The global mooring buoy market size is expected to gain momentum by reaching USD 1088.9 million 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 729.3 million in 2020 and USD 748.8 million 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.
List of Key Players Profiled in Mooring Buoy Market
Report
- Trelleborg Marine and Infrastructure
- Sealite
- FenderCare
- Gisman
- Mobilis
- Floatex srl
- Corilla Marine
- Walsh Marine Products
- Norfloat
- Anchor Marine
- Tidal Marine
- IRM Offshore and Marine Engineers Pvt. Ltd.
Report Coverage
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.
Drivers &
Restraints
Increasing Energy Demand Will Drive Adoption of Mooring Buoy in Oil and Gas Sector
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.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/mooring-buoy-market-105762
COVID-19 Impact
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.
Regional Insights
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.
Competitive
Landscape
Key Players to Focus on Different
Strategies to Strengthen the Market Growth
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.
Industry
Development
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.
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