The global tugboats market is expected to post a CAGR of close to 17%, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period 2018-2022.
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Technavio has published a new market research report on the global tugboats market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in maritime trade and fleet size. In 2016, global maritime trade volumes witnessed an expansion by 2.5% from 2% in 2015. Furthermore, 2016 saw the addition of over 260 million tons of cargo (YoY), which resulted in the total cargo volumes reaching around 10.3 billion tons across the globe. In 2017, global maritime trade saw an increase of 2.8%. Thus, the growing maritime trade is encouraging tugboat owners and port authorities to order more tugboats. The continued expansion in global maritime trade is a result of various international free trade agreements. Thus, the increase in global maritime trade is expected to spur the demands for tugboats across the globe.
As per Technavio, expansion activities related to ports and terminals will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global tugboat market 2018-2022research report also analyses other important trends and market drivers that will affect market growth over 2018-2022.
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Global tugboats market: Expansion activities related to ports and terminals
Globalization has played a major role in the expansion of ports and terminal activities. The increase in global competition has led to several changes in the logistics chain including ports. Ports across the world are implementing changes in their business operations such as the introduction of innovative systems and new technology, which is expected to bring about a significant change in port infrastructure.
“The increase in maritime trade and fleet size, and the growth in drilling activities in the E&P sector are some other major factors that are expected to boost the growth of the global tugboats market during the forecast period,” says a senior analyst at Technavio for research on transportation and distribution.
Global tugboats market: Segmentation analysis
This market research report segments the global tugboats market by product (deep sea tugboats, harbor tugboats, other tugboats) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2017 with a market share close to 40%, followed by Americas and EMEA respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth of close to 1%.
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