Buoys And Beacon Market Size
| Study Period | 2024 - 2029 |
| Market Size (2024) | USD 102.48 Million |
| Market Size (2029) | USD 122.52 Million |
| CAGR (2024 - 2029) | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Buoys And Beacon Market Analysis
The Buoys And Beacon Market size is estimated at USD 102.48 million in 2024, and is expected to reach USD 122.52 million by 2029, growing at a CAGR of 3.80% during the forecast period (2024-2029).
- The rapid growth of the marine industry in emerging nations has led to a considerable increase in marine trade. Buoys and beacons form an essential part of the marine navigation ecosystem, safeguarding naval vessels and cargo containers against dangerous submerged landforms and areas that can sink or damage them and lead to potential loss of life and property. This has led to a sustained increase in the demand for buoys and beacons for continuous monitoring of sea-based trade traffic and other natural phenomena, such as weather changes.
- The buoys and beacon market is anticipated to be affected by the adoption of new technologies during the upcoming period, such as remote monitoring and control systems, the use of solar-powered buoys, and the development of smart buoy systems.
Buoys And Beacon Market Trends
The Offshore Segment is Anticipated to Register Highest Growth During the Forecast Period
- The offshore segment is expected to show significant growth during the forecast period. The increase in international marine trade can be attributed to the major driving factors for adopting offshore buoys and beacons to protect naval vessels from imminent threats and provide an early warning in case of any significant incoming natural phenomenon. Furthermore, buoys and beacons are also increasingly used as navigation aids, which drives their adoption in the offshore segment.
- Since the past few years, the shipping industry has seen a general trend of increases in total trade volume. Increasing industrialization and the liberalization of national economies have fueled free trade and a growing demand for consumer products. Technological advances have also made shipping an increasingly efficient and swift method of transportation. Thus, the growth in the shipping industry has also led to governments worldwide partnering with manufacturers to develop advanced offshore buoys and beacon systems.
- According to data from the International Chamber of Shipping (ICS), in 2022, over 50,000 merchant ships will be traded internationally, transporting every cargo. Marine offshore buoys have been used increasingly for the past few years to alert sailors regarding changes in ocean currents and help in critical and safe navigation to guide mariners away from rocks and reefs. Moreover, countries globally use five different types of buoys: cardinal, lateral, isolated danger, unique, and safe water marks. In addition, offshore buoys of standardized colors and shapes indicate safe passageways.
- The growth in deep-sea sailing ships has led manufacturers worldwide to invest in research and development to manufacture advanced offshore buoy systems. This, in turn, is expected to create a positive outlook and lead to a growth of buoys and beacon systems in offshore applications during the forecast period.
North America to Dominate Market Share During the Forecast Period
- North America is projected to dominate market share during the forecast period. Increasing expenditure in research and development by various companies in the region that manufacture buoys and beacon systems, coupled with the growing need for maritime safety, will lead to the market's growth in the future.
- Maritime safety has become crucial in recent years owing to the increasing number of maritime threats and the increasing importance of international trade by sea. In North America, maritime safety solutions and services are highly effective due to the growing need for various maritime safety equipment manufacturing companies that provide superior and advanced technology for detecting various hazards in deep waters.
- Several established companies in the North American region, such as Rolyan Buoys, Whitecap Industries Inc., and JFC Marine, are engaged in producing advanced maritime buoys. The company's products have been designed and manufactured to meet/exceed US regulations.
- Advanced buoys and beacons are now being manufactured not just for the shipping industry but also for several other applications, such as scientific research, marine and weather forecasting, seasonal forecasting, protection of marine life, and planning for extreme weather events.
- For instance, in May 2022, a lab at Woods Hole Oceanographic Institution in Massachusetts, the US, announced that they have partnered with French shipping giant CMA CGM and have developed a robotic buoy technology that will be used to record underwater whale sounds in real-time thereby tapping on the whale position and protecting the whales from collision against ships. Thus, such developments are expected to lead to a positive outlook and significant growth of buoys and beacons within the North American market during the forecast period.
