Global Tugboat Charter Services Market is estimated to witness a rise in its revenue from US$ 10,186.9 Mn in 2021 to US$ 18,924.1 Mn by 2027. The market is registering growth at a CAGR of 10.9% over the forecast period 2022-2027. A Tugboat is a special class of boat without which mega-ships cannot get into a port. It maneuvers other vessels by pulling or pushing them and this is done with direct contact or a tow line. Along with the primary purpose of towing the vessel towards the harbor, tugboats can be engaged in the purpose of providing essentials such as water, air, etc. to the vessel. In addition to this, tugboats become essential elements for non-self-propelled barges, oil platforms, and log rafts among others.
The growing impetus of the market is attributed to factors such as growing maritime trade across the globe, growth of the oil & gas industry, and development & expansion of seaports. According to the UN Conference on Trade and Development (UNCTAD), maritime transport is the backbone of international trade and the global economy, over 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. Further, UNCTAD projected total maritime trade to grow 2.4% annually from 2022 to 2026. Thus, increasing marine trade activities across geographies has driven the demand for tugboats to maneuver large container ships and cruise ships among others. Furthermore, the growth of the oil & gas industry, especially due to the rising demand for energy from countries such as India, China, and South Africa among others, is propelling the overall market growth. In addition, a large number of port development projects are underway across the globe, which will require an increased number of Tugboats for assistance. This will accelerate the growth of the Tugboat market over the forecast period. However, international marine fuel regulations and high fuel costs are expected to hamper market growth.
The global health and economic crisis triggered by the pandemic has upended the landscape for maritime transport and trade and significantly affected the growth prospects. Amid supply-chain disruptions, demand contractions, and global economic uncertainty caused by the pandemic, the global Tugboat charter services market was severely affected by a twin supply and demand shock. Further, the cargo demand decreased due to the lengthening of transportation and a set of rules that had to comply with for transportation of perishable goods which in turn affected the maritime trade and thus, demand for tugboats. The closure of ports to prevent the spread of the virus also affected the demand for tugboats at ports. However, the market is slowly coming back on track with the rise in demand from the oil & gas industry during the post-pandemic times.
The key players in the Global Tugboat Charter Services Market are Crowley Holdings Inc, Swire Pacific Group, Saltchuk Resources Inc, BOURBON Maritime Services, Tidewater, Edison Chouest Offshore, and Harley Marine Services Inc., among others. Through extensive research, it is found that big players have adopted various competitive strategies such as product development, developing long-term contracts, and collaboration with the manufacturers/service providers in order to have a grip in the stabilized global market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
The following are the different segments of the Global Tugboat Charter Services Market:
By Power segment of the Global Tugboat Charter Services Market is sub-segmented into:
By End-user segment of the Global Tugboat Charter Services Market is sub-segmented into:
By Region segment of the Global Tugboat Charter Services Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 10,186.9 Mn |
Expected Revenue in 2027 | US$ 18,924.1 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Unit | Value (USD Mn) |
CAGR | 10.9% |
Segments covered | By Vessel Type, Power, End-user, and Region |
Key Companies | Crowley Holdings Inc, Swire Pacific Group, Saltchuk Resources Inc, BOURBON Maritime Services, and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
A tugboat maneuvers other vessels by pulling or pushing them and this is done with direct contact or a tow line.
Tugboats used for towing the vessel towards the harbor, for providing essentials such as water, air, etc. to the vessel. In addition to this, tugboats become essential elements for non-self-propelled barges, oil platforms, and log rafts among others.
The end use industries in the Global Tug Boat Charter Services Market are shipping companies, port operators and others.
Global Tugboat Charter Services Market was valued at US$ 10,186.9 Mn in 2021.
Global Tugboat Charter Services Market is estimated to expand at a CAGR of 10.9% over the forecast period.
The market is majorly driven by factors such as growing maritime trade across the globe, growth of the oil & gas industry and development & expansion of seaports.
The international marine fuel regulations and high fuel costs are estimated to hamper the market growth.
The different segments considered to analyze the market are based on vessel type, power, end users and region.
The harbor (ship-assist) tugs have the highest share in the Global Tugboat Charter Services Market in 2021.
Shipping companies are the highest end users in the Global Tugboat Charter Services Market in 2021.
Asia Pacific dominates the Global Tugboat Charter Services Market.
The key players in the global tugboat charter services market are Crowley Holdings Inc, BOURBON Maritime Services, Tidewater, Edison Chouest Offshore, and Harley Marine Services Inc., among others.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.
SPEAK TO AN ANALYST