Mooring Buoy Market to Hit USD 1.09 Billion by 2028; Increased Adoption of Green Energy to Augment Market GrowthWorldwide, reports Fortune Business Insights™
List of the Companies Profiled in the Market: Trelleborg Marine and Infrastructure, Sealite, FenderCare, Gisman, Mobilis SA, FloatexSrl, Corilla Marine, Walsh Marine Products,Norfloat International Ltd, Anchor Marine, Tidal Marine, IRM Offshore and Marine Engineers Pvt. Ltd.
Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The global mooring buoy market size is expected to gain momentum by reaching USD 1.09 billion by 2028 from USD 0.75 billion in 2021 while exhibiting a CAGR of 5.5% between 2021 to 2028. In its report titled, “*Mooring Buoy **Market, 2021-2028*,” Fortune Business Insights™mentions that the market stood at USD 0.73 billion in 2020.
A buoy is used in several offshore activities, such as it helps in maintaining the ship location for a desired period of time. These are also used as navigating symbols to ensure the safety of explorers. In addition, the oil and gas industry has 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 the defense and marine sectors. These aforementioned factors are expected to drive the market during the forecast period.
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*List of Key Players Profiled in this Industry Report*
· Trelleborg Marine and Infrastructure (UAE)
· Sealite (Australia)
· FenderCare (UK)
· Gisman (France)
· Mobilis SA (France)
· FloatexSrl (Italy)
· Corilla Marine (UK)
· Walsh Marine Products (USA)
· Norfloat International Ltd (UK)
· Anchor Marine (USA)
· Tidal Marine (Canada)
· IRM Offshore and Marine Engineers Pvt. Ltd. (India)
*Report Scope & Segmentation -*
*Report Coverage* *Details*
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 5.5 %
2028 Value Projection USD 1.09 Billion
Base Year 2020
Market Size in 2020 USD 0.73 Billion
Historical Data for 2017-2019
No. of Pages 210
Segments covered Type; End-user;* *Regional ;
Growth Drivers Increasing Energy Demand Will Drive Adoption of Mooring Buoy in Oil and Gas Sector.
Rising Investment in Offshore Wind Power to Enhance Market Growth.
Pitfalls & Challenges Increasing Penetration of Renewables in Energy Mix to Obstruct Market Growth.
*COVID-19 Impact*
The COVID-19 pandemic has impacted every industry worldwide. Moreover, the industries which are operating on offshore locations were heavily impacted due to cross-border restrictions. Moreover, the maintenance activities were at a halt, as many projects were pushed further. However, the end-use sectors of mooring buoy have shown significant revival signs during the forecast period.
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*Market Segmentation:*
By type, this market is segmented into plastic buoy and steel buoy. Based on the end-user, it is trifurcated into oil & gas, marine & defense, aquaculture, and others.
· Based on the end-user, the oil and gas sector held the highest share of *62.1%* in 2020. This is attributable to increased exploration activities carried out deep inside the ocean and sea. Thus to ensure safety measures, the whole offshore operation system requires limits to be set over migration areas and navigation.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
*What does the Report Provide?*
The market report for mooring buoy 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 collaborate to contribute to the growth of the mooring buoy industry.
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*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 the 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 the 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.
*Regional Insights*
· Asia Pacific 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 sectors.
· 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 a 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, and this is expected to drive the regional market.
*Competitive Landscape*
*Key Players to Focus on Different Strategies to Strengthen Their Positions Globally*
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 SPMfor Orwell. This project aims to install a petroleum product handling facility at Free Trade Zone in Lagos State, Nigeria. Such initiatives are expected to strengthen the market prospects.
*Industry Development*
· *In 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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*Table Of Content*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Emerging Trends – For Major Countries
· Latest Technological Advancement
· Regulatory Landscape
· Porters Five Forces Analysis
· *Qualitative Analysis – Impact of COVID-19*
· Impact of COVID-19 on the Mooring Buoy Market
· Steps Taken by the Government to Overcome the Impact
· Key Developments by Industry Players in Response to COVID-19
· Potential Opportunities and Challenges due to COVID-19 Outbreak
· *Global Mooring Buoy Market Analysis (USD Billion), Insights and Forecast, 2017-2028*
· *Key Findings / Summary*
· *Market Analysis, Insights and Forecast – By Type*
· Plastic Buoy
· Steel Buoy
· *Market Analysis, Insights and Forecast – By End User*
· Oil & Gas
· Marine & Defense
· Aquaculture
· Others
· *Market Analysis, Insights and Forecast – By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
· *North America Mooring Buoy Market Analysis (USD Billion), Insights and Forecast, 2017-2028*
· *Key Findings / Summary*
· *Market Analysis, Insights and Forecast – By Type*
· Plastic Buoy
· Steel Buoy
· *Market Analysis, Insights, and Forecast – By End User*
· Oil & Gas
· Marine & Defense
· Aquaculture
· Others
· *Market Analysis, Insights, and Forecast – By Country*
· U.S.Market Analysis, Insights, and Forecast – By End User
· Oil & Gas
· Marine & Defence
· Aquaculture ence
· Aquaculture
·
· Others
· Canada Market Analysis, Insights and Forecast – By End User
· Oil & Gas
· Marine & Def
· Others
· *Europe Mooring Buoy Market Analysis (USD Billion), Insights and Forecast, 2017-2028*
· *Key Findings / Summary*
· *Market Analysis, Insights and Forecast – By Type*
· Plastic Buoy
· Steel Buoy
· *Market Analysis, Insights and Forecast – By End User*
· Oil & Gas
· Marine & Defense
· Aquaculture
· Others
· *Market Analysis, Insights and Forecast – By Country*
· UK Market Analysis, Insights and Forecast – By End User
· Oil & Gas
· Marine & Defence
· Aquaculture
· Others
· Norway Market Analysis, Insights and Forecast – By End User
· Oil & Gas
· Marine & Defence
· Aquaculture
· Others
· Netherlands Market Analysis, Insights and Forecast – By End User
· Oil & Gas
· Marine & Defence
· Aquaculture
· Others
· Rest of Europe Market Analysis, Insights and Forecast – By End User
· Oil & Gas
· Marine & Defence
· Aquaculture
· Others
TOC Continued…!
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