Rockville, MD , Oct. 16, 2024 (GLOBE NEWSWIRE) -- The global Marine Buoy Market is anticipated to be valued at US$ 921.2 million in 2024 and is projected to grow at 4.9% through 2034. The market for marine buoys is expected to register a valuation of US$ 1,486.3 million by 2034. This growth is attributed to the growing importance of maritime safety regulations, advancements in oil and gas development, and the ever-increasing demand for shipping and technical advances in the maritime industry.
Marine buoys are an essential component of the maritime industry that serve as navigational aids and ensure maritime explorers' safety while providing security to the aquaculture sector. These buoys are designed to keep ships in their intended locations for a specific period, and their customized applications and significance in waterways-related concerns make them increasingly important in the industry.
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Key Takeaways from the Market Study:
- The global marine buoy market is expected to evolve at 4.9% CAGR through 2034.
- With a significant CAGR of 5.1% through 2034, the market for marine buoys in North America is predicted to expand.
- The industry for marine buoys in East Asia is projected to grow at 5.0% until 2034.
- In 2024, the United States marine buoy market is likely to command 72.4% of the market.
- China is anticipated to have 56.9% of the global market in 2024 for marine buoys.
“Marine byous are employed in several sectors, such as aquaculture, oil and gas, and maritime defense. The demand for effective navigational aids and habitat conservation is driving growth in the marine buoy industry. To get a piece of this expanding industry, companies in developed and emerging countries are investing in research, navigation, and sensor technology.” States the Fact.MR. Analyst
Leading Players Driving Innovation in the Marine Buoy Market:
Key industry participants like James and Fisher PLC, Fendercare Marine, Floatex, Sealite, Ocean Scientific International Ltd., Marine Instruments, Wealth Marine Pte Ltd, Walsh Merine Products, JFC Marine, Fugro N.V., Marine Instruments S.A., AXYS Technologies Inc., SABIK Marine, Zeni Lite Buoy Co.Ltd, etc. are driving the marine buoy industry.
Rising Demand for Navigational Buoys:
Many marine and defense industries, including floating production boats, support vessels, transport ships, and offshore rigs, rely on buoys to hold their positions. However, the oil and gas sector primarily uses marine buoys due to its extensive offshore operations. The COVID-19 epidemic has impacted many offshore businesses, including aquaculture, renewable energy, and oil and gas. The need for navigational buoys is growing, as maintaining maritime buoys is still essential.
The global marine buoy market is expanding due largely to the increased emphasis on safeguarding maritime habitats and the necessity for efficient navigational aids. Prominent developed-country marine and aqua cultural companies invest in infrastructure, state-of-the-art marine navigation, and research & development to secure a portion of this expanding market, fostering global market growth for marine buoys.
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Competitive Landscape:
The rapid innovations in the marine industry are driving market expansion by bringing in a new age of sustainability, efficiency, and safety. The industry is changing due to innovations, including eco-friendly propulsion technology, sophisticated navigation systems, and autonomous boats. Automated processes minimize human error and operating expenses.
At the same time, sophisticated positioning systems improve precision and safety. Environmentally friendly projects, such as those using cleaner materials and propulsion techniques, satisfy strict rules, support global environmental goals, and appeal to ethical customers.
These developments boost the performance of the maritime buoys sector, provide access to new markets, and encourage stakeholder cooperation. These technical advancements have profoundly affected the marine industry, placing it on a trajectory of sustainable expansion and guaranteeing a balanced combination of progress and prudent resource management.
Marine Buoy Industry News:
- The US-based business Ocean Power Technologies was awarded a US$ 6.5 million contract in December 2024 to provide wave-powered buoys called PowerBuoys to American government organizations in order to improve their awareness of the maritime environment.
- China Telecom, ZTE, and SpaceIoT successfully installed 5G NTN in Zhoushan, China, in September 2024. This allowed for the provision of real-time, multi-terminal services, including emergency rescue, temperature and humidity monitoring, and water quality monitoring.
Segmentation of the Marine Buoy Market:
- By Material Type:
- Plastic
- Metal
- Wood
- By Product:
- Mooring Buoys
- Anchor Buoys
- Signaling Buoys
- Cardinal Buoys
- Beacon Buoys
- Fender Buoys
- Lifebuoys
- Others
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