The Global Barge Transportation Market is expected to cross $170 billion by 2024, according to a new research report by Global Market Insights, Inc.
Global barge transportation shipment volume is expected to cross 12 billion tons till 2024. Huge capacity of the barges will majorly drive the growth during the forecast timespan. A single barge can carry goods with capacity of above 1500 tons at once which is far more than that of railcars or trucks. Rising demand of petrochemical shipments across the globe and increasing crude oil demand especially from developed countries which include U.S. and Japan will further escalate the growth of barge transportation market share over the next few years.
Rising investment from industry players to enhance their infrastructure and quality of their fleet will fuel the barge transportation market growth over the forecast timespan. Addition of propulsion nozzle helps in increasing the overall efficiency. Moreover, restructuring of thruster tunnels reduces the transportation costs by 10-15%. These advancements contribute to a significant reduction in greenhouse emissions. In addition, integration of communication and navigation technology will induce immense potential to the barge transportation market size till 2024.
GPS integration helps the operators to know about estimated delivery time and the climatic conditions. LNG barge technology is increasingly gaining prominence in the barge transportation market. It is an environment-friendly solution and helps to reduce Sulphur, Nitrogen, and CO2 emissions by 30-80%. Moreover, this technology helps cater to the mandatory standards and regulations. These technological advancements are anticipated to escalate the industry growth over the forecast timespan. Surging demand from applications including petrochemicals and agricultural products is also responsible for substantial growth of barge transportation market.
Dry cargo will account for highest barge transportation market share surpassing USD 79 billion till 2024. Rising demand from low-value bulk industries for transportation of municipal wastes and recyclable materials will support the industry dominance. Rising need of safe transportation of dry products such as farm products, coal, ore, steel, lumber, and gravel will escalate the dry cargo market growth in the forecast timeframe.
Liquid cargo is poised to exhibit highest CAGR over the forecast timeframe owing to increased demand for liquid chemicals, crude oil, and agriculture fertilizers. Shifting preference of oil & gas industries due to less spillage and damage is also responsible for the substantial growth of the industry over the forecast timeline.
Coal and crude is anticipated to dominate the barge transportation market over the forecast timespan with over 18% share owing to increasing coal shipments through barges for accomplishment of trading activities in countries with coal scarcity. Rising demand of petrochemical shipments has increased the production of crude oil, thus fostering the industry growth till 2024. Technological advancements including hydraulic fracturing and horizontal drilling will further escalate the industry size. Coke & refined petroleum products is expected to showcase an exponential growth owing to shifting preference towards barge transportation due to higher capacity and lesser spillage than other transportation modes.
Covered barges are anticipated to exhibit maximum share of over 37% till 2024 owing to increasing marine transportation across the globe due to lesser probability of damages by uncertain weather conditions.
High revenue generation is also attributed to their larger capacity than open barges. Tank barges will witness a substantial growth from 2017 to 2024 owing to increasing petrochemical shipments from various regions, especially North America. Rising investments from barge transportation market players for construction of new tank barges and enhancement of their current fleet.
Asia Pacific barge transportation market is expected to cross USD 45 billion over the forecast timeframe. The revenue generation is attributed to the availability of vast waterways channel. Rising inland and coastal waterways freight traffic will further support the industry growth till 2024.
North America barge transportation market is anticipated to grow at highest CAGR of over 5%. This growth is attributed to high demand for petrochemical shipments from the region. Moreover, presence of numerous industry players will further fuel the industry growth till 2024.