Key companies covered in the tugboats market are AMSBACH MARINE (S) PTE LTD, ASTRO OFFSHORE PTE LTD, Cashman Equipment Corp, Cochin Shipyard Limited, & others.
NY, UNITED STATES, March 28, 2025 /
EINPresswire.com/ -- The global
tugboat market was valued at USD 497.2 million in 2023 and is expected to expand from USD 533.6 million in 2024 to USD 1,114.2 million by 2032, reflecting a CAGR of 9.6% during the forecast period. In 2023, Asia Pacific led the market, accounting for a 34.9% share.
Tugboats, also named towboats or tugs, are specialized vessels designed to offer pushing or escorting services and towing to guide maritime operations and large ships. These boats are important for turning large vessels in confined spaces, such as harbors, ports, and narrow waterways, where huge ships have limited mobility and space.
Fortune Business Insights™ mentioned this in a report titled “Tugboats Market Size, Industry Share, Growth, Global Report, and Forecast, and 2024-2032.”
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➤ List of Key Market Players Profiled in the Tugboats Market Report:
• AMSBACH MARINE (S) PTE LTD (Singapore)
• SYM Naval (Spain)
• Cheoy Lee Shipyards Ltd (Hong Kong)
• Crowley Holdings Inc (U.S.)
• Damen Shipyards Group NV (Netherlands)
• DSB OFFSHORE LTD (U.K.)
• Duclos Corp (U.S.)
• Eastern Shipbuilding Group Inc (U.S.)
• Swire Pacific Group (U.K.)
➤ Segmentation:
● Towing Segment to Dominate due to Increased Use of Large Vessels in Confined Infrastructure
On the basis of application, the market is segmented into ice breaker, patrolling, search & rescue, towing, and others.
Towing segment is anticipated to dominate the tugboats market share during the forecast period owing to rise in maritime trade, which has limited space for mobility and port infrastructure. To avoid accidents, there has been a rise in towing activities; hence, the segment is expected to grow during the projected period.
● Conventional Tug to Dominate due to Surged Versatility and Adaptability in Busy Ports
Based on type, the market is segmented into conventional tug, tractor tug, azimuth stern drive tug, reverse tractor tug, and others.
The conventional tug segment led the market in 2022 and is anticipated to continue its dominance during the forecast period as it has the ability to handle a wide range of tasks at a time such as offshore operations and assisting large ships.
● 1000 to 2000 kW Segment to Lead owing to Efficient and Compact Tugs
By capacity, the market is segmented into upto 1000 kW, 1000 to 2000 kW, 2000 to 3000 kW, and above 3000 kW.
The 1000 to 2000 kW segment led the market in 2022. The dominance of the segment is due to the rise in demand for efficient towboats connected with compact engine size for improved performance.
● Geographically, the market is divided into regions such as North America, Europe, Asia Pacific, and the Rest of the World.
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➤ Report Scope & Segmentation:
● Market Size Value in 2023: USD 497.2 Million
● Market Size Value in 2024: USD 533.6 Million
● Market Size Value in 2032: USD 1,114.2 Million
● Growth Rate: CAGR of 9.6% (2024-2032)
● Study Period: 2019-2032
● Base Year: 2023
● Historical Data: 2019-2022
● Number of Report Pages: 182
➤ COVID-19 Impact:
Pandemic Negatively Impacted the Market Growth Due to Restrictions on Maritime Trade Activities
The COVID-19 outbreak has impacted market growth negatively by halting various types of work, such as repair, shipbuilding, and maintenance work, directly impacting the tugboats market growth. Due to shortages of raw materials, disruptions in supply chains, and contract terminations, the market faced a downfall and affected the market growth.
➤ Report Coverage:
The report offers an in-depth analysis of the leading market segments and the most recent trends. It thoroughly explores the factors driving and impeding market growth, while also assessing the influence of the COVID-19 pandemic. Furthermore, the report delves into regional advancements and scrutinizes the strategies employed by key players in the market.
➤ Drivers & Restraints:
Increasing Port Congestion due to Expansion of International Supply Chains to Augment Market Growth
The maritime industry has witnessed substantial growth in the market owing to the rise in global trade, driven by economic growth, just-in-time logistics, expansion of international supply chains, and increased consumer demand.
Strict regulations imposed on the environment and high operational cost to restrict the market growth of tugboats.
➤ Regional Insights:
● North America to Dominate the Market Owing to Rising Demand for Tugboats
North America held the dominant market share in 2022 and is anticipated to continue its dominance owing to increasing demand for tugboats due to rise in offshore energy projects, robust maritime trade, and development in the cruise industry.
Europe, on the second-position, dominated the market share in 2022, owing to several substantial ports managing various types of cargo.
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➤ Competitive Landscape:
Increasing Focus of Key Players toward Automation and Digitalization to Augment Market Growth
The prominent players in the market include Cheoy Lee Shipyards Ltd., AMSBACH MARINE (S) PTE LTD., Crowley Holdings Inc., BOURBON Maritime Services, Duclos Corp, Damen Shipyards Group NV, Eastern Shipbuilding Group Inc., and DSB OFFSHORE LTD. They have rising focus on automation and digitalization to improve the performance of towboats and optimizing operations.
➤ Key Industry Development:
● February 2024: Cheoy Lee Shipyards, based in Hong Kong, successfully completed its 50th harbor tug built to Robert Allan Ltd.'s exclusive RAmparts 3200-CL design. The vessel is now stationed at its home port. The Mongla Port Authority in Bangladesh operates both tugs, Joymoni and Keel Komol, which were constructed in China. This milestone marks a decade of refinement in RAmparts tug construction.
● December 2023: Udupi-Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of Cochin Shipyard Limited, delivered its first 62 T Bollard Pull Tug. Adani Harbor Services Limited, India's largest tug owner and operator with a fleet of approximately 100 tugs, received the vessel.
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Ashwin Arora
Fortune Business Insights™ Pvt. Ltd.
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