Pune, Maharashtra -- (SBWIRE) -- 03/29/2019 -- A recent Fact.MR study foretells the barge transportation market to record significant growth over the forecast period (2019-2027). Barge transportation market continues to witness increased traction in the barge type such as dry bulk cargo barge, liquid cargo barge, car-float barge, power barge and construction barge.

On the basis of region, Barge Transportation market is segmented into North America, Latin America, Europe, Japan, APEJ and MEA. The Barge Transportation market is segmented on the basis of barge type, vessel type, voyage and propulsion. On the basis of barge type, Barge Transportation market is segmented into dry bulk cargo barge, liquid cargo barge, car-float barge, power barge and construction barge. By vessel type, the Barge Transportation market is segmented into the open barge, covered barge and tank barge. By voyage, Barge Transportation are segmented into the inland, offshore and ocean. By propulsion, Barge Transportation are further classified into towed barge and self-propelled barge.

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Oil Boom Increase Barge Operators Fortune

The rising consumption of North American oil is escalating lot of barges, as several petrochemical and energy companies mainly turn to the canal, coastal and rivers waterways to get North American crude to refineries in U.S. and Canada and will increase the usage of liquid cargo barge over the forecast period. With expanding petrochemical industry rise the shipments across the regions. The expanding usage of inland waterways in the transportation of chemical, agricultural and farms products will further propel the growth of barge transportation market. The import-export of crude oil and petrochemical is extensively depended upon marine transportation, and increasing demand for oil & petroleum products strengthen the trade, results in the growth of barge transportation market. The strong interconnectivity of canal and rivers across the countries and regions will fuel the business and will lead to an increases demand for petrochemical transportation. As a result, could boost the manufacturing of Tank Barges. Advantages of barges transportation in terms of emissions, fuel usage and capacity compare to railcars and trucks are the key factors deriving the growth of barge transportation market in the near future.

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Adoption in Construction Aggregate Sector

With the growth in construction aggregates and coal market. The construction aggregates such as sand, gravel, crushed stone, slag, recycled concrete, iron ore, cement, etc. required a large and efficient mode of transportation leads to benefits the barge transportation services. Governments of major economies are focusing on the development of transportation facilities and strengthening energy (power generation) infrastructure, leads to drive the growth of barge transportation market due to its large capacity and cost-efficient.

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Increasing Ocean Trade Activities

During the past few years, ocean freight has witnessed a positive growth in SEA and Western Europe countries. Counties in this region have large logistical operations. These logistical operations need large vessel for inland, offshore and ocean transportation. This creates potential demand for barge transportation across the globe. Moreover, mandatory government regulations are also contributing to the growth of the marine electronics market. Many companies are establishing their foundries in Western Europe, China and Japan. With the growth of ocean logistical operations, the marine electronics market is witnessing a potential demand, and is expected to grow with the growth of logistics demand during the forecast period.

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