Tug Boat Market: Introduction
A tug boat is a type of boat that maneuvers large container ships, tankers and cruiser ships by pushing or towing them in and around dockyards and harbors. These boats are also used to maneuver disabled ships and other non-self-propelled vessels, such as oil platforms.
Tug boats are also used to steer large ships to create sideway movements in narrow seas and harbors. Due to their strong engine capacity, tug boats are also used as icebreakers and salvage boats – they are capable of breaking through one meter thick ice.
There are various types of tug boats manufactured to cater to various requirements, such as type of assisting speed, type of ships assisted and environmental condition. In order to be more productive as well as competitive in the market, all ports must be equipped with better equipment. Being an irreplaceable part of the port infrastructure, the demand for tug boats is expected to witness significant growth during the forecast period.
Tug Boat Market: Dynamics
Ongoing developments in the shipping industry across the globe will act as a key driver for the tug boat market. Rising demand as well as usage of large and bulky ships for transportation will also fuel the demand for tug boats.
The growing oil and gas industry demands increasing number of oil tankers and shipping containers, which, in turn, will push the tug boat market into a forward direction. As a matter of fact, there are many traditions that use tug boats. For instance, the tug boat ballet in Germany utilizes tugboats as a prop. These traditions are also expected to add to the growth of the market.
Higher engine power rating tug boats consume a huge amount of fuel. Fuel management for tugboats is becoming an increasing challenge for the manufacturers as fuel is becoming the most important as well as most expensive item with each passing day.
Use of tug boats for naval purposes is an ongoing trend in the market. Modern tug boats are used for rescue purposes, evacuation, firefighting and other safety and defense purposes. Growing use of hybrid tug boats consisting of batteries and multiple generators with capacity below 800 horsepower seems to be a logical step towards emission compliance.
Tug Boat Market: Regional Outlook
Owing to its significant features and growing demand, the market for tug boats is expected to grow at a good pace all across the globe during the forecast period.
Growing attraction towards tug boat races held annually in North America is expected to fuel the demand for tug boats in the North America region. The growing oil and gas industry Middle East and Africa countries will create substantial demand for tug boats in the region. The expanding shipping and transportation industry in Asia Pacific will lead to a rise in demand for tug boats.
Growing use of bulkier and heavy ships as well as cruise ships for transportation purposes in Eastern and Western Europe is causing significant rise in demand for tug boats in the region. Japan is a major port managing trade and commerce activities and is expected to create significant opportunities in the tug boat market during the forecast period. Latin America is also expected to show significant growth in the tug boat market over the forecast period.
Tug Boat Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Tug Boat market include:
- Damen Shipyards Group
- Sanmar Tugboat
- Ranger Tugs.
- ODC Marine
- Fremont Tugboat Company Inc
- Norfolk Tug Company.