Buoys And Beacon Industry Overview
The buoys and beacon market is fragmented and marked by several players competing on national and international levels to gain market share. Some prominent players in the buoys and beacon market are James Fisher and Sons plc (Fendercare), Sealite Pty Ltd, Mobilis, Rolyan Buoys (Performance Health Holding, Inc.), and Xylem, among others.
Moreover, the key players in the market are focused on developing advanced buoys and beacon systems, which will be installed at various locations worldwide. Growing expenditures on research and development toward manufacturing advanced buoys and beacon systems will soon lead to better opportunities.
Buoys And Beacon Market Leaders
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James Fisher and Sons plc (Fendercare)
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Sealite Pty Ltd
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Mobilis
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Xylem
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Rolyan Buoys (Performance Health Holding, Inc.)
*Disclaimer: Major Players sorted in no particular order
Buoys And Beacon Market News
- May 2023: China announced the development of three navigation beacons around the contested Spratly Islands of the South China Sea, following similar actions taken by the Philippines earlier in May.
- January 2023: The Department for Infrastructure and Transport (DIT) proposed to install a new navigation beacon at Hooper Beach off Seafarers Crescent in Robe to replace an existing navigation beacon. Moreover, the beacon is critical for mariners' safe navigation and guidance away from rocks and reefs in Guichen Bay.
Buoys And BeaconMarket Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Metal Buoys
5.1.2 Plastic Buoys
5.2 Application
5.2.1 Offshore
5.2.2 Coastal and harbor
5.2.3 Inland Waters
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Italy
5.3.2.4 Germany
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Malaysia
5.3.3.4 Singapore
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Colombia
5.3.4.2 Chile
5.3.4.3 Argentina
5.3.4.4 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Israel
5.3.5.2 Egypt
5.3.5.3 Saudi Arabia
5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 James Fisher and Sons plc (Fendercare)
6.2.2 Xylem
6.2.3 Rolyan Buoys
6.2.4 Sealite Pty Ltd
6.2.5 RESINEX TRADING S.r.l.
6.2.6 RYOKUSEISHA CORPORATION
6.2.7 Almarin
6.2.8 Mobilis
6.2.9 Carmanah Technologies Corp
6.2.10 Woori Marine Co. Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Buoys And Beacon Industry Segmentation
Buoys and beacons are the floating indicators attached to the sea bed with solid material blocks normally known as sinkers. Moreover, these devices come in various shapes, colors, and lights, amongst others. Buoys and beacons are mainly used as warning points for ships in the middle of the ocean.
The buoys and beacon market is segmented based on type, application, and geography. By type, the market is segmented into metal buoys and plastic buoys. The market is segmented by application into offshore, coastal, harbor, and inland waters. The report also covers the market sizes and forecasts for the buoys and beacon market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Type | |
| Metal Buoys | |
| Plastic Buoys |
| Application | |
| Offshore | |
| Coastal and harbor | |
| Inland Waters |
| Geography | |||||||
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Buoys And BeaconMarket Research FAQs
How big is the Buoys And Beacon Market?
The Buoys And Beacon Market size is expected to reach USD 102.48 million in 2024 and grow at a CAGR of 3.80% to reach USD 122.52 million by 2029.
What is the current Buoys And Beacon Market size?
In 2024, the Buoys And Beacon Market size is expected to reach USD 102.48 million.
Who are the key players in Buoys And Beacon Market?
James Fisher and Sons plc (Fendercare), Sealite Pty Ltd, Mobilis, Xylem and Rolyan Buoys (Performance Health Holding, Inc.) are the major companies operating in the Buoys And Beacon Market.
Which is the fastest growing region in Buoys And Beacon Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Buoys And Beacon Market?
In 2024, the North America accounts for the largest market share in Buoys And Beacon Market.
What years does this Buoys And Beacon Market cover, and what was the market size in 2023?
In 2023, the Buoys And Beacon Market size was estimated at USD 98.59 million. The report covers the Buoys And Beacon Market historical market size for years: . The report also forecasts the Buoys And Beacon Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Buoys And BeaconIndustry Report
Statistics for the 2024 Buoys And Beacon market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Buoys And Beacon analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Buoys And Beacon Market Report Snapshots
