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Global Marine Buoys Market Analysis and Review by Product type (Mooring Buoys, Anchor Buoys, Signaling Buoys, Cardinal Buoys, Beacon Buoys, Fender Buoys, Lifebuoys and Others)
[264 Pages] Persistence Market Research (PMR) has valued the global Marine Buoys market at US$ 868.9 Mn in 2023 and has projected the market to grow at a value CAGR of 5.0% to reach a valuation of US$ 1,415.3 Mn by 2033.
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Global Marine Buoys Market Size (2022A) |
US$ 828.8 Mn |
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Estimated Market Size (2023E) |
US$ 868.9 Mn |
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Projected Market Value (2033F) |
US$ 1,415.3 Mn |
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Value CAGR (2023-2033) |
5.0% |
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Collective Share: Top 3 Countries (2023E) |
28.6% |
Several countries are vulnerable to territory by water routes, and governments around the world have substantially spent in their navy over the years to ensure their control in seas to some level. Mooring buoys are used to keep naval ships in place, and they are also sometimes employed at dockyards and in the middle of the sea for cargo ship loading and unloading. This tendency towards ensuring national security and boosting international trade through waterways will expand the market size.
North America is expected to hold the largest portion of the market share due to port infrastructure expansion and development plans that generate prospects for product manufacturers. Major mooring buoy manufacturers offer an innovative range of products with technical improvement, which is expected to drive demand even higher. Hence, North America will account for 18.3% of the overall market in 2033, according to PMR.
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The global Marine Buoys market grew at a CAGR of around 3.4% between 2017 and 2022. Increasing interest in activities such as sailing, water sports and fishing trips, as well as investments in ports and beachfront property increase the marine buoys market and will continue to grow in popularity as a mandatory installation for safe water marking and other applications.
Buoys were generally composed of iron, however plastic materials like as polyethylene are now available. They are utilised in applications like as boat mooring, marine navigation, weather observation, and nautical communications. Many marine buoys, such as drifting buoys, are intended to float on the surface of a water bodies or to be sustained below the water's surface in order to indicate a position. Polyethylene marine buoys are durable, easy to handle, self-fandering, and require little maintenance. The numerous applications of maritime buoys suggest the market's potential growth path in the forecast period.
Additionally, Trade relations between developing and developed countries, as well as increases in industrialization and consumption, are promoting international trade, which is projected to generate lucrative prospects for mooring buoy makers in the near future. Several developed countries are expanding their investment in sea ports in order to improve trade via seaways, which is also a major driving factor for the targeted market growth. According to Persistence Market Research, the market will grow at a 5.0% CAGR through 2033.
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Get a Customized Version“Rising Investment in offshore wind power to enhance market growth”
Various governments throughout the world are always striving to meet green energy targets, which has spurred the rise of floating offshore wind generation. Mooring buoys market growth can be attributed to the increase in floating offshore wind power, since they are installed alongside offshore wind farms to ensure safety and operating standards. Different countries are establishing offshore wind targets for the coming years. The United Kingdom has set a goal of generating 30GW of offshore wind capacity by the end of 2030. By 2030, the German climate cabinet hopes to have installed 20GW of offshore wind power. China, too, aims to reach 30GW of offshore wind energy by 2030.
“Rising Usage of Marine Buoys in Data Gathering & Monitoring Purposes”
Data buoys are becoming increasingly important for weather forecasting and data monitoring. They are becoming more important in these applications as digital technologies become more widely used around the world. Marine buoys are used to acquire and monitor data for controlling and predictive analyses in applications such as hurricane or cyclone forecasting, satellite monitoring, seasonal forecasting, maritime security, and ocean navigational aids. The critical application of marine buoys for weather forecasting and maritime monitoring will drive market expansion in the next years.
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Which is the most prominent market for Marine Buoys manufacturers?
“U.S. Market to Drive High Sales of Marine Buoys”
The Marine Buoys market in the U.S. is expected to account for approximately 18.3% of global value in 2023. The regional governments are investing significantly on strengthening the maritime security and naval forces. The manufacturers dealing in marine buoys market are providing customized solutions for maritime security applications. Increase in defence expenditure is expected to have medium to high impact on the marine buoys market in the country.
Which Country is dominating the East Asia Marine Buoys Market?
“China is anticipated to hold largest market share in the East Asia Marine Buoys Market”
From 2023 to 2033, China is estimated to grow at a CAGR of 6.2%. In China marine buoys are use in various application such as fishing industry, seaborne import export of goods, navigation of cargo and commercial ships, defence and maritime security and many more applications. The mandatory use of marine buoys in many of these applications and simultaneous growth of these industries is anticipated to create positive outlook for marine buoys market in the years to come in china.
Which Product type is most preferred in the Marine Buoys Market?
“Mooring Buoys Holds a significant Share in Global Marine Buoys Market”
The study projects that by product type, the Mooring buoys type will hold the value share by 27.0 % in 2023. Mooring buoy demand is also boosted by technological advancement and product innovation. Additionally, the growing amount of shipments across different locations, as well as increased trade via the sea route, are important driving factor boosting the demand for mooring buoys market.
Which Application Holds a Prominent Share in Global Marine Buoys Sales?
“Port segment hold the Prominent Market Share”
By application, Port segment in the global marine buoys market is anticipated to remain dominant through the forecast period and will account for more than 22% market share on value basis through same period.
The marine buoys are used primarily for navigation activities at ports. The market stakeholders have witnessed increased demand due to growing usage of buoys at ports to mitigate the traffic jams. Also, increased container vessel waiting time has reached record high, which can go up to 90- days. This backlog is not only expensive but dangerous also, owing to which usage of buoys at ports are increasing at a rapid pace.
The marine buoys market is highly fragmented at both the global and regional levels. The top firms control almost one-fourth of the global marine buoys market (tier-1 manufacturers).
Fugro N.V., AXYS Technologies Inc., James and Fisher PLC, and Marine Instruments S.A., are among the key players. Market participants are active in various maritime initiatives that seek installation of buoys, promotion of sustainable manufacturing, investments in R&D, partnerships, acquisition activities and product innovation, in order to acquire a competitive advantage in this field.
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
By Product, the Global Marine Buoys Market is segmented as:
By Material, the Global Marine Buoys Market is segmented as:
By Application, the Global Marine Buoys Market is segmented as:
By Region, the Global Marine Buoys Market is segmented as:
The Marine Buoys Market is expected to total US$ 868.9 Mn in 2023.
The demand for Marine Buoys will increase by 5.0% during the forecasted period from 2023 to 2033.
They include James and Fisher PLC, Fugro N.V., Marine Instruments S.A., and AXYS Technologies Inc. and others are the leading market players which hold around 15 to 20% of the market share.
The demand in China is expected to increase by 6.5% CAGR from 2023 to 2033 on a value basis.
U.S., China, and Canada., are the leading countries in the Marine Buoys Market.
