The tugboat market share is expected to increase by 405 actual units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.72%.
This tugboats market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers tugboats market segmentation by type (sea-going tugboats and river tugboats) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The tugboats market report also offers information on several market vendors, including Astilleros Armon, Blount Boats and Shipyard, Cantiere Navale Vittoria Spa, Cheoy Lee Shipyards Ltd., Conrad Industries Inc., Damen Shipyards Group, Dearsan Shipyard, Duclos Corp., Eastern Shipbuilding Group Inc., Fr. Fassmer GmbH and Co. KG, Greenbay Marine Pte. Ltd., Hindustan Shipyard Ltd., Jiangsu Zhenjiang Shipyard Co. Ltd., Med Marine AS, NIBULON LLC, Nichols Brothers Boat Builders, Ranger Tugs, Sanmar Denizcilik AS, and Uzmar Shipbuilding and Trade Inc. among others.
What will the Tugboats Market Size be During the Forecast Period?
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Tugboats Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and after the post-COVID-19 era. The rise in global oil and natural gas demand is notably driving the tugboats market growth, although factors such as volatility in oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the tugboats market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Tugboats Market Driver
One of the key factors driving the global tugboat market is the rise in global oil and natural gas demand. Because of improved global economic growth, global energy demand is steadily increasing. Existing oil and gas reservoirs have begun to mature or deplete, necessitating the exploration and production (E&P) of new reservoirs. As a result, new wells are being drilled. Oil and gas companies are shifting toward offshore E&P activities because offshore oil and gas reservoirs are larger than onshore reservoirs and offshore wells have a longer production life than onshore wells. Furthermore, the rising use of natural gas as a fuel resulted in a significant increase in global natural gas consumption over the previous decade. Natural gas demand is expected to increase significantly during the forecast period, owing to rising fuel consumption in developing economies such as China and India. This is likely to attract upstream oil and gas companies looking to exploit and produce the resource. Furthermore, increased demand for oil and natural gas is resulting in improved import and export facilities for hydrocarbons, crude oil, refined products, and LNG, subsequently leading to a rise in the demand for maritime support services. Such factors are increasing the demand for powerful tugboats and subsequently increasing new shipbuilding orders for tugboats.
Key Tugboats Market Trend
The increasing popularity of eco-friendly tugboats is another factor supporting the global tugboats market growth in the forecast period. Across the globe, people are becoming more aware of the importance of reducing emissions from marine vessels. Rising fuel prices are pressuring tugboat manufacturers to create environmentally friendly alternative fuel tugboats. LNG tugboats and hybrid tugboats are the main focus of tugboat builders. However, demand for environmentally friendly tugboats is lower than for other types of conventional tugboats. Only about 1% of tugboats in service are environmentally friendly. However, expected subsidies for newly built and converted hybrid tugboats, as well as green tug projects by various governments, will encourage the adoption of such environmentally friendly tugboats. Furthermore, eco-friendly tugboats have lower operating and maintenance costs than conventional tugboats. As a result, eco-friendly tugboats are expected to have lower long-term ownership costs than conventional tugboats. These factors are boosting the popularity of eco-friendly tugboats across the world. There are also other tugboats, such as hydrogen-powered tugboats and electric tugboats, in addition to LNG and hybrid tugboats. As a result, the growing popularity of eco-friendly tugboats will have a positive impact on the global tugboats market over the forecast period.
Key Tugboats Market Challenge
Volatility in oil prices will be a major challenge for the global tugboat market during the forecast period. High volatility in global crude oil prices is expected to hurt the global tugboats market, as most tugboats depend on diesel as fuel. The fluctuation in the prices of crude oil influences the prices of several derivative products, such as gasoline and lubricants. Any unanticipated price fluctuations can change the course of the entire market within a short period. The petroleum industry is affected by frequent fluctuations in crude oil prices. Thus, the extreme volatility in global crude oil prices is expected to negatively impact the operational cost for tugboats and may hurt the profit margins of tugboat owners and operators, hindering the growth of the global tugboats market. Additionally, heavy taxes imposed on the sales of fuel can result in fluctuations in the prices of fuel. Some taxes imposed on fuel across the world include Goods and Services Tax (GST), gross receipts tax, oil inspection fees, and emission trading levies will further hamper the market growth.
