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.
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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.
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.
Increasing Public Private Partnerships (PPP) in Ports
Majority of global trades are carried out via sea routes, hence well-functioning maritime transport is a key element in overall development of countries who participate in global trade. The port operation requires heavy man power and equipment investments. As a result, several countries are adopting Public Private Partnership (PPP), in which the operations and management responsibilities are delegated to private companies, while some land and assets remain with the government tends to increases the adoption of barge transportation. Public-private partnership is majorly adopted in developing countries and some developed nations due to high initial investment associated with the development of terminals. India has over 29 major ports under development with an investment of around US $13 Bn done as PPP module of Government of India. With rise in the number sea ports anticipate the trade across countries will fuels the global barge transportation market in upcoming years.
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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.
Larger Fleets and Sharing Concepts
The increasing price pressure is one of the prominent factors for the consolidation of the transportation sector. The trend of getting larger fleets will prevail over the forecast period in the Middle East and North Africa barge transportation market. In the Middle East and Africa Market, the number of potential consumers is declining, and the purchasing power of the prominent players is increasing at a good pace. The market for the barge transportation in the MEA region will face stiff competition between the global market participants for gaining higher market share. The concept of sharing and renting leads to increases the barge transportation in the Middle East and North Africa market at significant rate, and it is projected to remain popular throughout the forecast period.
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