NEW YORK, Jan. 11, 2021 /PRNewswire/ -- Marine Buoys are used for the purpose of indication, navigation, monitoring, depth analysis, anchorage, hazard indication, data gathering and location indication. They seek applications across different areas of the marine industry, and are built for customized applications. They are gaining immense importance due to various concerns associated with waterways, especially related to security and safe navigation. Across the world, demand is surging for plastic buoys made from polypropylene, polyamide, polyester, elastomer, and polyethylene, as these are lightweight, have maximum buoyancy, are economical, and also don't warp with time.
PMR's analysis concludes that, the global marine buoys market is anticipated to expand at a healthy CAGR of 5% during the forecast period of 2020-2030
Key Takeaways from Marine Buoys Market Study
- Marine buoys have become critical for weather forecasting and data monitoring purposes, for applications such as hurricane or cyclone forecasts, seasonal forecasting, satellite monitoring, maritime security, and ocean navigational aids.
- Due to rising regulatory acts concerning installation and practice of using buoys, governments have come with separate associations which monitor buoy behavior in their regions. This has led to standardization in buoy manufacturing and installation, and has provided a healthy outlook toward environment protection.
- Gradual inclination toward water sports and recreational activities has attracted large usage of buoys for the purpose of safety, navigation, and more often, to locate or indicate hazards.
- Developments constituting usage of various material combinations such as elastomer and polymers for manufacturing marine buoys have led to up-gradation in their structures, providing durability and lightweight construction. Plastic and metal marine buoys are the most sought-after, and will account for more than 90% of total demand.
- North America and East Asia will account for close to half of the total demand in the global marine buoys market, as far as volume is concerned.
- 1 out of every 2 marine buoys will be the mooring and anchor versions sold across the globe.
- With travel and trade restrictions in place due to the COVID-19 pandemic, the marine sector has been hit hard, which has resulted in decreased demand for marine buoys. However, the global marine buoys market is expected to bounce back soon as restrictions are gradually eased across regions.
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"Waterways are the backbone of international trade, and serve as one of the prime factors in transportation. Marine buoys will play a very important role in ensuring that waterways will always be safe in the future," says a Persistence Market Research analyst.
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Marine Buoys Market: Competition
The global marine buoys market is fairly fragmented at global and regional levels. Tier-1 manufacturers account for one-fourth of the market share in the global market. Some of the leading players profiled in the report are James and Fisher PLC, Fugro N.V., Marine Instruments S.A., and AXYS Technologies Inc.
Marine Buoys Market: Conclusion
The global marine buoys market is estimated to witness steady growth as demand surges for different applications in oceanographic and maritime industries. Growing prominence of sea trade and rising commercialization of waterways, seas, and oceans will also boost market growth. Also, growing popularity of water sports and recreational activities will further lend impetus to the expansion of the marine buoys market.
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The research report on the marine buoys market published by Persistence Market Research analyzes market demand trends of the product on a value and volume basis. The report contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides in-depth analysis of the marine buoys market through different segments, namely, product, material, application, and region. The marine buoys market report also provides supply and demand trends, pricing trends, cost structure, and market presence of leading manufacturers, along with an overview of the parent market.
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