This tugboats market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
The global tugboats market is a part of the global construction machinery and heavy trucks market. The global construction machinery and heavy trucks market was valued at USD 257.97 billion in 2020. By 2025, the market structure would continue to be fragmented. Its lifecycle stage would continue to be in the growth phase. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the tugboat market during the forecast period.
Who are the Major Tugboats Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Astilleros Armon
- Blount Boats and Shipyard
- Cantiere Navale Vittoria Spa
- Cheoy Lee Shipyards Ltd.
- Conrad Industries Inc.
- Damen Shipyards Group
- Dearsan Shipyard
- Duclos Corp.
- Eastern Shipbuilding Group Inc.
- Fr. Fassmer GmbH and Co. KG
- Greenbay Marine Pte. Ltd.
- Hindustan Shipyard Ltd.
- Jiangsu Zhenjiang Shipyard Co. Ltd.
- Med Marine AS
- NIBULON LLC
- Nichols Brothers Boat Builders
- Ranger Tugs
- Sanmar Denizcilik AS
- Uzmar Shipbuilding and Trade Inc.
This statistical study of the tugboats market encompasses successful business strategies deployed by the key vendors. The tugboats market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Cheoy Lee Shipyards Ltd. - The company offers products such as tug boats, pilot boats, ferries, and other products. It offers models such as ART80 32, ART85 32W, and other products.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The tugboats market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Tugboats Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the tugboats market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Tugboats Market?
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37% of the market's growth will originate from APAC during the forecast period. Indonesia and The Philippines are the key markets for the tugboats market in APAC. Market growth in this region will be faster than the growth of the North American market.
The increase in seaborne trading and the expansion of ports will facilitate the tugboat market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in APAC is expected to hurt the growth of the regional tugboat market. Several countries, such as China, India, South Korea, and the Philippines, are under a partial or full lockdown due to the COVID-19 outbreak, which limits the adoption of tugboats. China is one of the major markets for maritime solutions. In APAC, countries such as India, Indonesia, and Thailand are major importers of products. Owing to the imposition of lockdowns, the movement of tugboats has been restricted. This has hindered the growth of the regional tugboat market. Furthermore, since 2021, the regional market for tugboats will grow at a moderate pace due to an increase in maritime activities during the forecast period.
What are the Revenue-generating Type Segments in the Tugboats Market?
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The tugboat's market share of the seagoing tugboats type segment will be significant during the forecast period. Tugboats assist ships in entering or leaving the ports, berthing, and unberthing operations, and icebreaking and navigating through narrow canals. With the rise in port expansion and oil drilling activities, the demand for sea-going tugboats will increase. In line with this factor, the seagoing tugboats segment growth in the tugboats market is expected to be significant during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the tugboats market size and actionable market insights on the post-COVID-19 impact on each segment
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Tugboats Services market - The market share is expected to increase by USD 2.42 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.64%.
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Tugboats Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.72% |
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Market growth 2022-2026 |
405 actual units |
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Market structure |
Fragmented |
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YoY growth (%) |
12.47 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key consumer countries |
US, Indonesia, The Philippines, Russia, and The Netherlands |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Astilleros Armon, Blount Boats and Shipyard, Cantiere Navale Vittoria Spa, Cheoy Lee Shipyards Ltd., Conrad Industries Inc., Damen Shipyards Group, Dearsan Shipyard, Duclos Corp., Eastern Shipbuilding Group Inc., Fr. Fassmer GmbH and Co. KG, Greenbay Marine Pte. Ltd., Hindustan Shipyard Ltd., Jiangsu Zhenjiang Shipyard Co. Ltd., Med Marine AS, NIBULON LLC, Nichols Brothers Boat Builders, Ranger Tugs, Sanmar Denizcilik AS, and Uzmar Shipbuilding and Trade Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Tugboats Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive tugboats market growth during the next five years
- Precise estimation of the tugboats market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the tugboats industry across APAC, North America, Europe, South America, and the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of tugboats market vendors
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