The Worldwide Tugboat Charter Services Industry is Expected to Reach $18.9 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Tugboat Charter Services Market, By Vessel Type, By Power, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global tugboat charter services market held a market value of USD 9,001.0 Million in 2020 and is estimated to reach USD 18,924.1 Million by the year 2027. The market is anticipated to register a CAGR of 11.5% during the forecast period.

Companies Mentioned

• AMSBACH MARINE (S) PTE LTD.
• BOURBON Maritime Services
• Cheoy Lee Shipyards Ltd.
• Crowley Holdings Inc
• Damen Shipyards Group NV
• DSB OFFSHORE LTD
• Duclos Corp.
• Eastern Shipbuilding Group Inc
• Edison Chouest Offshore
• Fr. Fassmer GmbH

A tugboat is a marine vessel that maneuvers other vessels by pulling or pushing them. This is done with direct contact or a tow line. Some of these vessels are icebreakers, salvage tugs, or ocean-going. The market is anticipated to be driven owing to the growing maritime trade across the globe coupled with the growth of the oil & gas industry. Moreover, the development and expansion of seaports are also estimated to fuel the market growth. However, the international marine fuel regulations and high fuel costs are expected to restrain the market growth.

Growth Influencers:

Growing maritime trade across the globe

Maritime trade is the shipment or trading of goods through the sea or other waterways. Maritime trade is expanding across the world owing to the growing shipping industry globally. According to the UNCTAD, the volume of maritime trade globally increased to 11,076 million tons in 2019 from 9,816 in 2014. Therefore, such fast growth in the volume of maritime trade is anticipated to boost the market growth.

Development and expansion of seaport

Activities on seaport constitute a vital economic activity in terms of integration and development of the global economic market. Seaport constitutes one of the principal elements of the maritime sector. It is also feasible for terminal activities, in which loading and off-loading of vessels, water vehicles, ferries, ships, and other such activities for ensuring the thorough checking of goods that come in and go out in compliance with international and national regulations. Hence, the rapid development and expansion of seaports are estimated to fuel the market growth.

Segments Overview:

The global tugboat charter services market is segmented based on vessel type, power, and end-user.

By Vessel Type

• Harbor (ship-assist) Tugs
• Terminal Tugs
• Coastal (Sea-going) Tugs
• River Tugs
• Ocean-going Tugs
• Emergency Towing Tugs
• Anchor Handling Tugs
• Azimuthal Stern Drive (ASD) Tugs

The harbor (ship-assist) tugs are expected to hold the largest market share of around 21% owing to their high usage for assisting the vessels in docking and undocking maneuvers. The river tugs segment is anticipated to grow at a CAGR of 9.6% during the forecast period.

By Power

• < 2000 bhp
• 2001-4000 bhp
• 4001-6000 bhp
• > 6000 bhp

The 2001-4000 bhp segment is estimated to witness the fastest growth rate of 11.2% owing to their increasing demand. The 4001-6000 bhp segment held a market share of about 30%.

By End-User

• Shipping Companies
• Port Operators
• Others

The shipping companies segment held the largest market share owing to the high number of shipping companies globally. The port operators segment is anticipated to grow at the fastest growth rate over the projected period.

Regional Overview

On a regional basis, the global Tugboat Charter Services market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The Asia Pacific region held the largest market share of around 40% owing to the growing capital expenditure in the oil and gas industry in the region. Also, many countries in the region are deploying tugboats for the improvement of their inland waterway infrastructure facilities. The European region is estimated to hold the second-largest market share owing to the large sea area surrounding the region.

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