Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) — The global Mooring Buoy Market Size is expected to gain momentum by reaching USD 1.09 billion by 2028 while exhibiting a CAGR of 5.5% between 2021 to 2028. In its report titled “Mooring Buoy Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 0.75 billion in 2021. Buoy is used in several offshore activities such as it helps in maintaining the ship location foe desired period of time. These also used as navigating symbol to ensure safety of explorers.
In addition, oil and gas industry have been the front runner, as it involves the use of floating production vessels, support vessels, cargo ships, and offshore rigs. Furthermore, it is extensively used by defense and marine sector. These aforementioned factors are expected to drive the market during the forecast period.
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|Forecast Period 2021 to 2028 CAGR||5.5%|
|2028 Value Projection||USD 1088.9 Million|
|Market Size in 2020||USD 729.3 Million|
|Historical Data for||2017-2019|
|No. of Pages||210|
|Segments covered||By Type (Plastic Buoy and Steel Buoy) and By End-user (Oil & Gas, Marine & Defense, Aquaculture, Others) And Regional|
|Growth Drivers||Increasing Energy Demand Will Drive Adoption of Mooring Buoy in Oil and Gas Sector|
|Key Players to Focus on Different Strategies to Strengthen the Market Growth|
Market Drivers & Restraints:
The rising demand for energy worldwide is expected to drive mooring buoy market growth during the forecast period. The increased demand for energy can be attributed to increased migration of people from rural areas to cities. According to a recent study by United Nations, more the 60% of the total global population, is expected to reside in cities by end of 2050. This will spike the energy demand and therefore will lead to an increase in exploration activities at offshore locations at increasing depths. This will certainly drive up the demand for mooring equipment in various regions.
The COVID-19 pandemic has impacted every industry worldwide. Moreover, the industries which are operating on offshore location were heavily impacted due to cross border restrictions. Moreover, the maintenance activities were at halt, as many projects were pushed further. However, the end-use sectors of these tools have shown significant revival signs during the forecast period.
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What does the Report Provide?
The market for mooring buoy report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
By type, the market is segmented into, plastic buoy and steel buoy. Based on the end user it is trifurcated into, oil & gas, marine & defense, aquaculture and others.
Based on end user, the oil and gas sector held the highest share of 62.1% in 2020. This is attributable to increased exploration activities carried out in deep inside ocean and sea. Thus to ensure safety measure, the whole offshore operation system require limits to be set over migration areas and navigation.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa
Asia Pacific region has been the dominant region in the global market owing to the deployment of mooring equipment by countries such as China and India for their defense and energy sector.
North America is expected, to showcase significant mooring buoy market share owing to rising investment in offshore oil and gas sector.
Europe is anticipated to witness strong market share, owing to achieving its green energy targets via offshore wind energy.
Latin America & Middle East, and African countries are planning to invest in offshore wind, this is expected to drive the regional market.
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The market is consolidated by major companies striving to maintain their position by focusing on new construction. For instance, In October 2020, Dubai-based Drydocks started construction for its project Lekki SPM for Orwell. This project aims to install petroleum product handling facility at Free Trade Zone in Lagos State, Nigeria. Such initiatives are expected to strengthen the market prospects.
In September 2020 – GISMAN completed supplies of its modular polyethylene buoys, LED lights, AIS and monitoring system, traffic lights, as well as technical assistance for the design of the tower in Morocco. The project has been carried out with assistance from a local partner ANFAL.
A List of Key Manufacturers Operating in the Global Market:
- Trelleborg Marine and Infrastructure
- Floatex srl
- Corilla Marine
- Walsh Marine Products
- Anchor Marine
- Tidal Marine
- IRM Offshore and Marine Engineers Pvt. Ltd.
Mooring Buoy Market Segmentation:
- Plastic Buoy
- Steel Buoy
- Oil & Gas
- Marine & Defense
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Shopping Trolley Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
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