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NEW YORK, June 29, 2022 /PRNewswire/ — The “Tugboats Market by Type and Geography – Forecast and Analysis 2021-2025” report by Technavio identifies APAC as the dominating region. About 37% of the market growth is expected to originate from the region over the forecast period. The increasing seaborne trading and the expansion of ports are creating significant growth opportunities for tugboat manufacturers operating in the region.
According to Technavio, the global tugboats market size will increase by 259 units between 2020 and 2025. The market observed a YOY growth of 12.71% in 2021 and the growth momentum is expected to accelerate at a CAGR of 13.61% during the forecast period.
View Our Report Sample for more insights on the market size, market behavior across various segments and regions, and other important statistics.
Market Dynamics
The market is driven by the rise in global oil and natural gas demand. In addition, the construction and expansion of seaports and the increase in maritime trade and fleet size will have a positive impact on the growth of the tugboats market. However, the volatility in oil prices might hamper the growth of the market participants.
Competitive Analysis
The tugboats market report includes information on the product launches, sustainability, and prospects of leading vendors including Cheoy Lee Shipyards Ltd., Damen Shipyards Group NV, Duclos Corp., Eastern Shipbuilding Group Inc., Fr. Fassmer GmbH and Co. KG, Jiangsu Jiangsu Zhenjiang Shipyard Co. Ltd., Med Marine AS, Nichols Brothers Boat Builders, Sanmar Denizcilik AS, and Uzmar Shipbuilding and Trade Inc. The report includes the competitive analysis which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
The global tugboats market is fragmented and is highly competitive due to the presence of several vendors. Many of these vendors enjoy strong market positions as they have a vast geographical presence with respect to the tugboat and marine logistics businesses. The market is characterized by its capital -intensive nature because of the need for the vessels to incorporate advanced technologies. The key differentiating element in this market is the value-added services provided by the companies.
Read Our Report Sample Now for more insights into the competitive analysis and uncover successful business strategies adopted by key players.
Market Segmentation
Segmentation by Type
- By type, the market is classified into sea-going tugboats and river tugboats.
- The sea-going tugboats will have the largest share of the market.
- The sea going tugboats segment in the global tugboats market includes harbor tugboats and deep-sea tugboats.
- The demand for sea going tugboats is expected to increase with the rise in port expansion activities and oil drilling activities, as well as the increasing demand for larger container ships.
- Also, the increasing adoption of eco-friendly tugboats that are powered by liquefied natural gas (LNG), hydrogen gas, or electricity is expected to foster the growth of the segment.
Segmentation by Geography
- By geography, the market is classified as APAC, North America, EuropeMEA, and South America.
- APAC will have the largest share of the market.
- The increase in seaborne activities in countries such as the Philippines, Indonesiaand India are driving the demand for tugboats in APAC.
Read Our Report Sample to identify other potential segments and regions in the market.
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