Tugboat & Shipping Navigational Services in the US - Industry Market Research Report

Tugboat & Shipping Navigational Services in the US - Industry Market Research Report
Tugboat & Shipping Navigational Services in the US

Like many other water transportation industries, the Tugboat and Shipping Navigational Services industry has encountered positive conditions. Trade activity expanded strongly over the past five years, with more barges and ships entering and exiting US ports. Consequently, demand for tugboat and shipping navigational services has increased. The industry also benefited from surging import trade volumes, particularly from Western Europe, as higher per capita disposable income enabled consumers to make more discretionary purchases. However, despite growing demand, volatile fuel prices have hampered revenue expansion during the period. As a result, industry-wide revenue has been decreasing at a CAGR of 1.9% over the past five years, including an estimated 0.1% increase in the current year, and is expected to total $4.8 billion in 2023. In the same year, profit is projected to decrease to 14.3%.

Companies in this industry provide navigational services that ensure the safe passage of ships in and out of harbors. Such services mainly involve docking and piloting marine vessels. Marine salvage services, which involve the retrieval of cargo or vessels following marine accidents, are also included in this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.