Barge Transportation Market in the US to Grow at a CAGR of 1.39% during the period 2017-2021
Market Research Report on Barge Transportation Market in the US Market is a professional and in-depth research report. The Report include basic information like definitions, classifications, applications and industry chain overview, industry policies and plans, product specifications, manufacturing processes, cost structures and so on.
The Report Announces the Publication of its Research Report – Barge Transportation Market in the US 2017-2021
The Report recognizes the following companies as the key players in the barge transportation market in the US: ACBL, Ingram Marine, Kirby, and SEACOR
Other Prominent Vendors in the market are: AgriChem Marine Transportation, Alter Logistics, Argosy Transportation, ATS International Services, Barge America, Blessey Marine Services, Bouchard Transportation, Campbell Transportation, Canal Barge, Ceres Barge Lines, Heartland Barge, and McAllister Towing and Transportation
Commenting on Barge Transportation Market in the US, the expert of research team said: “One of the new trends in the barge transportation market in the US is the construction of new tank barges with more storage capacity. The increase in demand for crude oil in the US boosts the demand for the usage of tank barges through inland waterway transportation. Many vendors in the market have started to provide shipping services for transportation of liquid-bulk cargo. For instance, in FY2014, the US-based barge transportation company, Kirby, reported an expenditure of $135 million for the construction of 66 inland tank barges and one inland towboat. In addition, barge operators in the US took delivery of 336 tank barges with an aggregate capacity of 8.21 million barrels in FY2012. Thus, increased adoption of tank barges among vendors will fuel the growth of the market during the forecast period.”
The Report analysts forecast the barge transportation market in the US to grow at a CAGR of 1.39% during the period 2017-2021.
According to Barge Transportation Market in the US, the barge transportation market in the country is expected to benefit from the incremental demand for petrochemical shipments in the domestic market of the US. The use of marine transportation by the petroleum and petrochemical industry is one of the major reasons for establishing the US-refineries and petrochemical facilities along the navigable inland waterways. Texas and Louisiana account for approximately 80% of the US production of petrochemicals. Most of the US farm belt have access to the inland waterway system for the transportation of farm products, including agricultural chemicals through the marine system, including barges.
Further, Barge Transportation Market in the US states that manufacturing of barges is a time-consuming and capital-intensive process because of the high cost of raw materials. Barge line operators and owners require huge investments and infrastructure to build and maintain a barge fleet. The Jones Act further impacts the cost of barges and keeps the prices artificially high in the US when compared to the barges worldwide. The purchase price for the US-built barges is about four times the price of foreign-built barges. The maintenance cost for barge fleets is also high for regular activities that include upgrading, cleaning, and wages of the crew maintaining the barges. In addition, the docking charges need to be paid even when they are not in operation. All these factors adversely affect the barge transportation market in the US.