Market Overview:
The global salvage tug market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for salvage tugs for various applications such as ship wreck salvage, floating trash salvage, afloat salvage, equipment salvage and others. In addition, the growing maritime industry is also contributing to the growth of the global Salvage Tug Market. Based on type, the global Salvage Tug Market can be segmented into 20 tons to 200 tons (displacement), 200 tons to 1000 tons (displacement) and 1000 tons or more (displacement). Among these segments, 1000 ton or more displacement segment is expected to witness highest growth during the forecast period owing to increase in demand for large-sized tugs for heavy-duty operations. Based on application, Ship Wreck Salvage dominates the global Salvage Tug Market followed by Floating Trash Salvage and Afloat Salvage respectively.
Product Definition:
A salvage tug is a type of boat or ship that is specifically designed for towing and salvaging damaged or stranded vessels. Salvage tugs are often called in to help rescue boats and ships that have run aground, been damaged in a storm, or have otherwise become disabled. The importance of salvage tugs lies in their ability to quickly and efficiently remove vessels from harm's way, potentially preventing major accidents and saving lives.
20 Tons to 200 Tons (Displacement):
20 tons to 200 tons (Displacement) is a common weight range forSalvage Tugboat. It can be used as both, diesel and petrol engine equipped boats. The growth factor in this market is depends on various factors such as type of boat, location of operation, investment by company and government into R&D for making the boats more efficient and eco-friendly etc.
200 Tons to 1000 Tons (Displacement):
200 tons to 1000 tons (displacement) is a common weight range forSalvage Tug. It can be used in various applications depending on the size of the vessel you are trying to pull or push. The 200-ton to 1000-ton range is very popular among small craft and recreational boaters as it provides enough power and speed for most situations with ease.
Application Insights:
The shipwreck salvage segment dominated the global market in terms of revenue in 2017. Shipwrecks are a rich source of underwater cultural heritage and offer an opportunity for divers to explore the past. The exploration and research activities carried out on board shipwrecks provide employment opportunities for many people across the world, which is likely to propel product demand over the forecast period.
Afloat salvage operations are likely to witness significant growth over the forecast period owing to rising awareness among vessel owners regarding damage repair and operational efficiency, coupled with increasing maritime trade activities globally. Afloat salvors conduct various types of operations including towage, mooring assistance services, equipment removal/salvage as well as oil spill cleanup at sea using heavy-duty machinery such as Salvagear apparatus by Volvo Ocean Race Ltd., or Alligator tug by Eversource Energy Services LLC among others depending upon their capacity.
Regional Analysis:
North America dominated the global market in terms of revenue with a share of over 40.0% in 2017. This is attributed to increasing shipwrecks and other mishaps across the region, which leads to an increase in demand for such vessels. The U.S.
Asia Pacific is anticipated to witness significant growth during the forecast period owing to rising marine accidents.
Growth Factors:
- Increasing demand for salvage services due to increase in maritime accidents and incidents.
- Growing popularity of salvage tugs as a cost-effective alternative to traditional methods of salvaging vessels and their cargoes.
- Proliferation of new, advanced tug designs that are better equipped to handle complex salvage operations.
- Rising demand for refurbished and repurposed tugboats from the offshore oil & gas industry and other commercial sectors 5 Increased investment in R&D by tugboat manufacturers to develop innovative technologies that can improve the efficiency and safety of salvage operations
Scope Of The Report
Report Attributes
Report Details
Report Title
Salvage Tug Market Research Report
By Type
20 Tons to 200 Tons (Displacement), 200 Tons to 1000 Tons (Displacement), 1000 Tons or More (Displacement)
By Application
Ship Wreck Salvage, Floating Trash Salvage, Afloat Salvage, Equipment Salvage, Others
By Companies
Wärtsilä, Gulf Island Fabrication, Damen Shipyards, Nautic, Zamakona Yards Group, Donjon Marine, Cheoy Lee Shipyards, Eastern Shipbuilding
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
241
Number of Tables & Figures
169
Customization Available
Yes, the report can be customized as per your need.
