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Tugboats Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: Sep 2022
  • Pages: 149
  • SKU: IRTNTR40019
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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?

Tugboats Market Size

Download Report Sample to Unlock the Tugboats Market Size for the Forecast Period and Other Important Statistics

 

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?

Tugboats Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

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?

Tugboats Market Share

To gain further insights on the market contribution of various segments Request a PDF Sample

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

You may be interested in:

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%.

Tugboats Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 13.72%

Market growth 2022-2026

405 actual units

Market structure

Fragmented

YoY growth (%)

12.47

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 37%

Key consumer countries

US, Indonesia, The Philippines, Russia, and The Netherlands

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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. 

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.

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.

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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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 14: Chart on Global - Market size and forecast 2021-2026 (actual units)
      • Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 (actual units)
      • Exhibit 16: Chart on Global Market- Year-over-year growth 2021-2026 (%)
      • Exhibit 17: Data Table on Global Market- Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 25: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 26: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 27: Chart on Comparison by Type
      • Exhibit 28: Data Table on Comparison by Type
    • 5.3 Sea going tugboats - Market size and forecast 2021-2026
      • Exhibit 29: Chart on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 30: Data Table on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 31: Chart on Sea going tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 32: Data Table on Sea going tugboats - Year-over-year growth 2021-2026 (%)
    • 5.4 River tugboats - Market size and forecast 2021-2026
      • Exhibit 33: Chart on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 34: Data Table on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 35: Chart on River tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 36: Data Table on River tugboats - Year-over-year growth 2021-2026 (%)
    • 5.5 Sea going tugboats - Market size and forecast 2021-2026
      • Exhibit 37: Chart on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 38: Data Table on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 39: Chart on Sea going tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 40: Data Table on Sea going tugboats - Year-over-year growth 2021-2026 (%)
    • 5.6 River tugboats - Market size and forecast 2021-2026
      • Exhibit 41: Chart on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 42: Data Table on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 43: Chart on River tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 44: Data Table on River tugboats - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Type
      • Exhibit 45: Market opportunity by Type (actual units)

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 46: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 47: Data Table on Type - Market share 2021-2026 (%)
    • 6.2 Comparison by Type
      • Exhibit 48: Chart on Comparison by Type
      • Exhibit 49: Data Table on Comparison by Type
    • 6.3 Sea going tugboats - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 51: Data Table on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 52: Chart on Sea going tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Sea going tugboats - Year-over-year growth 2021-2026 (%)
    • 6.4 River tugboats - Market size and forecast 2021-2026
      • Exhibit 54: Chart on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 55: Data Table on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 56: Chart on River tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on River tugboats - Year-over-year growth 2021-2026 (%)
    • 6.5 Sea going tugboats - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 59: Data Table on Sea going tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 60: Chart on Sea going tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Sea going tugboats - Year-over-year growth 2021-2026 (%)
    • 6.6 River tugboats - Market size and forecast 2021-2026
      • Exhibit 62: Chart on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 63: Data Table on River tugboats - Market size and forecast 2021-2026 (actual units)
      • Exhibit 64: Chart on River tugboats - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on River tugboats - Year-over-year growth 2021-2026 (%)
    • 6.7 Market opportunity by Type
      • Exhibit 66: Market opportunity by Type (actual units)

