Tugboat Market is Expected to Incline at an 8.7% CAGR from 2023 to 2031, Reaching US$ 620 Million: TMR Report
Transparency Market Research
6 min read
Transparency Market Research
The rise in demand for OSVs in line with offshore activities is driving the demand for tugboats as complementary vessels and consequently, augmenting the tugboat market statistics
Wilmington, Delaware, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global tugboat market is anticipated to experience substantial growth from 2023 to 2031, expected to register a CAGR of 8.7% to reach a valuation of US$ 620 million. Tugboats play a crucial role in enhancing the operational efficiency of ports and shipping companies by enabling faster turnaround times, minimizing congestion, and improving vessel handling.
Expansion of offshore industries, such as oil and gas exploration and offshore wind farms, is estimated to positively affect the tugboat market forecast in the next few years. Developing countries are investing in infrastructure upgrades, including ports and waterways, to support economic growth and improve connectivity. The expansion of industrial activities and international trade in these countries fuels the demand for tugboats to support their growing maritime sectors.
The expansion of global maritime trade is another factor likely to fuel the uptake of tugboats. According to United Nations Conference on Trade and Development (UNCTAD), around 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries.
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North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered
Astilleros Armon, Blount Boats and Shipyard, Cantiere Navale Vittoria Spa, Caterpillar Marine, Cheoy Lee Shipyards, Conrad Industries Inc., Damen Shipyards Group, Duclos Corporation, Eastern Shipbuilding Group Inc., Greenbay Marine Pte. Ltd., Gulf Island Fabrication, Hindustan Shipyard Ltd., Keppel Singmarine, Med Marine AS, Nichols Brothers Boat Builders, Piriou, Ranger Tugs, Robert Allan Ltd., Sanmar Denizcilik AS, Sembcorp Marine, The Great Lakes Towing Company, Tsuji Heavy Industries, Uzmar Shipbuilding and Trade Inc., Vard Group, Other Key Players
Key Takeaways from the Market Report
As of 2023, the global tugboat market is expected to be valued at US$ 317.48 million
Sales of tugboats are expected to nearly double from 2023 to 2031
By type, seagoing tugboats are likely to experience high demand from 2023 to 2031
In terms of service, harbor assistance is expected to account for a significant number of tugboat usage
By engine type, electric-powered tugboats are anticipated to acquire significant popularity
From 2022 to 2023, the market for tugboats is forecast to grow by over 8%
Prominent Drivers & Trends in the Tugboats Market
Demand for tugboats is increasing, thanks to an expanding oil & gas industry. Tugboats are essential in offshore drilling operations, assisting in the movement and positioning of drilling rigs, supply vessels, and other support vessels.
Offshore construction projects, such as the installation of pipelines, subsea infrastructure, and wind farms, rely on tugboats for various tasks. Tugboats assist in transporting construction materials, positioning equipment, and providing support during the installation process. These offshore construction activities, particularly in the renewable energy sector, are boosting demand for tugboat services.
Demand for tugboat services for vessel maneuvering, berthing, safe navigation, emergency response, congestion management, pilotage assistance, ship escort services, and maintenance and repair support within harbors and ports offers significant tugboat market opportunities for manufacturers.
Global Tugboat Market: Regional Landscape: APAC to be the Rising Sun
Asia Pacific is expected to emerge as one of the most lucrative tugboat markets. Nearly 40% of all tugboats operations are expected to be concentrated in this region. The presence of a robust shipping and maritime industry is a key contributing growth factor.
Asia Pacific is expected to witness robust expansion of the tugboat business, as the region is a major hub for international maritime trade, with countries such as China, Japan, South Korea, and Singapore playing crucial roles. Growth in trade volumes across various economies in the region has resulted in a higher demand for tugboat services to support vessel movements and port operations.
Competitive Landscape
Prominent players operating in the global tugboat market include Astilleros Armon, Blount Boats and Shipyard, Cantiere Navale Vittoria Spa, Caterpillar Marine, Cheoy Lee Shipyards, Conrad Industries Inc., Piriou, Ranger Tugs, Robert Allan Ltd., Sanmar Denizcilik AS, Sembcorp Marine, The Great Lakes Towing Company, Tsuji Heavy Industries, Uzmar Shipbuilding and Trade Inc., and Vard Group among others.
Some key developments in the tugboats market are as follows:
In April 2023, Suez Canal Authority revealed plans to introduce a floating port and six additional tugboats by the conclusion of 2023. Implementation of these upgrades is expected to have a positive impact on the canal's revenue and contribute to economic advancement in the surrounding area. Furthermore, the testing phase of these vessels is scheduled to commence in the latter half of 2023, before their official deployment for service.
In August 2022, the Asian Development Bank (ADB) and the Government of Samoa collaborated and launched Sa'ula-60, a newly funded tugboat as part of the Apia Port project. This initiative aims to enhance Apia Port, transforming it into a safer, more secure, and environmentally friendly international gateway. The project prioritizes the development and implementation of gender-sensitive green port initiatives, focusing on optimizing operational efficiency and energy usage to ensure the long-term sustainability of Samoa's port operations.
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