Tugboats Market to Register an Accelerating CAGR of almost 14% by 2025

May 27, 2022

Increasing construction of new ports and surging development of autonomous tugboats will boost the market growth

The tugboats market is projected to grow by 259 units at a CAGR of 14% during 2021-2025, as per the latest market research report by Technavio. This report offers exclusive analysis on the market drivers, trends, challenges, and opportunities to be leveraged by stakeholders from the machinery sector for making informed business and investment-related decisions. Technavio has also monitored the impact and outcome of the COVID-19 pandemic on the tugboats market during the forecast period.

Driver and Trend Analysis
With the advent of automation and industry 4.0, the development of autonomous tugboats has gain traction in recent years. Advanced economies are working toward adopting autonomous marine vessel concepts to further create a growth-driven environment for tugboats manufacturers. In addition, ongoing marine port modernization and expansion activities in emerging economies will further lead the tugboats market to continue flourishing during the forecast period.

“Rising construction of new ports will create immense potential for the tugboats market growth. The commencement of the Tuas Terminal mega port in Singapore is likely to influence the tugboats market demand positively during 2021-2025″, as per Technavio.

Segment Analysis
This market research report fragments the global tugboats market by type (sea-going tugboats and river tugboats) and geography (APAC, North AmericaEurope, MEA, and South America).

  • The sea-going tugboats segment was the largest revenue-generating type segment of the tugboats market in 2020. With the rise in port expansion and oil drilling activities, the demand for sea-going tugboats will increase during the forecast period.
  • 37% of the tugboat’s market growth will be generated from APAC. Increasing seaborne trading and expanding ports will facilitate regional growth.

Vendor Analysis
The tugboats market is highly competitive and fragmented. Several players in the market striving to provide superior products by differentiating them either based on quality or service. Vendors are deploying various organic and inorganic growth strategies to survive market competition. This report classifies key market players as dominant, pure-play, and industry-focused players to offer effective investment opportunities and allow clients to make informed decisions.

For more information, visit www.technavio.com/.