Recently published intelligence by Fact.MR estimates that the global barge transportation market will register a CAGR of 4.5% from 2021-2031, reaching US$ 191.45 Bn. Extensive reliance on maritime transportation in lieu of diminishing water borders is principally driving adoption of barges across continents and countries.
From 2016 to 2020, the industry experienced a modest incline of 3%, with bulk of the trade happening across the petrochemicals and hydrocarbons sector. As of 2020, the market was valued at US$ 119.92 Bn, experiencing a Y-o-Y growth rate of 3.4% to reach US$ 123.29 Bn in 2021. Recessionary pressures as a result of contracting maritime trade due to COVID-19 temporarily stalled barge transportation uptake.
In the future, global demand for barge transportation is expected to remain reliant on the ever proliferation growth opportunities in maritime trade, particularly in countries across Asia. According to the UN Conference on Trade and Development, Asia maintained a 41% share of total goods loaded in 2020, despite the pandemic induced recession. Countries such as the Philippines, China and Indonesia are expected to emerge as highly lucrative hotspots for maritime trade, followed by India, Japan and other Asian giants.
Key Takeaways from the Market Study
- Dry bulk cargo barge transportation to capture 55% of total market revenue through 2031
- Increasing petrochemicals shipping to widen tank barge growth prospects, capturing 30% of global revenue
- By voyage, inland transportation to account for major barge transportation adoption, growing at 6% CAGR
- U.S to emerge as the fastest expanding market, clocking a CAGR worth 5.3% through 2031
- India to experience major uptake amid high focus on building inland waterways, flourishing at 5% CAGR
“Higher freight rates and the desire to reduce traffic on land will increase demand for barge transportation over the coming years,“ says a Fact.MR analyst.
How is the Overall Development of Maritime Trade Fueling Barge Transportation Growth Prospects?
Increased demand for cargo shipping has led to an increase in the demand for barge transportation. The increasing cost-effectiveness of these conveyance facilities has driven up the market demand for these boats. Export and import of oil and gas have increased the demand for barge transportation.
Growing infrastructure activities for inland waterways are increasing the demand for these transportation facilities in the market. The rise in demand for petrochemicals across the globe has propelled the market demand for barge transportations. Increasing investments in research and development programs have contributed to an increase in demand for barge transportation.
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