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The study undertaken by Astute Analytica, forecasts a major growth in revenue of the Global Tugboat Charter Services Market from US$ 10,186.9 Mn in 2021 to US$ 18,924.1 Mn by 2027. The market is registering a growth at a CAGR of 10.9% over the forecast period 2022-2027. The market is majorly driven by factors such as growing maritime trade across the globe, growth of the oil & gas industry and development & expansion of seaports.
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 global tugboat charter services market growth 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 oil & gas industry, especially due to rising demand of energy from countries such as India, China, and South Africa among others, is propelling the 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 global tugboat industry over the forecast period. However, the international marine fuel regulations and high fuel costs are expected to hamper the market growth.
Rising demand for hybrid and electric tugboats is an emerging opportunity in the market due to increasing stringent emission regulations across the globe. In July 2019, first hybrid tugboat was launched in the port of Lulea. This tugboat includes motors, a battery system, and power electronics. Thus, hybrid and electric tugboats create lucrative opportunities for the players operating in the global tugboat charter services market during the forecast period.
US dominates the North America Tugboats charter services market in 2021
North America has a significant presence in the global tugboat charter services market. The US has the highest share in the tugboats charter services market of the region. Further, the US is estimated to project the highest CAGR over the projection period. Based on vessel type, the harbor (ship-assist) tugs have the highest share in the Tugboats charter services market of North America.
Europe holds the second highest position in the Global Tugboat Charter Services Market
Europe is the second highest shareholder region in the Global Tugboat Charter Services Market in 2021 and is further estimated to continue its position over the forecast period. This is due to the large sea area surrounding the region. Germany held the highest share in the European Tugboat charter services market owing to an increase in port traffic and rising oil & gas production.
Asia Pacific is the highest shareholder region in the Global Tugboat Charter Services Market
Asia Pacific dominates the global tugboat charter services market in 2021 and is further estimated to continue its dominance over the forecast period. 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 oil & gas industry. China is the highest shareholder country in Asia Pacific Tugboat charter services market.
UAE dominates the MEA Tugboat charter services market
Middle East & Africa has the second highest CAGR over the forecast period in the Global Tugboat Charter Services Market. The significant share of MEA is due to the high dependency on maritime exports such as oil exports. UAE occupies the highest share in the MEA Tugboat charter services market in 2021 and is further estimated to continue its dominance over the forecast period.
Brazil leads the South American Tugboat charter services market
Brazil holds the highest share in the Tugboat charter services market of South America in 2021 as Brazil has thousands of miles of coastline, major offshore oil reserves, and more than 90 percent of its foreign trade comes from the sea. The country is estimated to dominate over the projection period also. Based on end users, shipping companies have the highest share in the Tugboat charter services market of South America.
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 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. The cargo demand decreased due to lengthening of transportation and set of rules that had to be complied for transportation of perishable goods which in turn affected the maritime trade and thus, demand for tugboats. The closure of ports to prevent 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 oil & gas industry during the post-pandemic times.
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.
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:
By Power segment of the Global Tugboat Charter Services Market is sub-segmented into:
By End-user segment of the Global Tugboat Charter Services Market is sub-segmented into:
By Region segment of the Global Tugboat Charter Services Market is sub-segmented into:
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