LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global tugboats market since 2018 and the market is poised to grow by 181 units during 2020-2024. However, the market is expected to decelerate at a CAGR of more than 5% during the forecast period. Request free sample pages
Read the 134-page report with TOC on “Tugboats Market Analysis Report by Type (sea-going tugboats and river tugboats), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024”.
The market is driven by the construction and expansion of seaports. In addition, the development of autonomous tugboats is anticipated to boost the growth of the tugboats market.
The market is witnessing a rise in the number of port expansion projects over the recent years. For instance, after the introduction of the Sagarmala plan, India is witnessing an increase in port modernization activities and the construction and expansion of ports and terminals since 2017. The Tuas Terminal mega port in Singapore is expected to be operational by 2021. Tugboats are widely used in port expansion activities. With the rising number of construction and expansion projects of seaports, the demand for tugboats will increase during the forecast period.
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Major Five Tugboat Companies:
Cheoy Lee Shipyards Ltd.
Cheoy Lee Shipyards Ltd. owns and operates its business in yachts and commercial segments. The company offers a wide range of tugboats. Some of the popular tugboats offered by the company include ART 80-32 Rotor tug, RAstar 3200 Escort tug, RAmparts 2500-CL, RAmparts 2800, RAmparts 3000, and RAmparts 3200CL.
Damen Shipyards Group NV
Damen Shipyards Group NV owns and operates its business across segments such as tugs and workboats, offshore vessels, high-speed craft, shipping, dredging equipment, pontoons and barges, naval vessels, fishing vessels, modular constructions, and others. The company offers a wide range of tugboats. Some of the popular offerings by the company include RSD tugs, ATD tugs, stan tugs, pushbusters, pushers, and offshore support tugs.
Duclos Corp. owns and operates its business across various segments such as pilot boats, tugboats, passenger vessels, patrol boats, fire boats, research vessels, and windfarm service vessels. The company builds various types of tugboats for harbor and deep-sea applications.
Eastern Shipbuilding Group Inc.
Eastern Shipbuilding Group Inc. owns and operates its business across various segments such as tug/towboats, specialty vessels, fireboats, offshore supply vessels, ferries, and fishing vessels. Some of the popular offerings by the company include Rosemary McAllister, Capt. Troy J Hotard, Archie T. Higgins, among others.
Fr. Fassmer GmbH & Co. KG
Fr. Fassmer GmbH & Co. KG owns and operates its business across segments such as shipbuilding, boats and davits, deck equipment, wind power, and composite technology. The company builds tugboats such as 32m Tug Boat and 32m Buoy Layer/Ice Breaker through its multipurpose vessel division.
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Tugboats Type Outlook (Units, 2020 - 2024)
- Sea-going tugboats
- River tugboats
Tugboats Regional Outlook (Units, 2020 - 2024)
- North America
- South America
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