Similar to most water transportation industries, the Tugboat and Shipping Navigational Services industry has experienced fluctuating conditions in recent years. The global economic downturn depleted consumer spending in both domestic and international markets, causing waterborne trade volumes to fall in 2009. However, the outlook for the industry is favorable, with revenue expected to increase in the five years to 2019. Continued growth in the US economy is anticipated to drive up waterborne trade levels, which will likely spur higher demand for tugboat and navigational services. Nevertheless, it will not be entirely beneficial for the industry, as volatility in oil prices is expected to continue, thereby keeping profit margin growth and the number of companies operating in this industry in check.
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 accident, are also included in this industry.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.