    7 Customer Landscape

    • 7.1 Customer landscape overview
      • Exhibit 67: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 68: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 69: Data Table on Market share by geography 2021-2026 (%)
    • 8.2 Geographic comparison
      • Exhibit 70: Chart on Geographic comparison
      • Exhibit 71: Data Table on Geographic comparison
    • 8.3 APAC - Market size and forecast 2021-2026
      • Exhibit 72: Chart on APAC - Market size and forecast 2021-2026 (actual units)
      • Exhibit 73: Data Table on APAC - Market size and forecast 2021-2026 (actual units)
      • Exhibit 74: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 75: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 8.4 North America - Market size and forecast 2021-2026
      • Exhibit 76: Chart on North America - Market size and forecast 2021-2026 (actual units)
      • Exhibit 77: Data Table on North America - Market size and forecast 2021-2026 (actual units)
      • Exhibit 78: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 79: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 8.5 Europe - Market size and forecast 2021-2026
      • Exhibit 80: Chart on Europe - Market size and forecast 2021-2026 (actual units)
      • Exhibit 81: Data Table on Europe - Market size and forecast 2021-2026 (actual units)
      • Exhibit 82: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 83: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 8.6 South America - Market size and forecast 2021-2026
      • Exhibit 84: Chart on South America - Market size and forecast 2021-2026 (actual units)
      • Exhibit 85: Data Table on South America - Market size and forecast 2021-2026 (actual units)
      • Exhibit 86: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 87: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 8.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 88: Chart on Middle East and Africa - Market size and forecast 2021-2026 (actual units)
      • Exhibit 89: Data Table on Middle East and Africa - Market size and forecast 2021-2026 (actual units)
      • Exhibit 90: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 91: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 8.8 US - Market size and forecast 2021-2026
      • Exhibit 92: Chart on US - Market size and forecast 2021-2026 (actual units)
      • Exhibit 93: Data Table on US - Market size and forecast 2021-2026 (actual units)
      • Exhibit 94: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 95: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 8.9 Indonesia - Market size and forecast 2021-2026
      • Exhibit 96: Chart on Indonesia - Market size and forecast 2021-2026 (actual units)
      • Exhibit 97: Data Table on Indonesia - Market size and forecast 2021-2026 (actual units)
      • Exhibit 98: Chart on Indonesia - Year-over-year growth 2021-2026 (%)
      • Exhibit 99: Data Table on Indonesia - Year-over-year growth 2021-2026 (%)
    • 8.10 The Philippines - Market size and forecast 2021-2026
      • Exhibit 100: Chart on The Philippines - Market size and forecast 2021-2026 (actual units)
      • Exhibit 101: Data Table on The Philippines - Market size and forecast 2021-2026 (actual units)
      • Exhibit 102: Chart on The Philippines - Year-over-year growth 2021-2026 (%)
      • Exhibit 103: Data Table on The Philippines - Year-over-year growth 2021-2026 (%)
    • 8.11 Russia - Market size and forecast 2021-2026
      • Exhibit 104: Chart on Russia - Market size and forecast 2021-2026 (actual units)
      • Exhibit 105: Data Table on Russia - Market size and forecast 2021-2026 (actual units)
      • Exhibit 106: Chart on Russia - Year-over-year growth 2021-2026 (%)
      • Exhibit 107: Data Table on Russia - Year-over-year growth 2021-2026 (%)
    • 8.12 The Netherlands - Market size and forecast 2021-2026
      • Exhibit 108: Chart on The Netherlands - Market size and forecast 2021-2026 (actual units)
      • Exhibit 109: Data Table on The Netherlands - Market size and forecast 2021-2026 (actual units)
      • Exhibit 110: Chart on The Netherlands - Year-over-year growth 2021-2026 (%)
      • Exhibit 111: Data Table on The Netherlands - Year-over-year growth 2021-2026 (%)
    • 8.13 Market opportunity by geography
      • Exhibit 112: Market opportunity by geography (actual units)

