Tow Boats Market

Tow Boats Market: Introduction

• Tow boats are the boats that can push or tow large container ships, tankers, and cruiser ships in and out of harbors. These boats can also be employed to move other non-self-propelled ships such as oil platforms and crippled ships. Large ships can be steered using tow boats to induce sideways movements in confined harbors and waves. Moreover, tow boats are employed as icebreakers and salvage boats because of their powerful engines; they can cut through one metres of ice. Various types of tow boats have been developed to meet different needs such as aiding speed, ship type, and environmental conditions.
• Rise in adoption of large ships and vessels due to expansion of the global logistics and supply chain industry is increasing the demand for better parking management in dock yards. This, in turn, is anticipated to drive the tow boats market during the forecast period.

Key Drivers of Tow Boats Market

• Ongoing changes witnessed by the global maritime industry are likely to be a major market driver for tow boats. Demand for tow boats is estimated to be fueled by both an increase in demand and the use of big, bulky ships for transportation. Moreover, tow boats allow other ships to leverage the benefits of various factors such as ease in parking and the large ships at dock yards so that it can avoid time-consuming traffic jams at the port.
• Expansion of the oil & gas sector is estimated to drive the demand for more oil tankers and cargo containers, which in turn is anticipated to drive the tow boat market. In actuality, tow boats are utilized in a lot of traditions. For instance, towboats are used as a prop in the German tow boat ballet. Additionally, it is anticipated that these customs would further aid in the market's expansion.

Challenges in Tow Boats Market

• Tow boats use more powerful engines and for that huge amount of gasoline is used. Managing fuel for towboats is turning into a difficulty for makers, as gasoline becomes more and more essential and expensive with each passing day. Moreover, tow boats require frequent maintenance of exterior body line and engine, which adds to the economic burden on the boat owner.
• High cost of operation is another challenge for the tow boats market. Additionally, the COVID-19 pandemic affected almost every sector across the globe. The impact of lockdown was on production of new boats, because plants were shut down and raw materials were stuck in inventories, which put added to the economic load on the manufacturer. Moreover, domestic and international travelling were affected by this pandemic. All these factors negatively impacted the global market.

Opportunities in Tow Boats Market

• Growth of import export & logistics industry in emerging regions, rising global supply chain demand, and swift improvements in transportation infrastructure are projected to propel the tow boats market during the forecast period. Use of tow boats is anticipated to increase in the maritime industry, and there are a number of advantages to doing so, including enhanced operational efficiency, increased management, and the possibility to automate processes to reduce errors.

Regional Outlook of Global Tow Boats Market

Demand for tow boats is estimated to increase in Asia Pacific owing to the growing shipping and transportation sectors in the region. The need for tow boats in Eastern and Western Europe has significantly increased as a result of the region's increasing use of larger, heavier ships as well as cruise ships for transportation purposes. The market in Latin America is also anticipated to witness considerable expansion. Furthermore, the popularity of the yearly tow boat races hosted in North America is anticipated to increase the demand for tow boats in the region. Demand for tow boats is likely to increase considerably throughout the Middle East & Africa due to the expansion of the oil & gas industry in the region.

Key Players Operating in Tow Boats Market

The global tow boats market is moderately consolidated. A few of the key players operating in the global tow boats market are:

• Damen Shipyards Group
• Sanmar Tugboat
• Ranger Tugs.
• ODC Marine
• Gladding-Hearn
• Fremont Tugboat Company Inc.
• MERRÉ
• Norfolk Tug Company.
• Rolls-Royce plc.

Global Tow Boats Market: Research Scope

Global Tow Boats Market, by Engine Power

• Less than 1000 Horsepower
• Between 1000 and 2000 Horsepower
• Between 2000 and 5000 Horsepower
• Greater than 5000 Horsepower

Global Tow Boats Market, by Boat Type

• Deep sea towboat
• Harbor towboat
• River towboat
• Others

Global Tow Boats Market, by Propulsion

• Diesel Engine
• Gasoline Engine
• Others

Global Tow Boats Market, by Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Nordic Region
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • ASEAN
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Nigeria
  • South Africa
  • Rest of Middle East & Africa