Kelly Manufacturing



National & World Ag News Headlines
Barge Transportation Market Worth $140 Billion by 2025
USAgNet - 12/03/2018

The global barge transportation market size is anticipated to reach $140.62 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 3.4% during the forecast period.

The market is projected to witness significant growth over the forecast period, thanks to growing intermodal transportation in several industries including petrochemicals, crude oil, and food processing. Several initiatives undertaken by various governments to encourage inland water transport and continued investments being made by various governments to develop inland water transport infrastructure. North America is expected to offer tremendous growth opportunities for the barge transportation market owing to presence of several barge manufacturers and service providers, growing exports and imports, and abundance of waterways.

Barge transportation can be considered a cost-effective and high-capacity mode of transportation as compared to other modes of transport, such as road, rail, and air. Barges can support higher loads and ensure safety, particularly when it comes to transportation of large volumes of cargos. As a result, adoption of barges is expected to increase over the forecast period.

Increasing spending on research and development activities and subsequent advancements in technology are resulting in development of technologically advanced barges. LNG-fired barges are emerging as an environmentally-friendly alternative for conventional barges powered by diesel engines. Advancements in communication and navigation technologies coupled with growing adoption of IoT and other smart technologies are triggering the efficiency and safety factor of barges.

The barge transportation market remains highly vulnerable to developments in the end-use industries, particularly the crude oil and petrochemicals industries. The growth in the petrochemical industry and emerging opportunities in ethanol production are expected to positively influence the growth of the market. For instance, Kirby Corp. has recently acquired Higman Marine, Inc. owing to increasing opportunities in petrochemical and ethanol transportation activities.

Send this article to a friend


Other National Headlines

Farm First Dairy Coop
Grand View Safety Grooving
Copyright 2018 - USAgNet.com. All Rights Reserved.