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The global mooring buoy market size was USD 0.73 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the installation activities witnessing a negative demand shock across all regional markets amid the pandemic. Based on our analysis, the global market exhibited a slight decline of -8.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 0.75 billion in 2021 to USD 1.09 billion in 2028 at a CAGR of 5.5% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth trends, returning to pre-pandemic levels once the pandemic is over.
Mooring Buoy is used for several activities at offshore locations. These can be used to maintain the ship position as desired for a particular period, and these are also used as navigation symbols to ensure the safety of the ocean explorers and aquaculture industry. Marine and defense sectors also deploy it to maintain their positions as ordered. The oil and gas industry has been the front runner in buoys deployment as it involves the use of floating production vessels, support vessels, cargo ships, and offshore rigs.
Interruptions in Oil & Gas Operations Have Directly harmed the Mooring Buoy Industry Growth
The spread of COVID-19 has had a heavy impact on every industry, especially the industries operating at an offshore location such as the oil and gas industry, aquaculture, and renewable energy (offshore wind). Though mooring buoys, once installed, require only maintenance activities at some point during their life cycle. The new installations were halted in 2020 as the timeline for projects was pushed ahead, and spending in the oil and gas industry, renewable industry, ship manufacturing were slashed. But with the end-use sectors of mooring buoys showing revival signs in the latter half of 2020, the market is expected to be at the pre-pandemic levels by the end of 2022.
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Rising Demand for Aquaculture is a Prominent Trend
Aquaculture, which is directly related to the perseverance of oceans and aquatic life, has seen immense growth over the years. As per the data from the food and agriculture organization of the United Nations, there has been a 527% rise in global aquaculture production from 1990 to 2018. Similarly, global food fish consumption has increased by 122% in the same period. This trend is set to be continued in coming years and, therefore, will improve the deployment percentage of these buoys as they play an important role in navigation and safety.
Increasing Investment for Naval Defense is Set to Positively Shape the Market Dynamics
Several countries are exposed to territories by sea routes, and to ensure the safety of the country, the governments around the world have heavily invested in their navy over the years to ensure their dominance in seas to a certain extent. Mooring buoys are used for naval ships to adhere to a certain location, and these are also sometimes used at dockyards and in the mid-sea for loading and unloading by cargo ships. This trend towards ensuring the safety of the nation and improving international trade via waterways will drive the growth of the market.
Increasing Energy Demand Will Drive Adoption of Mooring Buoy in Oil and Gas Sector
The energy demand across the globe has increased at an exponential level over the years. The migration of people from rural to urban areas has been the major catalyst to it, along with the growing population. According to a recent study by the United Nations, more the 60% of the total global population will be residing in urban areas by the end of 2050. This will further 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 buoys deployment in various regions.
Rising Investment in Offshore Wind Power to Enhance Market Growth
Various governments across the globe constantly try to achieve green energy targets, which has fueled the growth of floating offshore wind power. The growth in floating offshore wind power can be considered as an opportunity for mooring buoys market growth as they are deployed along with offshore wind farms to ensure safety and operating standards. Different countries are setting their offshore wind targets to fulfill in the coming years. The United Kingdom has set a goal to generate 30GW offshore wind capacity by the end of 2030. The German Climate Cabinet aims to install 20GW of offshore wind power by 2030. China, too, aims to achieve 30GW offshore wind energy by 2020.
Increasing Penetration of Renewables in Energy Mix to Obstruct Market Growth
One of the major threats to the mooring buoys market is the increasing adoption of renewable sources for power generation across every nation in the world. Specifically, solar power poses a major threat to the market developments, as it directly slashes the oil and gas demand for power generation and it is very feasible and comical as compared to offshore wind power, which uses buoys. This, in turn, will act as a blockade to the global industry. As per the renewable energy targets announced by each country, solar is expected to play a key role and account for more than 50% of every country’s green energy target.
According to the carbon brief analysis, the UK government aims to have about half of its electricity by renewable sources in 2025. Germany is on its path to account for renewable energy for 65% of its total energy by 2030. China plans to achieve 16% of its energy by renewable energy by 2030. Brazil aims to have 42.5% of its primary energy supply to be renewable by the end of 2023.
