Tugboat Charter Services Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Market Scenario

Global Tugboat Charter Services Market is estimated to witness a rise in its revenue from US$ 10,186.9 Mn in 2021 to US$ 18,924.1 Mn by 2027. The market is registering growth at a CAGR of 10.9% over the forecast period 2022-2027.  A Tugboat is a special class of boat without which mega-ships cannot get into a port. It maneuvers other vessels by pulling or pushing them and this is done with direct contact or a tow line. Along with the primary purpose of towing the vessel towards the harbor, tugboats can be engaged in the purpose of providing essentials such as water, air, etc. to the vessel. In addition to this, tugboats become essential elements for non-self-propelled barges, oil platforms, and log rafts among others.

The growing impetus of the market is attributed to factors such as growing maritime trade across the globe, growth of the oil & gas industry, and development & expansion of seaports. According to the UN Conference on Trade and Development (UNCTAD), maritime transport is the backbone of international trade and the global economy, over 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. Further, UNCTAD projected total maritime trade to grow 2.4% annually from 2022 to 2026. Thus, increasing marine trade activities across geographies has driven the demand for tugboats to maneuver large container ships and cruise ships among others. Furthermore, the growth of the oil & gas industry, especially due to the rising demand for energy from countries such as India, China, and South Africa among others, is propelling the overall market growth. In addition, a large number of port development projects are underway across the globe, which will require an increased number of Tugboats for assistance. This will accelerate the growth of the Tugboat market over the forecast period. However, international marine fuel regulations and high fuel costs are expected to hamper market growth.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Tugboat Charter Services Market for the study period of 2017-2027; where historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 16 chapters distributed across 190 pages with 35 lists of tables and 75 lists of figures.
• The market is segmented based on vessel type, power, end-users, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes ship manufacturers, rental service providers, ship manufacturing companies, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of the Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Tugboat Charter Services Market Report:

• Based on vessel type, the harbor (ship-assist) tugs have the highest share in the Global Tugboat Charter Services Market in 2021 and are further estimated to continue their dominance over the forecast period. This is due to their high usage for assisting the vessels in docking and undocking maneuvers.
• In terms of power, the 2001 – 4000 bhp segment is estimated to have the highest market share in 2021 owing to its rising demand. The 2001 – 4000 bhp power segment also has the highest CAGR during the forecast period.
• Based on end-users, shipping companies leads the Global Tugboat Charter Services Market in 2021. Growing seaborne trade activities coupled with investment for new port development are driving the market growth.
• The Asia Pacific dominates the Global Tugboat Charter Services Market in 2021 and is further estimated to continue its dominance over the forecast period. The Asia Pacific also registers the highest CAGR over the projection period. This is due to rising maritime trade activities in the region and the growing capital expenditure in the oil & gas industry. China is the highest shareholder country in the Asia Pacific Tugboat charter services market.

Impact of COVID-19

The global health and economic crisis triggered by the pandemic has upended the landscape for maritime transport and trade and significantly affected the growth prospects. Amid supply-chain disruptions, demand contractions, and global economic uncertainty caused by the pandemic, the global Tugboat charter services market was severely affected by a twin supply and demand shock. Further, the cargo demand decreased due to the lengthening of transportation and a set of rules that had to comply with for transportation of perishable goods which in turn affected the maritime trade and thus, demand for tugboats. The closure of ports to prevent the spread of the virus also affected the demand for tugboats at ports. However, the market is slowly coming back on track with the rise in demand from the oil & gas industry during the post-pandemic times.

Competitive Landscape

The key players in the Global Tugboat Charter Services Market are Crowley Holdings Inc, Swire Pacific Group, Saltchuk Resources Inc, BOURBON Maritime Services, Tidewater, Edison Chouest Offshore, and Harley Marine Services Inc., among others. Through extensive research, it is found that big players have adopted various competitive strategies such as product development, developing long-term contracts, and collaboration with the manufacturers/service providers in order to have a grip in the stabilized global market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Global Tugboat Charter Services Market:

By Vessel Type segment of the Global Tugboat Charter Services Market is sub-segmented into:

• 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

By Power segment of the Global Tugboat Charter Services Market is sub-segmented into:

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

By End-user segment of the Global Tugboat Charter Services Market is sub-segmented into:

• Shipping Companies
• Port Operators
• Others

By Region segment of the Global Tugboat Charter Services Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Singapore
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America