New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "US Barge Transportation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Barge Fleet, and Application" - https://www.reportlinker.com/p06289943/?utm_source=GNW
In December 2021,?the?US Department of Transportation’s Maritime Administration?(MARAD) awarded US$ 12.6?million in grants to 9?marine highway projects under?America’s Marine Highway Program (AMHP).?The funding?aims to address the supply chain disruptions and enhance waterborne freight services in Delaware, Hawaii,? Indiana, Kentucky, Louisiana,?North Carolina,?New York,?New Jersey, Tennessee,?Texas,?and?Virginia. 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. This has increased the demand for cost-effective and high-capacity transport modes, such as barge-based waterways, compared to road, rail, and air transportation. These factors are driving the growth in the US barge transportation market.
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.
Despite favorable growth conditions, the COVID-19 outbreak affected the growth rate of the US barge transportation market in 2020 due to an unstable market situation. However, with initiatives taken by various governments to support the economic growth, adequate funding, and partnerships and collaborations among barge transportation service providers, the market is anticipated received a significant demand in the future.
Key Insights:
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.
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.
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 Transportation Co., Inc.; and Blessey Marine Services, Inc. are companies operating in the US barge transportation market.
The overall size of the US barge transportation market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the US barge transportation market with respect to all the market segments.Multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
This process includes VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the US barge transportation market.
Read the full report: https://www.reportlinker.com/p06289943/?utm_source=GNW
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