The most recent study conducted by Report Ocean, titled “Global Tugboat Charter Services Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Tugboat Charter Services. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
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.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
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.
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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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Competitive Landscape
Key players operating in the global Tugboat Charter Services market include 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 & Co. KG, Harley Marine Services Inc., Harmony Marine Shipbrokers, Moran Towing Corporation, Saltchuk Resources Inc, SEACOR Marine, Star Global Agency Pte Ltd, Swire Pacific Group, Tidewater, and other major players.
The cumulative market share of the key 7 players is close to 19.1%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2021, Swire Properties entered into a framework cooperation agreement with Beijing Public Transport Corporation and Beijing Chaoyang District Government for promoting further up-gradation of Sanlitun Business Circle.
The global Tugboat Charter Services market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Tugboat Charter Services market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Tugboat Charter Services market report answers questions such as:
What is the market size and forecast of the Global Tugboat Charter Services Market?
What are the inhibiting factors and impact of COVID-19 on the Global Tugboat Charter Services Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Tugboat Charter Services Market?
What is the competitive strategic window for opportunities in the Global Tugboat Charter Services Market?
What are the technology trends and regulatory frameworks in the Global Tugboat Charter Services Market?
What is the market share of the leading players in the Global Tugboat Charter Services Market?
What modes and strategic moves are considered favorable for entering the Global Tugboat Charter Services Market?
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