Transportation Co. Ltd., Neska Container Line, Olson Marine Inc., Poh Tiong Choon Logistics Limited, and SEACOR Holdings, Inc.
• In January 2020, Kirby which is one of the largest tank barge operator has announced to purchase bunkering services. In addition, the expansion of bunkering services along with the fleet of inland tank barges from Savage Inland Marine is becoming major development in the market. Moreover, the acquisition will enhance efficient customer services & gain better market share in the industry.
• In June 2020, FESCO Transportation Group has signed a contract with RZD Logistics, in order to procure five cranes for the Port and purchased two container vessels. In addition, he Group is expanding its core business line, which is becoming major developments in the market.
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Factors such as surge in rising agricultural export & import and massive presence of large capacity barges & increasing quality of inland waterways are propelling the market growth.
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