DUBLIN--(BUSINESS WIRE)--The "US Barge Transportation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Barge Fleet, and Application" report has been added to ResearchAndMarkets.com's offering.
The US barge transportation market is expected to grow from US$ 25,171.36 million in 2021 to US$ 39,883.44 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
The US barge transportation market is anticipated to grow significantly due to the intermodal transportation networks in the US, government initiatives to encourage water transport, and continued investments to upgrade the water transport infrastructure.
An additional US$ 25 million has been provided by the Bipartisan Infrastructure Law to support marine highway and waterways projects in the US. Allocating significant budgets for the port infrastructure development. Further, the US has increased navigable waterways to relieve congestion and enhance its land transportation system performance through partnerships and collaborations with public and private stakeholders.
The US is expected to offer tremendous growth opportunities to service providers and fleet management operators in the barge transportation market in the country due to growing exports and imports through waterways. The US is spending a considerable amount on research and development to develop technologically advanced barges.
The region also supports the growth of liquefied natural gas (LNG)-powered barges as an environmentally-friendly alternative to conventional diesel-powered barges. The latest communication and navigation technologies trigger the US barge transportation market to increase safety and efficiency.
Price fluctuations in the crude oil and petrochemicals industries influence the growth of the barge transportation market in the US. According to the US Department of Energy, the US produced over 13.9 billion gallons of ethanol in 2020, becoming the world's largest producer. Thus, the escalation of ethanol business is likely to provide significant opportunities to the barge transportation market players in the country.
Based on type, the US barge transportation market is segmented into liquid cargo, gaseous cargo, and dry cargo. The dry cargo segment is accounted for a major share in the market in the year 2021. Moreover, it is expected to register the fastest CAGR during the forecast period. The growth of the dry cargo is attributed to the rising demands to transport grain, steel, cement, fertilizer, coal, and various bulk commodity products. Based on the barge fleet, the US barge transportation market is segmented into the covered barge, open barge, and tank barge. The open barge segment accounted for a major share in the US barge transportation market in the year 2021. The market for the covered barges segment is anticipated to grow at the fastest CAGR during the forecast period. Based on application, the US barge transportation market is categorized into coal, petroleum products, chemicals, metal products, food products, and others. The food products segment accounted for a major share in the market in the year 2021. The petroleum products segment is expected to register the highest CAGR during the forecast period. Foodgrain, corn, and soybeans also account for a major share of the US barge transportation market.
The report segments the US barge transportation market as follows:
The US barge transportation market analysis on the basis of type is divided into liquid cargo, gaseous cargo, and dry cargo.
Based on barge fleet, the US barge transportation market is segmented into covered barge, open barge, and tank barge.
In terms of application, the US barge transportation market is categorized into coal, petroleum products, chemicals, metal products, food products, and others.
Market Dynamics
Market Drivers
- Growing Demand for Cost-effective Transportation
- Increasing Trade of Metal Ores
Market Restraints
- High Operating Cost of Barge Transportation
Market Opportunities
- Rise in Investments by the US Government to Improve Infrastructure
Future Trends
- Rising Demand for Green Transport
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. US Barge Transportation Market Landscape
5. US Barge Transportation Market - Key Industry Dynamics
6. US Barge Transportation Market - US Analysis
7. US Barge Transportation Market Revenue and Forecast to 2028 - Type
8. US Barge Transportation Market Revenue and Forecast to 2028 - Barge Fleet
9. US Barge Transportation Market Revenue and Forecast to 2028 - Application
10. Impact of COVID-19 Pandemic on US Barge Transportation Market
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- Alter Logistics
- American Commercial Barge Line
- Bouchard Transportation Co., Inc
- Campbell Transportation Company, Inc
- Heartland Barge
- Ingram Marine Group
- Kirby Corporation
- Livingston International
- Mcallister Towing And Transportat
For more information about this report visit https://www.researchandmarkets.com/r/ig8qpz
