PersistenceMarketResearch states that the Global Marine Buoys Market will witness a CAGR of 4.9% between 2020 and 2030.
A marine buoy is designed such that the heavier weight is located in the sea’s bottom. This heavyweight is analogous to an anchor that holds the buoy afloat in water. The marine buoy does have loops/chains attached to top floating on water. The basic purpose of these chains is that ships could be moored to them in an appropriate manner. In certain parts across the globe, the marine buoys are used for mooring ships and boats away from the areas where the coral reefs live.
The functionality of marine buoys is that buoys floats while ships are moored to the firm support, that too, without making use of anchor system to halt a ship. It needs to be noted that shipping tankers that use mooring buoys have to adhere to the regulations that are set by OCIMF (Oil Companies International Marine Forum). OCIMF comes across as a voluntary but an official association of the companies engaging in shipping and oil extraction all over.
By geography that includes North America, Europe, Asia-Pacific, MEA, and LATAM, North America holds the largest market share, followed by the Europe. The Asia-Pacific is in its infancy with respect to marine buoys market. This could be attributed to lack of awareness herein. Anchors are used in majority of places herein. LATAM is expected to catch up in the forecast period. MEA also needs to catch up, especially for the African coast to get habituated. The forecast period is there to see the breakthrough on this count.
The key market participants include Ocean Scientific International Ltd., Sealite, Fendercare Marine, Floatex, JFC Marine, Walsh Merine Products, Wealth Marine Pte Ltd., Fugro, AXYS Technologies Inc., (AXYS), Mesemar, GBA, Mobillis, Pharos Marine Automatic Power, SABIK Marine, Zeni Lite Buoy Co., Ltd.