BEACON BUOYS MARKET REPORT OVERVIEW
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The global beacon buoys market size was USD 87 million in 2022 and is expected to reach USD 107.2 million in 2028, exhibiting a CAGR of 3.5% during the forecast period.
The sudden rise in CAGR is attributable to the beacon buoys market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with bacon buoys experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. Beacon buoys are floating indicators that are attached to the sea foot with solid material blocks, most normally referred to as “sinkers.” These devices come in a variety of shapes, colors, light, top marks, and retro-reflective tape. Metal and plastic buoys are the two types of beacon buoys. It is utilized as a ship location or warning point in the middle of the sea.
The remote risk buoys are columns or poles that are black with a red horizontal band. They are situated on or over a remote risk, such as a rock and may be approved on either side. Therefore, these road signs in the marine are made up of five buoys types: lateral, cardinal, isolated danger, special and safe water marks. It is a global standard sea mark structure used in navigation to spot the verge channels. Also, bifurcation buoys are lateral system buoys that specify the intersection of channels. Moreover, these buoys and marks specify where safe water deceits and where you should direct safely within a channel.
COVID-19 Impact: Supply Chain Disruption and Lockdown Restrictions to Impede Market Progress
The covid-19 pandemic created considerable obstacles to the maritime industry. The installation of lockdown resulted in trade restrictions, which had a negative impact on the expansion of the beacon buoys business. The reopening of economies and the relaxation of lockdown measures boosted beacon buoys market growth.
LATEST TRENDS
"infrastructural Developments to Foster Market Growth"
The rapid expansion of industry in emerging nations has led to a considerable increase in marine trade, which is expected to propel the beacon buoys market to significant growth during the forecast period. Furthermore, the rising demand for innovative and high-quality beacon buoys is likely to provide profitable prospects for global market competitors.
BEACON BUOYS MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into Metal Buoys and Plastic Buoys.
- By Application Analysis
Based on applications, the market is classified into Offshore, Coastal & Harbor, and Inland Waters.
DRIVING FACTORS
"Technological Advancement to Foster Market Growth"
An upsurge in disposable income, better standards of living, has caused an improvement in the demand for inaccessible risk results in beacon buoys, the significance of which is the development of the beacon buoys market. Furthermore, progress in urbanization, which leads to increasing demand for the product in places like corporate firms and supermarkets is also a significant purpose for the growth of the global market.
"Increasing Adoption in Various Applications to Promote Growth"
The floating device that is primarily anchored to the seabed with solid concrete blocks is known as a beacon buoy. Sinkers is another name for it. In the ocean or sea, various sorts of floating flags are employed, including lateral, cardinal, special, isolated hazard, and safer water. Increased use of can beacon buoys in a variety of applications such as Offshore, Coastal & Harbor, and Inland seas, among others, are some of the primary factors influencing the market's future growth.
RESTRAINING FACTORS
"Side Effects to Impede Market Progress"
Buoy’s data is only appropriate to processes directed within their immediate vicinity. It cannot offer wave timing and cannot sync with vessel data. Additional maintenance and deployment cost is another factor to impede market growth.
BEACON BUOYS MARKET REGIONAL INSIGHTS
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"increasing Investments by Prominent Players to Foster Market Growth in Asia Pacific"
Asia Pacific is projected to dominate the beacon buoys market share due to the presence of an established marine sector and growing industrialization in emerging countries, mainly China and India, which can be attributed to regional growth. China had the highest share of the Asia-Pacific beacon buoys market, and it is expected to rise significantly over the forecast period.
KEY INDUSTRY PLAYERS
"Incorporation of Strategies for Increasing Product Adoption to Help Companies Grow"
The beacon buoys market is fragmented, and the key competitors have used various techniques to strengthen their positions in the market, including expansions, agreements, new product releases, joint ventures, partnerships, and acquisitions. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Altra Industrial Motion (U.S.)
- Rexnord (U.S.)
- SKF (Sweden)
- Timken (U.S.)
- Tsubakimoto Chain (Japan)
- Voith (Germany)
- ABB (Sweden)
- Cross + Morse (U.K.)
- Eriks Corporation (U.S.)
- Jakob Antriebstechnik (Germany)
- KTR Systems (Germany)
- Mayr (Germany)
- MecVel (Italy)
- Motion Industries (U.S.)
- Nabys Bi-tech Kaisha (NBK) (Japan)
REPORT COVERAGE
The research is based on firsthand knowledge, qualitative and quantitative analysis by industry analysts, and contributions from industry experts and participants across the value chain. The research examines parent market trends, macroeconomic data, and controlling factors in-depth, and market appeal by segment. The qualitative influence of key market factors on market segments and regions is also mapped out in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 87 Million in 2022 |
| Market Size Value By | US$ 107.2 Million by 2028 |
| Growth Rate | CAGR of 3.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the beacon buoys market expected to touch by 2028?
Based on our research, the beacon buoys market is projected to touch USD 107.2 million by 2028.
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What CAGR is the beacon buoys market expected to exhibit by 2028?
The beacon buoys market is expected to exhibit a CAGR of 3.5% by 2028.
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Which are the driving factors of the beacon buoys market?
Increasing adoption in various applications and technological advancements are the factors driving the beacon buoys market.
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Which are the top companies operating in the beacon buoys market?
Altra Industrial Motion, Rexnord, SKF, Timken, Tsubakimoto Chain, Voith, ABB, Cross + Morse, Eriks Corporation, Jakob Antriebstechnik, KTR Systems, Mayr, MecVel, Motion Industries, Nabys Bi-tech Kaisha (NBK) are the top companies operating in the beacon buoys market.
