NEW YORK, May 3, 2021 /PRNewswire/ —
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.
View Technavio’s 120-page XX research report with ToC on «Tugboats Market by type (sea-going tugboats and river tugboats) and geography (APAC, North America, Europe, MEA, and South America) and vendor forecasts, 2021 – 2025″
«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.
This market research report fragments the global tugboats market by type (sea-going tugboats and river tugboats) and geography (APAC, North America, Europe, 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.
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.
Leading Tugboats Market Players are:
- Cheoy Lee Shipyards Ltd.
- Damen Shipyards Group NV
- Duclos Corp.
- Eastern Shipbuilding Group Inc.
- Fr. Fassmer GmbH and Co. KG
- Jiangsu Zhenjiang Shipyard Co. Ltd.
- Med Marine AS
- Nichols Brothers Boat Builders
- Sanmar Denizcilik AS
- Uzmar Shipbuilding and Trade Inc.
Prominent Queries Pertaining to Tugboats Market 2021-2025
- COVID-19 pandemic impact analysis on the market during the forecast period
- Detailed information on factors assisting tugboats market growth
- Estimation of the tugboats market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- Investment opportunities in tugboats market
- Vendor landscape analysis and detailed information on vendors
- COVID-19 combating techniques of the market vendors
- Comprehensive details of common threats expected to limit the growth of tugboats market vendors
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Sample Report PDF: https://www.technavio.com/report/tugboats-market-industry-analysi
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