Tugboat Market Size will Grow Profitably in the Near Future

Tugboat performs a variety of functions, such as towing or pushing barges and large ships and moving large container ships, tankers, and cruiser ships by pushing them. It also moves large vessels that are stuck in a crowded harbor or a narrow canal and those that cannot move independently. Tugboats have a robust design and a powerful engine. Earlier, tugboats were powered by steam engines; however, modern tugboats are equipped with diesel engines. Tugboats are incorporated with firefighting guns and monitors and hence are also employed in firefighting duties.

Continuous development in the shipping industry have led to the construction of ships that are larger than normal ships. Narrow sea strips and crowded seas are expected to boost the demand for tugboats during the forecast period. Different types of tugboats are used as per their applications. Rise in demand for large and heavy ships for sea transportation is likely to propel the tugboat market during the forecast period. Increase in rescue activities, evacuation, firefighting and other safety and defense activities is likely to fuel the demand for tugboats during the forecast period.

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The global tugboat market can be segmented based on type, fuel, engine power and region. Based on type, the global tugboat market can be segregated into seagoing, harbor, river, and others. Seagoing or deep sea towage tugs play an important role in capturing strategic positions along with deep sea towage, and salvage activities. Good maneuverability, excellent sea keeping, and good capacity of seagoing tugs are anticipated to boost the seagoing or deep-sea tug segment during the forecast period. Generally, harbor tugboats are smaller in size and are utilized in smaller harbors for various activities.

Based on fuel, the tugboat market can be bifurcated into diesel and others. Fuel management has become a major issue for tugboats. Most tugboats utilize diesel fuel for propulsion. Strong demand for environment-friendly engines is likely to prompt the replacement of diesel fuel with alternate options. Pollution issues, rise in fuel price, and inefficient engines are likely to replace the diesel fuel during the forecast period. Developments in the tugboat industry, such as development of liquefied natural gas (LNG) tugboats and dual fuel tugboats, are likely to introduce new types of fuel in order to reduce pollution and energy consumption.

Based on engine power, the tugboat market can be classified into less than 1000 HP, between 1000 and 2000 HP, between 2000 and 5000 HP, and others. for costal and river towing majority of the tugboats are used which require engine power from 400 HP to 2000HP.

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Based on region, the global tugboat market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Emerging economies and increase in activities by the oil & gas industry in the region are likely to drive the tugboat market in Asia Pacific during the forecast period. However, significant presence of the oil & gas industry in Middle East & Africa is likely to fuel the demand for tugboats in the region during the forecast period.

Key players operating in the global tugboat market are Damen Shipyards Group, Sanmar A.?., Ranger Tugs., Gladding-Hearn, Fremont Tugboat Company, Norfolk Tug Company, and Rolls-Royce plc.

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The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
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  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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