US Barge Transportation Market
No. of Pages: 150 | Report Code: TIPRE00028940 | Category: Automotive and Transportation
No. of Pages: 150 | Report Code: TIPRE00028940 | Category: Automotive and Transportation
Due to increased local and international trade of metal ores in US, metal ore transportation is expected to account for a significant share of the cargo industry operations throughout the forecast period. The US is one of the world's leading exporters of metal ores. Furthermore, the demand for metal ores is boosted by increased automotive sales and construction activities. According to the US International Trade Commission (USITC) report, the value of domestic mineral and metal exports in the US reached $ 108 billion in 2021, registering an annual growth of US $ 8.2 billion from the previous year 2020 Exports of unprocessed and refined gold, precious metals and non-numismatic coins, steel mill products, ferrous scrap, copper, unwrought aluminum, and zinc ore and concentrates have increased. Moreover, mineral and metal imports in the US to reach US $ 200.1 billion in 2021. Imports of steel mill goods, precious metals, unwrought aluminum and aluminum mill products, copper and associated items, and ferroalloys reported the biggest nominal surge. Such increase in import and export activities favors the growth of the US barge transportation market.
The San Diego Association of Governments (SANDAG) lays the groundwork for major transportation reforms in US. The objective is to make the transportation system more sustainable, accessible, economical, and safe while offering locals alternatives to single-occupancy vehicle trips. These factors are supporting the growth of the US barge transportation market.
Impact of COVID-19 Pandemic on US Barge Transportation Market
According to the Organization for Economic Cooperation and Development (OECD), ports in the US experienced a 7.3% drop in container volumes in the first few months of 2020 due to the shutdown of different activities across key markets. However, the US barge transportation market has coped well with the short-term disruptions caused by the pandemic. A grain supply chain in the country continued to operate irrespective of the COVID-19 pandemic, through more than 12,000 miles of marine highways into ports on the Gulf of Mexico. The US Army Corps of Engineers continued to conduct business while keeping an eye on their operations to ensure the safety of their employees.
Market Insight – Growing demand for Cost-Effective Transportation Drives Market Growth
Being a cost-effective option, barges are largely used to transport dry cargo, such as agricultural products. Sea transport enables the shipment of big volumes at a lower cost than other modes of transportation. Digital technology is being used by transit and transportation organizations around the US to boost throughput, improve security, and provide a better customer experience. Transportation authorities are forming public–private partnerships to propel multimodal transportation, autonomous and connected car technologies, mileage-based pricing systems, and other initiatives. Thus, rising demand for cargo transportation is the main factors boosting the demand for barge transportation in cargo logistics in the US.
Type Segment Insights
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. The US has a few of the most prominent companies with a substantial market position in the domestic inland barge dry cargo industry that own and operate a significantly large dry barge fleets.
Note: The outer circle represents the market size for 2028, and the inner circle represents the market size for 2021.
Barge Fleet Segment Insights
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.
Application Segment Insights
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.
Companies operating in the US barge transportation market focus on strategies such as mergers and acquisitions and market initiatives to maintain their market positions. A few of the notable developments by key players are listed below:
In April 2020, Kirby Corporation announced that it has completed the acquisition of Savage Inland Marine’s inland barge fleet. In the inland tank barge transportation sector in the United States, Savage is a tank barge and towboat operator. The Savage tank barge fleet has 90 inland tank barges with a capacity of 2.5 million barrels and 46 inland towboats.
In April 2022, Campbell Transportation Company, Inc. (CTC) acquired the marine assets of E Squared Marine Service, LLC, a Houston-based tank barge shipping company. Campbell's tank barge activities will be significantly expanded due to this acquisition, which will provide an operational and fleeting site in Houston.
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.
Strategic insights for the US Barge Transportation provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 25,171.36 Million |
| Market Size by 2028 | US$ 39,883.44 Million |
| Global CAGR (2021 - 2028) | 7.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
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| Regions and Countries Covered | United States
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| Market leaders and key company profiles |
|
The geographic scope of the US Barge Transportation refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The US Barge Transportation Market is valued at US$ 25,171.36 Million in 2021, it is projected to reach US$ 39,883.44 Million by 2028.
As per our report US Barge Transportation Market, the market size is valued at US$ 25,171.36 Million in 2021, projecting it to reach US$ 39,883.44 Million by 2028. This translates to a CAGR of approximately 7.2% during the forecast period.
The US Barge Transportation Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the US Barge Transportation Market report:
The US Barge Transportation Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The US Barge Transportation Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the US Barge Transportation Market value chain can benefit from the information contained in a comprehensive market report.
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