A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global barge transportation market. Presenting exclusive insights into the market from 2019 to 2027, the report projects that the market will witness notable growth during the forecast period. Barge is a flat-surfaced vessel, often tugged or towed by naval vessels used to transport cargo through water bodies, such as canals, lakes. A highly popular means to transport in bulk, barges have been gaining traction among industries that have to transport goods. The growth of the market is predominantly attributed to increasing export and import activities among consumers, rising consumption of oil, and increasing public and private partnerships in ports. Furthermore, the growth of the construction sector is increasing the demand for construction aggregates, such as sand, cement, slag, and crushed stone, among others, thereby increasing the usage of a barge in the transport of the said material.
Increasing Public-Private Partnerships Shape Growth of Barge Transportation Market
The rising trade activities among nations are creating the need for barges, with the transport of oil being a major growth driver. The consumption of oil in North America, coupled with inclination among petrochemical and energy companies towards waterways for transportation have significantly contributed to the growth of the market. The increasing usage of inland waterways to transport chemical, agricultural, and farm products is also anticipated to complement market growth. On the other hand, as nations gradually realize the need for well-functioning maritime transport for overall economic development, numerous countries are adopting public-private partnerships (PPP) to increase the adoption of barge transportation. Through PPPs, governments are delegating operations and management responsibilities to private organizations, and the partnerships have been mutually beneficial. For instance, the Indian government has recently invested US $13 Bn to develop 29 major ports through the PPP module. Such developments will continue to fuel market growth through the forecast period. Moreover, the growth of the construction sector is also bestowing remunerative opportunity to the barge transportation market, as construction aggregates, such as iron ore, cement, and crushed stone, to name a few, witness uptick in demand across the world. Backed by the aforementioned factors, the global barge transportation market will continue to grow at a healthy pace.
North America Maintains Hegemony over Regional Landscape
North America is anticipated to remain the leading regional market for barge growth, on the back of a well-established network of waterways in the region. The region's dominance is also attributed to the support of the government in raising funds for the development of waterway transportation. Similarly, Europe and Asia Pacific also hold respectable shares in the overall global market, backed by increased ocean freight and larger logistical operations in the region.