Market Trends of Buoys And Beacon Industry
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.
Understand The Key Trends Shaping This Market
Download PDF
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.
Get Analysis on Important Geographic Markets
Download PDF
