Mooring Buoy: Introduction
- Mooring buoy is a floating object in seas used as a location indicator or as a warning point for ships. They are generally bright in color with considerable weight compared to general buoys. This weight works as an anchor, holding the buoy on the surface of the water. A mooring buoy has chains or loops attached to its top which floats on the water. These chains help ships or boats to remain at the same place.
- The global mooring buoy market is anticipated to expand at a rapid pace during the forecast period, owing to increased demand for mooring buoys mainly in developing countries across Asia Pacific and Middle East & Africa.
Key Drivers of the Global Mooring Buoy Market
- Increasing number of shipments across different regions and growing trade through the sea route are the major driving factors of the global mooring buoy market. Several developing countries are increasing their investment in development of sea ports to boost their trade volume. According to the International Chamber of Shipping report, around 90% of the global trade is carried by sea as these routes are convenient for heavy and bulk goods, and ships also have large carrying capabilities and offer competitive freight costs.
- Technological development and product innovation also encourages the demand for mooring buoys. Increasing number of trading ships is a highly supportive factor for buoy manufacturers. Additionally, growing awareness about carbon footprint and increasing demand for eco-friendly transportation is leading to growth in demand for sea transport. Sea transport is the most carbon-efficient, eco-friendly form of goods transportation and it is far more efficient compared to road or air transport. This is also anticipated to surge the growth of the global mooring buoy market.
Increasing trading activities anticipated to offer attractive opportunities for mooring buoy manufacturers
- Increasing trading activities between developing and developed countries, and boost in industrialization and consumption is encouraging international trade which is expected to create lucrative opportunities for mooring buoy manufacturers in the near future. Several developed countries are also increasing their investment in sea ports to enhance trade through seaways which is also a major driving factor for the mooring buoy market.
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Asia Pacific to Hold Major Share of the Global Mooring Buoy Market
- Asia Pacific dominated the global marine buoy market and is expected to retain this share in the coming years. Increasing trade activities across different emerging countries owing to increasing population and industrialization is boosting the demand for port equipment including mooring buoys. Also, supportive initiatives and policies offered by government bodies of countries across the Asia Pacific region is accelerating the development of port infrastructure.
- Europe and North America also show substantial growth in the mooring buoy market due to the increasing seaway trade activities and cargo transportation. Expansion and development programs pertaining to port infrastructure creates potential opportunities for product manufacturers. Major producers of mooring buoys offer an innovative range of products with technological advancement which is also anticipated to boost demand further.
- Increasing industrial activities and infrastructure development in Middle East & Africa, and South America is anticipated to boost the demand for mooring buoys during the forecast period. Governments of several countries in these regions are signing different free trade agreements which encourage mooring buoy manufacturers.
Key Players Operating in the Global Market
The global mooring buoy market is highly concentrated with top manufacturers accounting for approximately 15%–20% of the market share. A few of the key players operating in the global mooring buoy market are:
- CAN-SB Marine Plastics
- CMP Group Ltd.
- Griffin-Woodhouse Limited