Ocean View, DE -- (SBWIRE) -- 06/16/2020 -- The barge transportation market is projected to expand at a significant pace during the forthcoming time period due to increasing petroleum exploration activities globally as well as increasing import and export agreements among countries.
A barge is generally a type of vessel which is used for transporting of cargo or ships' stores or other general utility purposes. It is a shallow-draft, flat-bed vessel like the raft. The reason behind the type of shape is to make sure that the carrying capacity of cargo is high where more amount of bulk could be hauled and transferred.
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Transport barges are referred as cargo-carrying crafts that are usually pushed or pulled by a strong vessel on ocean and inland waters. Barges are a type of hull which are essential assets as supporting units, lighters, lifting or pulling platforms. It is noted that several barge configurations are used by military and commercial interests.
The leakage concerns associated with the gas carrying pipelines, is resulting in need for proper barge transportation systems. Rising international trade of gaseous & non-renewable products such as gaseous chemicals, Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), CNG and others is bolstering the adoption of gaseous cargo fleet.
In order to ensure maximum safety and transportation efficiency, gases are increasingly being transported using tank barges. Increasing government & private sector investments in exploring new offshore drilling projects to cater to growing energy demand will also favor international trade of ores & minerals which in turn supplement gaseous cargo barge transportation market trends.
Large-scale industrialization and increasing manufacturing activities, majorly in Asia Pacific countries, is fueling secondary raw materials and the waste sector growth. Over the past few years, barge transportation has become one of the most efficient way of transporting bulk raw materials & wastes on account of bulk carrying capabilities and cost-effectiveness.
As manufacturers tend to manage raw material inventory level in bulk quantities for avoiding price volatility of the product, the demand for barge transportation will sustain notably in the coming years.
With respect to barge fleet, the barge transportation market is categorized into open, tank, and covered. The tank barge fleet segment held a market share of over 25% in 2019 owing to the rising demand from oil & gas industry.
In terms of application, the overall barge transportation market is bifurcated into metal ores; chemicals, rubber and plastic, nuclear fuel; agricultural products; food products, beverages, and tobacco; coke and refined petroleum products; basic metals, fabricated metal products; coal and crude petroleum; secondary raw materials and wastes; and others.
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Among these, the coke & refined petroleum products segment is likely to register a CAGR of over 4% from 2020 - 2026 due to the increasing petroleum exploration across the globe.
From a regional frame of reference, the rising trade activities of the U.S. is creating the demand for this efficient transportation mode in the North America region.
Table of Contents (ToC) of the report:
Chapter 5. Barge Transportation Market, By Product
5.1. Key trends by product
5.2. Dry cargo
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Liquid cargo
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Gaseous cargo
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Barge Transportation Market, By Barge Fleet
6.1. Key trends by barge fleet
6.2. Opened
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Covered
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Tank barge
6.4.1. Market estimates and forecast, 2015 – 2026
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