Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 02, 2024 (GLOBE NEWSWIRE) -- The global distributed buoyancy module market (Mercado de módulos de flotabilidad distribuida.) was projected to attain US$ 80.9 million in 2023. It is likely to garner a 6.5% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 161.5 million.
Distributed buoyancy modules, sometimes called buoyancy control systems, are typically used in regions where a submerged structure and a surface vessel or platform are separated. They may be fitted using the clamping technique at any length of the pipeline.
These modules mostly provide different floating constructions in bodies of water with control over their position and height. The buoyancy component that generates the uplift consists of two parts: the buoyancy section, which is constructed to mechanically lock around the clamp and attached with circumferential straps, and the assembly, which is securely connected to the selected location on the riser using a clamp.
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Key Findings of the Market Report
- Floating solar farms, also known as floating photovoltaic (PV) systems, are built on water bodies such as lakes, basins, and reservoirs rather than solid structures like rooftops or terraces.
- These floating solar farms are built on water, yet they operate similarly to traditional land-based solar farms.
- These solar farms are installed on sturdy floating platforms that are secured to keep them from floating away. Typically, these platforms are made of buoyant materials like high-density polyethylene.
- In addition to integrating renewable energy and maritime technology to create electricity in an ecologically sustainable manner, these panels supply power to a transmission tower via underwater lines.
- The floating solar power plants use buoyancy modules, anti-rust material, vertical and horizontal frame construction, and inspection footrests to produce buoyancy, distribute weight evenly on all sides, and protect the plants from water damage.
Market Trends for Distributed Buoyancy Module
- In order to provide buoyancy and stability to offshore renewable energy plants, including wave energy converters, building energy management, and water distribution networks, distributed buoyancy modules are typically utilized.
- An increased focus on renewable energy sources like wind, hydropower, and solar power is the result of a decline in the availability of fossil fuels and an increase in the demand for energy globally.
- To accomplish sustainability standards and combat climate change, governments, industry, and consumers may cut their carbon emissions through improved investments toward cleaner energy alternatives.
- When fixed bottom installations are impractical in deep-water settings, offshore pipe buoyancy helps sustain floating structures.
- Water Power Canada reports that in 2020, the Canadian government and its business partners invested over US$ 10.0 billion on hydroelectricity infrastructure.
- Therefore, the market for distributed buoyancy modules is growing because to the growing demand for clean and renewable energy as well as significant expenditures made in the construction of offshore renewable energy facilities.
Global Market for Distributed Buoyancy Module: Regional Outlook
- Europe accounted for a major portion of the global market in 2023, according to the most recent distributed buoyancy module market report.
- Low operating costs, increased urbanization and modernization, and a surge in the adoption of green energy approaches in response to the energy sector's rising environmental concerns are driving Europe's market dynamics.
- Throughout the projection period, North America is expected to experience significant market increase. The region's market trajectory is being enhanced by factors such as growing urbanization, rising disposable income, and growing public awareness of environmental issues and green energy producing techniques.
- It is projected that Canada's growing industrial development initiatives and number of power plants will generate sizable distributed buoyancy module market prospects in North America throughout the forecast period.
Global Distributed Buoyancy Module Market: Key Players
To meet the growing demand for pipe buoyancy modules, companies in the worldwide dispersed buoyancy module market are creating subsea floatation modules and underwater flotation devices with upgraded features.
The following companies are well-known participants in the global distributed buoyancy module market:
- Trelleborg Group
- AIS
- Matrix Composites & Engineering
- Balmoral Comtec Ltd
- DeepWater Buoyancy, Inc.
- Koil Energy Solutions
- Shinyang Tech CO. Ltd.
Key Developments
- In April 2024, AIS CRP Subsea received a contract to supply buoyancy in Western Australia. The company will provide distributed buoyancy modules (DBMs) to a sizable gas field off the coast of Western Australia in the Indian Ocean.
- The world leader in marine and offshore safety solutions, VIKING Life-Saving Equipment A/S (VIKING), and Trelleborg Group inked an exclusive multi-year distribution deal in October 2023. As per the agreement, Trelleborg will exclusively distribute the extremely safe and effective Fender Davit systems made by VIKING, reaffirming its dedication to provide its clients with the best, most dependable goods possible.
Global Distributed Buoyancy Module Market Segmentation
By Type
- Subsea
- Subsurface
By Application
- Riser Systems
- Flowlines
- Wind Farm Cables
- Umbilical
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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