LONDON--(BUSINESS WIRE)--#GlobalTugboatsMarket--The global tugboats market size is poised to grow by 181 units during 2020-2024, as per Technavio's market research report. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

With the expansion of existing ports and an increase in new port constructions, there is a rising demand for tugboats. For instance, Abu Dhabi Marine Services placed an order with Damen Shipyards Group for two tugboats, which will be used to support the expansion of Abu Dhabi Ports' deep-water port facility. Similarly, the ongoing port modernization and expansion activities in India and the commencement of the Tuas Terminal mega port in Singapore will also influence the demand for tugboats during the forecast period.

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Report Highlights:

• The major tugboats market growth came from the sea-going tugboats segment. Tugboats assist ships in entering or leaving the ports, berthing, and unberthing operations, and icebreaking and navigating through narrow canals. With the rise in port expansion and oil drilling activities, the demand for sea-going tugboats will increase. This will drive tugboats market growth in this segment.
• With the increase in seaborne trading and the expansion of ports, several companies are investing in APAC. This will subsequently increase the number of orders for tugboats, fueling tugboats market growth in this region. Australia, Thailand, and Japan are the key markets for tugboats in APAC.
• The global tugboats market is fragmented. Cheoy Lee Shipyards Ltd., Damen Shipyards Group NV, Duclos Corp., Eastern Shipbuilding Group Inc., Fr. Fassmer GmbH & Co. KG, Jiangsu Zhenjiang Shipyard Co. Ltd., Med Marine AS, Nichols Brothers Boat Builders, Sanmar Denizcilik AS, and Uzmar Shipbuilding and Trade Inc. are some of the major market participants. To help clients improve their market position, this tugboats market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the tugboats market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Read the full report here: https://www.technavio.com/report/report/tugboats-market-industry-analysis

Development of Autonomous Tugboats will be a Key Market Trend

The development of autonomous tugboats is a major trend that will affect the tugboats market landscape. Technological advances are driving the overall transportation industry toward automation, and the marine industry has also started adopting autonomous vessels. Rolls-Royce Plc. has already unveiled an autonomous tugboat concept that uses robotic cranes. Funded by the Maritime and Port Authority (MPA) of Singapore, the country has started developing autonomous tugboats for Keppel Smit Towage. Countries such as Germany, Japan, and Poland are also working on autonomous marine vessel concepts. This will drive the adoption of autonomous concepts by tugboats manufacturers, which will subsequently drive market growth.

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Tugboats Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist tugboats market growth during the next five years
• Estimation of the tugboats market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the tugboats market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of tugboats market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

• Preface
• Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

PART 06: MARKET SEGMENTATION BY TYPE

• Market segmentation by type
• Comparison by type
• Sea-going tugboats - Market size and forecast 2019-2024
• River tugboats - Market size and forecast 2019-2024
• Market opportunity by type

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

• Increasing popularity of eco-friendly tugboats
• Adoption of additive manufacturing technique for manufacturing tugboat components
• Development of autonomous tugboats

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Cheoy Lee Shipyards Ltd.
• Damen Shipyards Group NV
• Duclos Corp.
• Eastern Shipbuilding Group Inc.
• Fr. Fassmer GmbH & Co. KG
• Jiangsu Zhenjiang Shipyard Co. Ltd.
• Med Marine AS
• Nichols Brothers Boat Builders
• Sanmar Denizcilik AS
• Uzmar Shipbuilding and Trade inc.

PART 14: APPENDIX

• Research methodology
• List of abbreviations
• Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

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