Marine Buoy Market

Marine Buoy Market Outlook (2024 to 2034)

The marine buoy market size is estimated to be worth US$ 921.2 million in 2024 and is expected to increase at a 4.9% CAGR to US$ 1,486.3 million by 2034. The expansion of the marine buoys is driven by the increasing ubiquity of maritime safety regulations and the advancements in oil and gas development. The increased demand for shipping and technical advances in the maritime industry have led to a sharp increase in the need for marine buoys.

Key Market Growth Drivers

• Marine buoys are increasingly important in the maritime industry due to their customized applications and significance in waterways-related concerns, particularly regarding security and safe navigation.
• Floating production boats, support vessels, transport ships, and offshore rigs are among the marine and defense industries that use buoys to hold their places. The oil and gas industry leads the way in utilizing marine buoys.
• The COVID-19 epidemic has significantly influenced several industries, especially those operating offshore, such as oil and gas, aquaculture, and renewable energy, which only require marine buoy maintenance tasks, propelling the demand for navigational buoys.
• The requirement for effective navigational aids and the growing emphasis on protecting the maritime environment are key factors driving the growth of the marine buoy market.

Prominent developed-country maritime and aqua cultural firms invest in research and development, infrastructure, and cutting-edge marine navigation to capture a portion of the rising market for marine buoys, supporting global industry development.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 921.2 million
Forecasted Market Value (2034F)	US$ 1,486.3 million
Global Market Growth Rate (2024 to 2034)	4.9% CAGR
Wood Segment Growth Rate (2024 to 2034)	5.1%
Mooring Buoys Segment Growth Rate (2024 to 2034)	5.1%
North America Market Share (2024)	28.6%
East Asia Market Share (2024)	37.6%
Key Companies Profiled	James and Fisher PLC Fendercare Marine Floatex Sealite Ocean Scientific International Ltd Marine Instruments Wealth Marine Pte Ltd Walsh Merine Products JFC Marine Fugro N.V. Marine Instruments S.A. AXYS Technologies Inc. SABIK Marine Zeni Lite Buoy Co. Ltd Mesemar GBA Pharos Marine Automatic Power Mobillis

Which Factors Have Driven the Global Surge in the Marine Buoy Market?

“Substantial Expenditure on Offshore Wind Power Propels the Marine Buoys Demand”

Globally, governments are emphasizing more on renewable energy sources to achieve their green energy goals. This has increased the utilization of floating offshore wind power. Mooring buoys are erected beside offshore wind farms to maintain their safety and operational requirements, leading to the growth of the mooring buoy.

The United Kingdom, for instance, anticipates producing 30GW of offshore wind capacity by the end of 2030, while Germany's Climate Cabinet intends to develop 20GW of offshore wind power by 2030. China has also set a 30GW offshore wind energy goal by 2020. These objectives illustrate offshore wind power's growing relevance as a critical global renewable energy portfolio component.

“Growing Adoption of Aquaculture Drives the Market Growth”

Aquaculture has become a crucial way to fulfill the growing demand for seafood while preserving natural resources and safeguarding aquatic ecosystems as global populations increase. Aquaculture protects the oceans and marine life for future generations by reducing overfishing and causing harm to wild fish while offering a consistent source of high-protein food. For instance, between 1990 and 2018, the Food and Agriculture Organization of the United Nations reported a 527% increase in global aquaculture output and a 122% rise in global consumption of edible fish due to this expansion.

The aquaculture sector is predicted to develop in the upcoming years due to the persistent trend toward sustainable food sources and the rising demand for seafood. Due to this, buoys are required, which are crucial for safety and navigation in the waterways used for aquaculture surges.

Which Factors Present Challenges to the Marine Buoy Industry  Growth?

“Rising Renewables Penetration in Energy Blend to Stifle Industry Development”

The increasing use of renewable energy sources around the globe seriously threatens the marine buoys business. Solar energy is one of these sources that primarily affects market expansion. This is due to its capacity to immediately reduce the need for the gas and oil needed to produce electricity. Furthermore, compared to offshore wind power, which widely depends on buoys, solar power is believed to be far more practical and affordable. As such, the growing solar power sector is anticipated to pose a serious obstacle to the global mooring buoy industry.

Several nations are taking initiatives for renewable energy, with solar power being anticipated to be essential to reaching these ambitions. More than half of all countries' green energy targets tend to come from solar power. Therefore, using novel renewable energy sources could have impeded the expansion of the market.

Country-wise Insights

North America marine buoy market is projected to grow at a moderate annual rate of 5.1% by 2034. In 2024, maritime buoys are estimated to account for 72.4% of the United States industry.

In the meanwhile, the market for East Asia marine buoys is expected to evolve at a 5.0% CAGR until 2034. With a 56.9% market share, China is expected to command a huge share of the East Asian market for marine buoys in 2024.