Low Maintenance and Long Life of Plastic Buoys Will Drive the Segment’s Growth
The global market by asset type is broadly categorized into plastic buoy and steel buoy. Over the historic year’s steel buoys were preferred owing to their rigidity and solidity to withstand harsh offshore conditions. With the technological advancements, plastic buoys are now being equipped with all the required characteristics, which have led to their dominance in the market. The low level of maintenance along with life expectancy of 20-25 years will be the prominent factors for their dominance to be continued in the coming years.
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Rising Exploration Activities at Offshore Locations Will Lead to Domination of Oil & Gas Segment
Based on end-users, the market segmentation is divided into oil & gas, marine & defense, aquaculture, and others.
The oil and gas sector has been the major deplorer of the mooring buoys as exploration activities are carried out at different depths such as shallow, deep, and ultra-deep. The measures to ensure the safety of the whole offshore operation system require limits to be set over migration areas and navigation. Marine & defense always require these buoys for various functions and therefore hold a significant mooring buoy market share in the global market. Other than this, offshore wind and aquaculture, which have individually grown at a healthy rate, are expected to witness substantial investment for these products in upcoming years.
Asia Pacific Mooring Buoy Market Size, 2020 (USD Billion)
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The global market has been analyzed across major regions, which include North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific region has been the dominant region in the global market owing to the deployment of mooring buoys in various end-user sectors in the region. Considering every sector where they are deployed, such as oil & gas, offshore wind, aquaculture, and others, the countries such as China, India, Vietnam, South Korea are front runners who have led the Asia Pacific to dominate the market. The rising energy demand in the region has led developing nations like India to invest massively in the renewable energy sector, including offshore wind power. This is expected to drive the market in the Asia Pacific region in the upcoming years.
The offshore oil and gas sector, along with strong investments in naval defense, has driven the installation in North America. The growing industrialization in the region, which leads to increased energy demand, is a major driving force in the market growth.
Offshore wind is expected to drive the growth of mooring buoys in Europe as the region moves towards achieving its green energy targets via offshore wind energy. Latin America & the Middle East, and Africa have key regional nations such as Brazil, Mexico, Saudi Arabia, the UAE, and Peru that are planning to invest in offshore wind and currently have a strong offshore oil and gas industry that has had installations over the years.
Sealite & Gisman Are Expected to Lead the Market with Wide Product Portfolio & Brand Stability
The global industry landscape has observed continuous participation from different mooring buoy manufacturers operating at different levels. As they are large equipment that requires regular interventions, many of the manufacturers operating in the market have their reach limited to a certain extent. The capabilities of the company to provide services in different parts of the world with a big workforce play an important role towards domination in a region and global market.
Some key players such as Sealite and Gisman have therefore had the upper hand in the global market. Following the offshore rules by governing bodies and managing the extent to which aquaculture activities can be carried out also have an impact on the operating areas of a particular company. The market currently has many players in each region, and this trend is set to continue, which will lead to a competitive market in the upcoming years.
An Infographic Representation of Mooring Buoy Market
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The report focuses on the global mooring buoy market highlights leading regions across the world to offer a better understanding of the user. Furthermore, the market research report provides insights into the latest industry trends and analyzes technologies that are being deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, industry SWOT analysis, company profiles of different players, helping the reader to gain in-depth knowledge about the industry.
Value (USD Billion)
By Type; End-user; and Region
Fortune Business Insights says that the global market size was USD 0.73 billion in 2020 and is projected to reach USD 1.09 billion by 2028.
In 2020, Asia Pacific stood at USD 0.26 billion.
The market is likely to grow at a CAGR of 5.5% over the forecast period (2021-2028).
The plastic buoy segment is anticipated to dominate this market during the forecast period.
The increasing demand for energy and the expansion of offshore wind are some of the key factors driving this market.
Sealite and Gisman are the key participants operating across the industry.
Asia Pacific dominated the market in terms of share in 2020.
As offshore wind farms are required to be operated under specific conditions and need correct depths, the products play an important role in defining their limits.
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