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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
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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.
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The commercial segment was valued at USD 1.38 billion in 2018. Furthermore, Russia stands third globally with a planned and announced trunk pipeline length of 8,170 km by 2025. The Nord Stream 2 gas pipeline is the longest upcoming pipeline in the country and is slated to begin operations in 2021 with a length of 2,460 km. The adoption of towing and tugboat services in the commercial segment increased considerably in 2023 globally. Thus, such factors will drive the demand for commercial tugboat services, which, in turn, will propel the growth of the market during the forecast period.
Based on power rating, the market has been segmented into less than 1000 hp, between 1000 and 2000 hp, between 2000 and 5000 hp, and more than 5000 hp. The less than 1,000 HP segment will account for the largest share of this segment.?The demand for tugboat services with less than 1,000 HP offers various benefits, such as their ability to support very high-frequency radio broadcasting communication, radar, digital depth finder, Global Positioning System (GPS) plotter, and automatic identification systems. The segment is expected to grow significantly due to an increase in the number of inland water projects launched by various governments across the globe, which is expected to propel the growth of the market during the forecast period.
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North America is estimated to contribute 33% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In North America, the US is the major market for tugboat services. An increase in seaborne trading, port construction, expansion activities such as the expansion of ports, and a rise in oil and natural gas exploration are the key factors driving the demand for tugboat services in the region.
Furthermore, the rising transportation of petrochemicals in North America, owing to the increased production of oil and gas, especially in the US, is expected to drive the need for deepsea tugboat services and harbor tugboat services. Such an increase in the demand for tugboats is expected to drive growth in the tugboats services market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Crowley Maritime Corp., Damen Shipyards Group, FM Global Logistics Sdn Bhd, Fremont Tugboat Co. Inc., Gulf Agency Co. Ltd., Haven Shipping FZE, John Swire and Sons Ltd., KOTUG, Moran Towing Corp., NAIKAI TUG BOAT SERVICE Co. Ltd., Norfolk Tug Co., P and O Maritime Logistics, Pacific Maritime Group Inc., Qatar Navigation QPSC, Sanmar Denizcilik AS, SEACOR Marine Holdings Inc., Tidewater Inc., Whitesea Shipping and Supply LLC FZC, and YILDIRIM HOLDING INC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The tugboats services market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Tugboats Services Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.33% |
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Market Growth 2024-2028 |
USD 3.17 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
14.21 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Germany, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BOLUDA CORPORACION MARITIMA S.L., Crowley Maritime Corp., Damen Shipyards Group, FM Global Logistics Sdn Bhd, Fremont Tugboat Co. Inc., Gulf Agency Co. Ltd., Haven Shipping FZE, John Swire and Sons Ltd., KOTUG, Moran Towing Corp., NAIKAI TUG BOAT SERVICE Co. Ltd., Norfolk Tug Co., P and O Maritime Logistics, Pacific Maritime Group Inc., Qatar Navigation QPSC, Sanmar Denizcilik AS, SEACOR Marine Holdings Inc., Tidewater Inc., Whitesea Shipping and Supply LLC FZC, and YILDIRIM HOLDING 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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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
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