Why is the United States Dominating the Marine Buoy Industry?

“Rising Government Initiatives Spurs the United States Marine Buoy Market”

According to Fact.MR., the demand for marine buoys is expected to increase considerably in the United States, with an estimated market value of US$ 190.7 million in 2024. Moreover, the projected CAGR during the forecast period is 5.2%. This anticipated growth result in a market value of US$ 317.9 million by 2034.

The United States is focusing on investments to strengthen its naval capabilities and maritime security. As part of such endeavors, marine buoy manufacturers provide customized solutions for various naval security applications. Given that rising defense spending is predicted to fuel a rise in demand for these specialist solutions, such a trend is expected to have a medium to high influence on the United States marine buoy industry.

Which Factors Position China as a Prospering Marine Buoy Industry?

“Development in Marine Programs Fosters the China Marine Buoy Market ”

The demand for marine buoys in China is estimated to rise and reach US$ 197.1 million in 2024. China is expected to hold a 56.9% share in the East Asian market for navel buoys in 2024. This market has been growing significantly in recent years. A 5.1% growth rate is anticipated between 2024 and 2034.

China has emerged as a global market leader due to its substantial deployment of maritime buoys in numerous end-user industries. The provinces of Guangdong, Fujian, Zhejiang, Jiangsu, Shandong, Hebei, Liaoning, and Guanxi have led the way in a variety of industries, from oil and gas and offshore wind to aquaculture and more, setting the stage for China's supremacy in this sector. China's growing energy needs have fueled the growth of renewable energy sectors, especially offshore wind power, and this trend is predicted to drive the industry there for the ensuing decade.

Category-wise Insights

Market forecasts from Fact.MR. shows that wooden buoys hold a considerable 37.6% share of the maritime buoys market in 2024, depending on material type. Metallic buoys are expected to have a 32.9% share in 2024.

The mooring buoys category is estimated to have a 27.3% market share in 2024 due to its product type. Simultaneously, the anchor buoys segment would capture 26.1% of the market, considerably improving resource variety and stability in the industry.

Why is the Marine Buoy Industry Witnessing Increasing Demand for Mooring Buoys?

“Offshore Locations and Harbors Heightened Mooring Buoy Demand”

According to Fact.MR. market research, mooring buoys account for 27.3% of the market in 2024. Over the next decade, the mooring buoys category is predicted to capture a CAGR of 5.1% each year. The market for mooring buoys is expected to be worth US$ 251.5 million in 2024.

Mooring buoys are witnessing a significant surge owing to the increasing need for real-time data on ocean and weather conditions. This demand arises from various sectors, including offshore energy production, marine conservation, scientific research, and safe navigation. Climate change and unpredictable weather events underline the importance of having precise and current data on ocean conditions. One of the crucial factors driving this demand is autonomous mooring buoys that can operate without human involvement for extended periods and collect and send data.

Competitive Landscape

The marine buoy market is rapidly expanding and highly competitive, driven by pricing strategies, marketing campaigns, research and development, and innovative products. Due to market fragmentation, strategic decision-making and competitive pressures are crucial. Market players invest aggressively in research and development to create new, more potent buoys to stay ahead of the competition.

The key players in the marine buoy market include James and Fisher PLC, Fendercare Marine, Floatex, Sealite, Ocean Scientific International Ltd., Marine Instruments, Wealth Marine Pte Ltd, Walsh Merine Products, JFC Marine, Fugro N.V., Marine Instruments S.A., AXYS Technologies Inc., SABIK Marine, Zeni Lite Buoy Co.Ltd, Mesemar, GBA, Pharos Marine Automatic Power, and Mobillis.

Organizations constantly pursue partnerships, collaborations, and other strategic alliances to improve operational efficiency and expand their market reach. Furthermore, firms employ product releases and marketing strategies to increase the marine buoy market and acquire a competitive advantage. Such initiatives highlight the industry's dedication to innovation and continuous development to meet the changing needs of the energy sector and nautical professionals.

Recent Development

• In December 2024, Ocean Power Technologies, a United States-based company, secured a US$ 6.5 million contract for PowerBuoys, wave-powered buoys, to enhance maritime domain awareness for American government agencies.
• In September 2024, China Telecom, ZTE, and SpaceIoT successfully deployed 5G NTN in Zhoushan, China, enabling real-time, multi-terminal services such as water quality monitoring, temperature and humidity monitoring, and emergency rescuing.

Segmentation of the Marine Buoy Market

• By Material Type:

  • Plastic
  • Metal
  • Wood

• By Product:

  • Mooring Buoys
  • Anchor Buoys
  • Signaling Buoys
  • Cardinal Buoys
  • Beacon Buoys
  • Fender Buoys
  • Lifebuoys
  • Others

• By Region:

  • North America
  • Europe
  • East Asia
  • East Asia
  • South Asia & Oceania
  • The Middle East & Africa