Tugboats Market to Hit USD 45.85 Billion by 2030 | With 13.3% CAGR
Tugboats Market
Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global tugboats market size was valued at USD 16.04 billion in 2022 and is projected to grow from USD 19.17 billion in 2023 to USD 45.85 billion by 2030, exhibiting a CAGR of 13.3% over the forecast period.
Tugboats, also named towboats or tugs, are specialized vessels designed to offer pushing or escorting services and towing to guide maritime operations and large ships. These boats are important for turning large vessels in confined spaces, such as harbors, ports, and narrow waterways, where huge ships have limited mobility and space.
Fortune Business Insights™ mentioned this in a report titled “Tugboats Market, 2023-2030.”
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List of Key Market Players Profiled in the Tugboats Market Report:
- AMSBACH MARINE (S) PTE LTD (Singapore)
- SYM Naval (Spain)
- Cheoy Lee Shipyards Ltd (Hong Kong)
- Crowley Holdings Inc (U.S.)
- Damen Shipyards Group NV (Netherlands)
- DSB OFFSHORE LTD (U.K.)
- Duclos Corp (U.S.)
- Eastern Shipbuilding Group Inc (U.S.)
- Swire Pacific Group (U.K.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.3% |
| 2030 Value Projection | USD 45.85 Billion |
| Market Size in 2023 | USD 19.17 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 180 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Tugboats Market Growth Drivers | Rising Port Congestion owing to Escalated Just-in-Time Logistics to Catalyze the Global Market |
| Emergence of Mega-Container Ship and Ultra-Large Vessels to Drive the Market |
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COVID-19 Impact:
Pandemic Negatively Impacted Market Growth Due to Restrictions on Maritime Trade Activities
The COVID-19 outbreak has impacted market growth negatively by halting various types of work, such as repair, shipbuilding, and maintenance work, directly impacting the tugboats market growth. Due to shortages of raw materials, disruptions in supply chains, and contract terminations, the market faced a downfall and affected the market growth.
Segments:
Towing Segment to Dominate due to Increased Use of Large Vessels in Confined Infrastructure
On the basis of application, the market is segmented into ice breakers, patrolling, search & rescue, towing, and others.
Towing segment is anticipated to dominate the tugboats market share during the forecast period owing to rise in maritime trade, which has limited space for mobility and port infrastructure. To avoid accidents, there has been a rise in towing activities; hence, the segment is expected to grow during the projected period.
Conventional Tug to Dominate due to Surged Versatility and Adaptability in Busy Ports
Based on type, the market is segmented into conventional tug, tractor tug, azimuth stern drive tug, reverse tractor tug, and others.
The conventional tug segment led the market in 2022 and is anticipated to continue its dominance during the forecast period as it has the ability to handle a wide range of tasks at a time such as offshore operations and assisting large ships.
1000 to 2000 kW Segment to Lead owing to Efficient and Compact Tugs
By capacity, the market is segmented into upto 1000 kW, 1000 to 2000 kW, 2000 to 3000 kW, and above 3000 kW.
The 1000 to 2000 kW segment led the market in 2022. The dominance of the segment is due to the rise in demand for efficient towboats connected with compact engine size for improved performance.
Geographically, the market is divided into regions such as North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage:
The report offers an in-depth analysis of the leading market segments and the most recent trends. It thoroughly explores the factors driving and impeding market growth, while also assessing the influence of the COVID-19 pandemic. Furthermore, the report delves into regional advancements and scrutinizes the strategies employed by key players in the market.
Drivers & Restraints:
Increasing Port Congestion due to Expansion of International Supply Chains to Augment Market Growth
The maritime industry has witnessed substantial growth in the market owing to the rise in global trade, driven by economic growth, just-in-time logistics, expansion of international supply chains, and increased consumer demand.
Strict regulations imposed on the environment and high operational cost to restrict the market growth of tugboats.
Regional Insights:
North America to Dominate the Market Owing to Rising Demand for Tugboats
North America held the dominant market share in 2022 and is anticipated to continue its dominance owing to increasing demand for tugboats due to rise in offshore energy projects, robust maritime trade, and development in the cruise industry.
Europe, on the second position, dominated the market share in 2022, owing to several substantial ports managing various types of cargo.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of COVID-19 Pandemic on Global Tugboats Market
- Global Tugboats Market Analysis, Insights and Forecast, 2019-2030
- 5.1 Key Findings / Definition
- Market Analysis, Insights and Forecast – By Application
- Ice Breaker
- Search & Rescue
- Patrolling
- Towing
- Others
- Market Analysis, Insights and Forecast – By Type
- Conventional Tug
- Tractor Tug
- Azimuth stern drive tug
- Reverse tractor tug
- Others
- Market Analysis, Insights and Forecast – By Capacity
- Upto 1000 KW
- 1000 to 2000 KW
- 2000 to 3000 KW
- Above 3000 KW
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Tugboats Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Application
- Ice Breaker
- Search & Rescue
- Patrolling
- Towing
- Others
- Market Analysis, Insights and Forecast – By Type
- Conventional Tug
- Tractor Tug
- Azimuth stern drive tug
- Reverse tractor tug
- Others
- Market Analysis, Insights and Forecast – By Capacity
- Upto 1000 KW
- 1000 to 2000 KW
- 2000 to 3000 KW
- Above 3000 KW
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Application
- Ice Breaker
- Search & Rescue
- Patrolling
- Towing
- Others
- Market Analysis, Insights and Forecast – By Application
- Canada
- Market Analysis, Insights and Forecast – By Application
- Ice Breaker
- Search & Rescue
- Patrolling
- Towing
- Others
- Market Analysis, Insights and Forecast – By Application
- U.S.
- Market Analysis, Insights and Forecast – By Application
TOC Continued…!
Competitive Landscape:
Increasing Focus of Key Players toward Automation and Digitalization to Augment Market Growth
The prominent players in the market include Cheoy Lee Shipyards Ltd., AMSBACH MARINE (S) PTE LTD., Crowley Holdings Inc., BOURBON Maritime Services, Duclos Corp, Damen Shipyards Group NV, Eastern Shipbuilding Group Inc., and DSB OFFSHORE LTD. They have rising focus on automation and digitalization to improve the performance of towboats and optimize operations.
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Key Industry Development:
- April 2022: The United States Army Corps of Engineers (USACE) announced that it awarded a USD 8.4 million contract for a temporary tug to service the Buffalo County repair crew. The ship will tow the buffalo county repair fleet; one of three fleets strategically positioned on the Great Lakes.
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