Mooring Buoy Market

Mooring Buoy Market

Growth Factors of Mooring Buoy Market

The mooring Buoy market size was valued at USD 0.81 billion in 2023, and the market is now projected to grow from USD 0.85 billion in 2024 to USD 1.54 billion by 2032, exhibiting a CAGR of 7.75 % during the forecast period of 2024-2032.

The outbreak of COVID-19 slowed down the growth of mooring buoy market due to the restrictions on maritime operations and the delay of offshore projects. Decrease in the transportation and strict measures such as lockdown and restrictions slowed the world shipping and hence affected the demand for mooring systems. This disrupted the supplies resulting in material scarcities hindering growth in production throughout the market. But it is unique because it is expected to grow as soon as the economies of the different countries start recovering along with the maritime business. The outbreak of the pandemic has also influenced the advancement of technology in manufacturing mooring buoy thus more enhanced and sustainable designs in the post pandemic market.

The mooring buoy market has identified some key trends such as use of Strong material like composite in the manufacturing of buoy in order to increase its life and decrease its maintainability. This is especially so due to the increasing number of offshore renewable energy projects particularly in wind farms. A growing interest in smart buoys that incorporate sensors to monitor real-time weather and ocean environments is improving operations’ effectiveness. Also, environmentally friendly products for mooring of vessels so as to impact the seabed are gradually emerging as the industry swings to best practices in operations that respect the marine environment.

The market for the mooring buoy is influenced by factors such as progressive offshore oil and gas drilling activities, rising international maritime commercialization, and the rising interest in renewable power projects including offshore wind farm projects. Other factors that increase demand for mooring buoys include increase in infrastructure at the ports and investments on safety in marine. High flexibility for buoy materials like, high tensile strength-composite material takes less maintenance and increases buoy life farther which catalyses the buoy market growth. Further, environmental standards and the requirement for green solutions for mooring also create pressure that helps in the development of the market for developed and emerging regions. The above-mentioned factors are driving the mooring Buoy market growth.

Comprehensive Analysis Mooring Buoy Market

The mooring buoy market has further been divided on the basis of types which include materials and designs and the end user applications. Plastic buoys are widely used because they are light in weight, do not corrode, and relatively cheap compared to the other buoy type used in aquaculture and marine fishes. The buoy that is showcased even more extensively has one of the best strength to weight ratios with fantastic durability and this is best utilized in operations in oil & gas and defense. As it concerns the end-users, it operates in oil & gas sector as the heavy-duty mooring systems; marine & defense, where efficient buoies secure operations; and aquaculture, where plastic buoys serve fish farming needs. Other industries play a part as well in the demand which shows the versatility of mooring buoys in the market.

The largest market for mooring buoy is in North America due to the robust offshore oil & gas industry and a vast transport sea link. The U. S. and Canada are major investors and have embarked on research on new and enhanced mooring systems as well as improvement in the infrastructural base. Further, the region’s interest in renewable power projects such as offshore wind energy increases the need for advanced mooring systems. The robust defense industry in the North American region also has a positive bearing on the market growth by employing high performance Mooring Systems used in naval applications. The presence of industrialization and technology makes this region the leader in the global mooring buoys market share.

Key players in this sector include Trelleborg Marine and Infrastructure (UAE), Sealite (Australia), FenderCare (U.K.), Gisman (France), Mobilis SA (France), Floatex Srl (Italy), Corilla Marine (U.K.)

For the year 2024, the mooring buoy market has undergone a major evolution through smart mooring buoys which comes with Internet of Things IoT technology. These buoys incorporate advanced sensing systems which offer information relating to environmental characters including wave heights, wind velocity, and water flow. Forward-thinking concerning with the safety for this innovation in the workplace together with flexibility of the systems are improved with use of the buttons in that it will call for alteration from a close quarters to the Internet for work of the gear hence calling for unique notifications concerning functions hence activity of the systems for predictive support. This technology makes not only enhancements to mooring systems in terms of its performance and durability but also enhances instrumented decision-making within maritime authorities, which indicates a clearer direction towards more sensible and adaptive marine structures.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Growth Rate CAGR of 7.75% from 2024-2032

Segmentation By Type

- Plastic Buoy

- Steel Buoy

By End-User

- Oil & Gas

- Marine & Defense

- Aquaculture

- Others

By Geography

- North America (By Type, By End-user, By Country)

• U.S. (By End-User)
• Canada (By End-User)

- Europe (By Type, By End-user, By Country)

• UK (By End-User)
• Norway (By End-User)
• Netherlands (By End-User)
• Rest of Europe (By End-User)

- Asia Pacific (By Type, By End-user, By Country)

• China (By End-User)
• India (By End-User)
• Australia (By End-User)
• Southeast Asia (By End-User)
• Rest of Asia Pacific (By End User)

- Latin America (By Type, By End-user, By Country)

• Brazil (By End-User)
• Mexico (By End-User)
• Rest of Latin America (By End-User)

- The Middle East & Africa (By Type, By End-user, By Country)

• GCC (By End-User)
• Nigeria (By End-User)
• Angola (By End-User)
• Rest of the Middle East & Africa ( By End-User)


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