Work Barges Market Market Growth with Worldwide Industry Analysis to 2018-2028

Posted by vakhas on February 11th, 2019

Introduction

Work barges are multipurpose, flat-bottomed ship, mainly built for river and sea transport of bulk items or heavy goods. The work barges are not independent or self-propelled and have to be tugged by towboats or other naval vessels in the water. Earlier, work barges were used in smaller water part such as canals and rivers; however they are now extensively used at sea ports. Over the years, large cargo-carrying capacities and versatility are driving the demand for work barges. Other advantages offered by work barges include optimum fuel usage, cheap transportation costs, and better loading capacity as compared to trucks and railcars.

Work barges may vary in size depending on the size of cargo they carry, and could be monohull or multihull. Work barges are gaining increasing momentum in transporting agricultural goods and export to various international markets. Emergence of powered work barges have enabled relatively faster mode of transportation in major waterways. These barges are fitted with reciprocating engines that run on heavy oil. Work barges can be used to carry various types of bulk items including dry and liquid bulk cargo. Work barges transportation has also been proven to cause less pollution while consuming less energy which is favorable to the environment.

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Dynamics

Work barges market is gaining high traction in the recent times, with increasing investments on the development of small ports and canal systems across the globe. Growing adoption of intermodal transportation services across various industries is likely to fuel growth of the work barges market. Manufacturers are focusing on modernizing the existing products which will possibly improve the lucrativeness of work barges market.

Increasing prevalence of vast network of barges for transporting bulk products across countries is directly influencing growth of the work barges market. Growing demand for petrochemical and crude oil shipments along with improving quality of inland waterways will continue to remain key growth driver of work barges market.

Emerging trends of using LNG in powered work barges that improves efficiency transportation while reducing carbon emissions is likely to create potential growth opportunities for manufacturers. In addition, many work barges are integrated with GPS equipment that provides real time tracking and scheduling of barges which is expected to increase their adoption.

Rapid development of trading sector in emerging economies is further anticipated to positively impact the work barges market. However, challenges associated with high cost for construction and maintenance of work barges fleet will possibly create hindrance in the market. Further, stringent international waterways regulations along with climatic conditions is likely to hamper the demand for work barges.