Enjoy complimentary customisation on priority with our Enterprise License!
The tugboats services market size is estimated to grow at a CAGR of 14.33% between 2023 and 2028. The market size is forecast to increase by USD 3.17 billion. The growth of the market depends on several factors such as the increase in maritime trade and fleet size, the continuous advancements in the maritime sector, and the construction and expansion of seaports.
The report includes a comprehensive outlook on the tugboats services market, offering forecasts for the industry segmented by Application , which comprises commercial and military. Additionally, it categorizes Power Rating into less than 1000 hp, between 1000 and 2000 hp, between 2000 and 5000 hp, and more than 5000 hp, and covers Geography regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value (in USD billion) for each of the mentioned segments.
Tugboats Services Market Forecast 2023-2028
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
International seaborne trade is witnessing growth due to factors such as rapid industrialization and the liberalization of economies that are increasing the volume of maritime trade between countries. Improved fuel efficiency and the development of multifuel engines have made shipping an efficient mode of transportation. The demand for goods and raw materials is rising from emerging economies such as India, Brazil, and Indonesia, owing to the increasing population in these countries.
Thus, such factors are increasing the demand to build cargo ships or containers or bulkers, which are large in size. The larger size of the shipping vessels is critical in achieving better trade efficiency. The large size of vessels has a direct impact on the growth of the volume of goods that are ferried in one trip. A rise in the number of large vessels increases the need for tugboats to navigate and maneuver. This will drive growth of the global tugboats services market during the forecast period.
Tugboats are also commonly used in escorting, disaster prevention, and maneuvering other vessels by pushing and pulling. Tugboat services are growing beyond the military to other sectors, such as logistics, especially in disaster-affected areas. These tugboats are capable of reaching out to areas that are impossible to reach owing to the route damage caused by disasters or any other reason.
Moreover, tugboats play a crucial role in maritime operations, offering essential supplies such as chemical and powder extinguishers and oil treatment agent spray devices for oil spill accidents. In addition, they are equipped with various firefighting and warning systems to enhance safety during operations. Thus, the demand for tugboat services is driven by their multifaceted capabilities in emergency response and operational support, bolstering growth in the maritime information market. Maritime information encompasses data and technologies that optimize maritime operations and safety, including vessel tracking, weather monitoring, and navigational aids. Integrating tugboat services with advanced maritime information systems enhances overall maritime safety and operational efficiency, contributing to the market's expansion.
High volatility in global crude oil prices is expected to have a negative impact on the market, as most tugboats depend on diesel as a fuel. For example, a steep decline in the price of crude oil was observed from over USD 100/barrel in 2014 to below USD 35/barrel in May 2020. In addition, any unanticipated price fluctuations can change the course of the entire market within a short span of time. The petroleum industry is affected by frequent fluctuations in crude oil prices.
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, gross receipts tax, oil inspection fees, and emission trading levies. Thus, such factors may impede the growth of the market during the forecast period.
The commercial segment will account for a major share of the market's growth during the forecast period.?Commercial tugboat services are used for purposes other than assisting ships, such as dredging operations, bunkering ships, transferring liquid products between berths, and cargo operations. These tugboats can also be used for ship assistance if needed. The major private and public-owned oil and gas companies across the world are expanding their production activities with continuous exploration of oil and gas in deep-water areas.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Power Rating
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.