Global Salvage Tug Market Report Segments:
The global Salvage Tug market is segmented on the basis of:
Types
20 Tons to 200 Tons (Displacement), 200 Tons to 1000 Tons (Displacement), 1000 Tons or More (Displacement)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Ship Wreck Salvage, Floating Trash Salvage, Afloat Salvage, Equipment Salvage, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wärtsilä
- Gulf Island Fabrication
- Damen Shipyards
- Nautic
- Zamakona Yards Group
- Donjon Marine
- Cheoy Lee Shipyards
- Eastern Shipbuilding
Highlights of The Salvage Tug Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- 20 Tons to 200 Tons (Displacement)
- 200 Tons to 1000 Tons (Displacement)
- 1000 Tons or More (Displacement)
- By Application:
- Ship Wreck Salvage
- Floating Trash Salvage
- Afloat Salvage
- Equipment Salvage
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Salvage Tug Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Salvage tug is a specialized type of boat used to recover sunken or damaged vessels.
Some of the major players in the salvage tug market are W¤rtsil¤, Gulf Island Fabrication, Damen Shipyards, Nautic, Zamakona Yards Group, Donjon Marine, Cheoy Lee Shipyards, Eastern Shipbuilding.
The salvage tug market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Salvage Tug Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Salvage Tug Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Salvage Tug Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Salvage Tug Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Salvage Tug Market Size & Forecast, 2020-2028
4.5.1 Salvage Tug Market Size and Y-o-Y Growth
4.5.2 Salvage Tug Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 20 Tons to 200 Tons (Displacement)
5.2.2 200 Tons to 1000 Tons (Displacement)
5.2.3 1000 Tons or More (Displacement)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Ship Wreck Salvage
6.2.2 Floating Trash Salvage
6.2.3 Afloat Salvage
6.2.4 Equipment Salvage
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Salvage Tug Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Salvage Tug Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 20 Tons to 200 Tons (Displacement)
9.6.2 200 Tons to 1000 Tons (Displacement)
9.6.3 1000 Tons or More (Displacement)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Ship Wreck Salvage
9.10.2 Floating Trash Salvage
9.10.3 Afloat Salvage
9.10.4 Equipment Salvage
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 20 Tons to 200 Tons (Displacement)
10.6.2 200 Tons to 1000 Tons (Displacement)
10.6.3 1000 Tons or More (Displacement)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Ship Wreck Salvage
10.10.2 Floating Trash Salvage
10.10.3 Afloat Salvage
10.10.4 Equipment Salvage
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 20 Tons to 200 Tons (Displacement)
11.6.2 200 Tons to 1000 Tons (Displacement)
11.6.3 1000 Tons or More (Displacement)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Ship Wreck Salvage
11.10.2 Floating Trash Salvage
11.10.3 Afloat Salvage
11.10.4 Equipment Salvage
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 20 Tons to 200 Tons (Displacement)
12.6.2 200 Tons to 1000 Tons (Displacement)
12.6.3 1000 Tons or More (Displacement)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Ship Wreck Salvage
12.10.2 Floating Trash Salvage
12.10.3 Afloat Salvage
12.10.4 Equipment Salvage
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 20 Tons to 200 Tons (Displacement)
13.6.2 200 Tons to 1000 Tons (Displacement)
13.6.3 1000 Tons or More (Displacement)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Ship Wreck Salvage
13.10.2 Floating Trash Salvage
13.10.3 Afloat Salvage
13.10.4 Equipment Salvage
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Salvage Tug Market: Competitive Dashboard
14.2 Global Salvage Tug Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wärtsilä
14.3.2 Gulf Island Fabrication
14.3.3 Damen Shipyards
14.3.4 Nautic
14.3.5 Zamakona Yards Group
14.3.6 Donjon Marine
14.3.7 Cheoy Lee Shipyards
14.3.8 Eastern Shipbuilding
