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.
Segment Analysis 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.
Vendor Analysis 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.
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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