COVID-19 Impact Analysis on Global Tugboat Service Market
The COVID19 is an unparalleled global public health emergency affecting almost every industry, and long-term impacts are expected to impact industry growth during the forecast period. In addition, Coronavirus disease (COVID19) is an infectious disease caused by the SARSCoV2 virus. In the wake of the recent COVID-19 outbreak, there has been a significant disturbance in most industries across the globe. While a few industries experienced a contraction in their production and businesses, others faced severe outcomes such as the shutdown of businesses and movement restrictions. For instance, the travel, transportation, and hospitality industries had a negative impact, and on the other hand, healthcare, technology and e-commerce businesses had an upsurge in demand. Due to transportation barriers, tugboat service market demand is reduced. All these factors are anticipated to hamper the industry, which restrain the growth of the market in COVID-19.
Market Overview- Global Tugboat Service Market
Market Drivers
The increase in maritime trade and fleet size is one of the key drivers supporting the tugboat service's market growth. The continuous development in the shipping industry has led to the construction of ships that are larger than normal ships. Also, an increase in investment in port infrastructure and a growing focus on improving marine transportation safety drive the market growth. Improved fuel efficiency and the development of mutifuel engines have made shipping an efficient mode of transportation. Furthermore, increasing demand for larger and heavy ships for sea transportation is boosting the tugboat service market growth. There is growth in the tugboat service market due to growing rescue activities, evacuation, firefighting and other safety and defense activities are major factors fueling the demand. Furthermore, narrow sea strips and crowded seas are expected to fuel the demand for the tugboats market.
Market Restraints
The extreme volatility of global crude oil prices to negatively impacted on the revenue generation of tugboat service market.
Market Opportunities
The growing number of large vessels increases the need for tugboats to navigate and maneuver this create a great opportunity for the tugboat service market. Furthermore, the growing oil and gas industry demand and the increasing number of shipping containers is another factor boosting the opportunity for the market.
Market Growth Challenges
The price of crude oil influences the prices of various products, such as gasoline, and lubricants. The price fluctuation for a short span of time can change the entire market demand.
Cumulative Growth Analysis
The report provides in-depth analysis of global tugboat service market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Rise in demand for large and heavy ships for sea transportation is expected to witness the tugboat service market growth at a specific CAGR from 2022-2028.
Market Segmental Overview
The global Tugboat service market comprises of different market segment like vessel, application, and geography.
Tugboat Service Market by Vessel
The vessels studied in the global tugboat service market are, harbour tugs, terminal tugs, coastal tugs, river tugs, ocean-going tugs, emergency towing tugs, anchor handling, azimuthal stern drive tugs. The harbour tug market is accounted for the largest share in the tugboat service market. A harbour tug is a type of vessel which is specially designed to offer the necessary support during the different maneuvers carried out by other vessels or floating devices within the port. Harbor tugs are usually smaller than deep-sea tugs and used to move vessels in and out of harbors. In port, there harbor tugs provide maximum safety and avoid possible accidents and collisions with structures. In most developed countries, harbour tugs are used during port entry and existing maneuvers are mandatory for large vessels.
Tugboat Service Market by Application
The tugboat service market finds its application in, commercial and military. The commercial segment accounts for the largest share in the market. The use of port tugboats in commercial ports helps to move the massive container ships into and out of the harbor. Commercial tugboat services are used for dredging operations, bunkering ships, transferring liquid products between berths and cargo operations. Mostly, the private and public oil and gas companies are increasing their production activities. With the rising exploration of oil and gas in the deep sea, therefore, there is a need for better transportation. Besides, the port tugboats are also used to perform other functions such as firefighting, search and rescue operations and pollution control.
Tugboat Service Market by Geography
On the basis of geography, the tugboat services market is segmented into, North America, Asia-pacific, Europe, and the rest of the world. The North-America region segment commanded the largest share in the tugboat service market. Due to increasing maritime trade activities and rising demand for harbor tugs in North America. The region has a number of countries with high economic growth rates is another factor for market growth. The growing private oil and gas companies in the region and increased demand for harbor tugs from container terminals and cruise ports boost the market growth. Furthermore, the growing trend of tug boat races held annually in North-America is a major factor expected to boost the tugboat service market growth in the region.
Competitive Landscape Analysis
The competitive landscape analysis of the global tugboat service market is certainly based on the range of market players operating in the packaging industry. The tugboat service market is highly competitive due to the presence of a large number of players in the market. The demand for the market has increased due to the increase in maritime trade and fleet size and the key players are working hard to increase their market value to raise their company presence globally. The key player offers a wide range of tugboats based on vessel type. The market has major competitive analysis based on the new product, eco-friendly products, quality, and price. The players operating in the global tugboat service market are adopting different strategies to cater to consumer demand.
The key players studied in the market are, BOLUDA CORPORACION MARITIMA S.L., FM Global Logistics (M) Sdn Bhd, Fremont Tugboat Co. Inc., GPR GROUPS, Gulf Agency Co. Ltd., Haven Shipping FZE, KOTUG, Moran Towing Corp, NAIKAI TUG BOAT SERVICE Co. Ltd., Norfolk Tug Co., P and O Maritime Logistics, Pacific Maritime Group Inc, PT Indonesia Bulk Carrier, Qatar Navigation QPSC, Sanmar Denizcilik AS, SEACOR Marine Holdings Inc., Swire Pacific Ltd, Tidewater Inc., Whitesea Shipping and Supply LLC FZC, Yilport Holding Inc., among others.