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 113: Impact of drivers and challenges in 2021 and 2026
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 115: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 116: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 117: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 118: Matrix on vendor position and classification
            • 11.3 Cheoy Lee Shipyards Ltd.
              • Exhibit 119: Cheoy Lee Shipyards Ltd. - Overview
              • Exhibit 120: Cheoy Lee Shipyards Ltd. - Product / Service
              • Exhibit 121: Cheoy Lee Shipyards Ltd. - Key offerings
            • 11.4 Damen Shipyards Group
              • Exhibit 122: Damen Shipyards Group - Overview
              • Exhibit 123: Damen Shipyards Group - Product / Service
              • Exhibit 124: Damen Shipyards Group - Key news
              • Exhibit 125: Damen Shipyards Group - Key offerings
            • 11.5 Duclos Corp.
              • Exhibit 126: Duclos Corp. - Overview
              • Exhibit 127: Duclos Corp. - Product / Service
              • Exhibit 128: Duclos Corp. - Key offerings
            • 11.6 Eastern Shipbuilding Group Inc.
              • Exhibit 129: Eastern Shipbuilding Group Inc. - Overview
              • Exhibit 130: Eastern Shipbuilding Group Inc. - Product / Service
              • Exhibit 131: Eastern Shipbuilding Group Inc. - Key news
              • Exhibit 132: Eastern Shipbuilding Group Inc. - Key offerings
            • 11.7 Fr. Fassmer GmbH and Co. KG
              • Exhibit 133: Fr. Fassmer GmbH and Co. KG - Overview
              • Exhibit 134: Fr. Fassmer GmbH and Co. KG - Product / Service
              • Exhibit 135: Fr. Fassmer GmbH and Co. KG - Key news
              • Exhibit 136: Fr. Fassmer GmbH and Co. KG - Key offerings
            • 11.8 Jiangsu Zhenjiang Shipyard Co. Ltd.
              • Exhibit 137: Jiangsu Zhenjiang Shipyard Co. Ltd. - Overview
              • Exhibit 138: Jiangsu Zhenjiang Shipyard Co. Ltd. - Product / Service
              • Exhibit 139: Jiangsu Zhenjiang Shipyard Co. Ltd. - Key news
              • Exhibit 140: Jiangsu Zhenjiang Shipyard Co. Ltd. - Key offerings
            • 11.9 Med Marine AS
              • Exhibit 141: Med Marine AS - Overview
              • Exhibit 142: Med Marine AS - Product / Service
              • Exhibit 143: Med Marine AS - Key offerings
            • 11.10 Nichols Brothers Boat Builders
              • Exhibit 144: Nichols Brothers Boat Builders - Overview
              • Exhibit 145: Nichols Brothers Boat Builders - Product / Service
              • Exhibit 146: Nichols Brothers Boat Builders - Key news
              • Exhibit 147: Nichols Brothers Boat Builders - Key offerings
            • 11.11 Sanmar Denizcilik AS
              • Exhibit 148: Sanmar Denizcilik AS - Overview
              • Exhibit 149: Sanmar Denizcilik AS - Product / Service
              • Exhibit 150: Sanmar Denizcilik AS - Key offerings
            • 11.12 Uzmar Shipbuilding and Trade Inc.
              • Exhibit 151: Uzmar Shipbuilding and Trade Inc. - Overview
              • Exhibit 152: Uzmar Shipbuilding and Trade Inc. - Product / Service
              • Exhibit 153: Uzmar Shipbuilding and Trade Inc. - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 154: Inclusions checklist
                • Exhibit 155: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 156: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 157: Research methodology
                • Exhibit 158: Validation techniques employed for market sizing
                • Exhibit 159: Information sources
              • 12.5 List of abbreviations
                • Exhibit 160: List of abbreviations
              • Conversely, the 13.72% growth forecast could be missed with the market growing slower than expected if the following factors come into play:
                • in key end-user industries such as construction and mining
                  • demand
                    • in product mix
                      • in the replacement rate

                        Research Framework

                        Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                        TechnavioINFORMATION SOURCES

                        Primary sources

                        • Manufacturers and suppliers
                        • Channel partners
                        • Industry experts
                        • Strategic decision makers

                        Secondary sources

                        • Industry journals and periodicals
                        • Government data
                        • Financial reports of key industry players
                        • Historical data
                        • Press releases
                        Technavio

                        TechnavioDATA ANALYSIS

                        Data Synthesis

                        • Collation of data
                        • Estimation of key figures
                        • Analysis of derived insights

                        Data Validation

                        • Triangulation with data models
                        • Reference against proprietary databases
                        • Corroboration with industry experts
                        Technavio

                        TechnavioREPORT WRITING

                        Qualitative

                        • Market drivers
                        • Market challenges
                        • Market trends
                        • Five forces analysis

                        Quantitative

                        • Market size and forecast
                        • Market segmentation
                        • Geographical insights
                        • Competitive landscape
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                        Tugboats market growth will increase by $405 actual units during 2022-2026.
                        The tugboats market is expected to grow at a CAGR of 13.72% during 2022-2026.
                        Technavio has segmented the tugboats market by type (Sea going tugboats and River tugboats) and geographic (APAC, North America, Europe, South America, Middle East and Africa, APAC, North America, Europe, MEA, and South America).
                        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. are a few of the key vendors in the tugboats market.
                        APAC will register the highest growth rate of 37.04% among the other regions. Therefore, the tugboats market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                        • US
                        • Indonesia
                        • The Philippines
                        • Russia
                        • The Netherlands
                        The key factors driving the tugboats market growth are:
                        • Rise in global oil and natural gas demand
                        • Increasing popularity of eco-friendly tugboats
                        The tugboats market vendors should focus on grabbing business opportunities from the sea going tugboats segment as it accounted for the largest market share in the base year.
                        • What are the key global market and the regional market share?
                        • What are the revenue-generating key market segments?
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