Market Overview:
The global wrecking tug market is expected to grow at a CAGR of 3.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for wrecking tugs for marine salvage and inland river salvage applications. North America is expected to lead the global wrecking tug market during the forecast period, followed by Europe and Asia Pacific.
Product Definition:
A wrecking tug is a type of tugboat that is specifically designed for towing and salvaging wrecked or disabled ships. They are typically larger and more powerful than other types of tugs, and are equipped with heavy-duty winches and cranes that can lift large objects. Wrecking tugs are used to clear wrecks from shipping lanes, salvage damaged vessels, or tow them to a shipyard for repairs.
Anchor Handling Tug:
Anchor handling tugs are vessels designed to assist in the recovery of a vessel anchor from the bottom. They can be used with various types of anchors depending on their size and capabilities. The demand for these tugs is expected to witness growth owing to increasing offshore oil & gas exploration activities, particularly in Asia Pacific region.
Oceangoing Tug:
Oceangoing tugs are large, powerful vessels designed for towing or pushing/carrying another vessel in open water. They are generally used to assist ships that have suffered a mechanical breakdown and cannot move on their own power. Oceangoing tugs can be either self-propelled or towable and usually have the ability to push as well as pull vessels.
Application Insights:
The marine salvage segment accounted for the largest revenue share in 2016 and is projected to continue its dominance over the forecast period. The growth can be attributed to increasing demand for vessel rescue services after accidents on water bodies such as oceans, lakes and rivers. Marine salvage operations are complex and expensive compared to other tugboat services, which is one of the key factors responsible for high operating costs incurred by maritime companies while undertaking marine salvage operations.
In addition, stringent government regulations regarding pollution control from various sources including shipsyard discharge into water ways have increased awareness among mariners about environmental protection resulting in fewer incidents of oil spills & cargo leakage during voyages. These aforementioned factors are expected to increase awareness amongst consumers about professional marine salvaging services thereby driving global wrecking tug market growth over the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017. The region is expected to witness significant growth over the forecast period owing to increasing demand for marine salvage and inland river salvage services from developing countries, such as India, China, and Indonesia. Furthermore, rising awareness regarding maritime safety and security along with growing offshore oil & gas exploration activities in South East Asian countries is anticipated to drive the regional market further.
The European regional market captured a revenue share of over 15% in 2017 owing to high demand for heavy-duty equipment from several major industries across Germany, Italy, France among other European countries. Moreover; increased funding provided by EU member states coupled with growing marine infrastructure development projects along Italian Riviera coastlines are projected to fuel product adoption across the region during the forecast period.
North America held a substantial revenue share of more than 25% in 2017 due to presence of prominent players operating within U.S.
Growth Factors:
- Increasing demand for demolition and wrecking services due to urbanization and industrialization.
- Growing construction industry in developing countries providing opportunities for Wrecking Tug market growth.
- Rising disposable income of consumers encouraging them to spend on demolition and wrecking services.
- Technological advancements in the Wrecking Tug market that improve efficiency and safety of these vehicles during operations.
Scope Of The Report
Report Attributes
Report Details
Report Title
Wrecking Tug Market Research Report
By Type
Anchor Handling Tug, Oceangoing Tug, Pusher Tug, Other
By Application
Marine Salvage, Inland River Salvage
By Companies
Wärtsilä, ZPMC, Hyundai Heavy Industries, Gulf Island Fabrication, China Shipbuilding Industry, Sembcorp Marine, JSC United Shipbuilding Corporation, Zamakona Yards Group, Eastern Shipbuilding, Keppel Shipyard
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
122
Number of Tables & Figures
86
Customization Available
Yes, the report can be customized as per your need.
Global Wrecking Tug Market Report Segments:
The global Wrecking Tug market is segmented on the basis of:
Types
Anchor Handling Tug, Oceangoing Tug, Pusher Tug, Other
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
Marine Salvage, Inland River Salvage
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
- ZPMC
- Hyundai Heavy Industries
- Gulf Island Fabrication
- China Shipbuilding Industry
- Sembcorp Marine
- JSC United Shipbuilding Corporation
- Zamakona Yards Group
- Eastern Shipbuilding
- Keppel Shipyard
Highlights of The Wrecking 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:
- Anchor Handling Tug
- Oceangoing Tug
- Pusher Tug
- Other
- By Application:
- Marine Salvage
- Inland River Salvage
- 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 Wrecking 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?
Wrecking Tug is a heavy-duty tow truck used for towing large objects.
Some of the major players in the wrecking tug market are W¤rtsil¤, ZPMC, Hyundai Heavy Industries, Gulf Island Fabrication, ‎China Shipbuilding Industry, Sembcorp Marine, JSC United Shipbuilding Corporation, Zamakona Yards Group, Eastern Shipbuilding, Keppel Shipyard.
The wrecking tug market is expected to grow at a compound annual growth rate of 3.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Wrecking 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 Wrecking Tug Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Wrecking 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 Wrecking 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 Wrecking Tug Market Size & Forecast, 2020-2028
4.5.1 Wrecking Tug Market Size and Y-o-Y Growth
4.5.2 Wrecking 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 Anchor Handling Tug
5.2.2 Oceangoing Tug
5.2.3 Pusher Tug
5.2.4 Other
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 Marine Salvage
6.2.2 Inland River Salvage
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Wrecking 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 Wrecking 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 Anchor Handling Tug
9.6.2 Oceangoing Tug
9.6.3 Pusher Tug
9.6.4 Other
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 Marine Salvage
9.10.2 Inland River Salvage
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 Anchor Handling Tug
10.6.2 Oceangoing Tug
10.6.3 Pusher Tug
10.6.4 Other
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 Marine Salvage
10.10.2 Inland River Salvage
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 Anchor Handling Tug
11.6.2 Oceangoing Tug
11.6.3 Pusher Tug
11.6.4 Other
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 Marine Salvage
11.10.2 Inland River Salvage
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 Anchor Handling Tug
12.6.2 Oceangoing Tug
12.6.3 Pusher Tug
12.6.4 Other
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 Marine Salvage
12.10.2 Inland River Salvage
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 Anchor Handling Tug
13.6.2 Oceangoing Tug
13.6.3 Pusher Tug
13.6.4 Other
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 Marine Salvage
13.10.2 Inland River Salvage
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 Wrecking Tug Market: Competitive Dashboard
14.2 Global Wrecking Tug Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wärtsilä
14.3.2 ZPMC
14.3.3 Hyundai Heavy Industries
14.3.4 Gulf Island Fabrication
14.3.5 China Shipbuilding Industry
14.3.6 Sembcorp Marine
14.3.7 JSC United Shipbuilding Corporation
14.3.8 Zamakona Yards Group
14.3.9 Eastern Shipbuilding
14.3.10 Keppel Shipyard
