Market Overview: In 2020, the global powered data buoy market exhibited robust size, and it is anticipated to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. Key drivers of revenue growth in the market include an increasing demand for data collection, a rise in chemical spill incidents, and the growing adoption of data buoys by engineering design ships for safe navigation between locations. Data buoys play a crucial role in designating safe routes across rivers, lakes, or harbors, identifying potential hazards for ships, indicating the location of shipwrecks, pipelines, or bathing areas. The market is expected to experience growth due to the expanding offshore oil and gas exploration operations and the rising global need for defensive systems.
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Sensors on data buoys are employed to monitor and collect atmospheric and oceanographic data. Distinguished by their sensors and solar panels, which serve as a power source, data buoys facilitate the conversion of collected data into electrical signals for transmission to shore or logging in an onboard data unit. Despite their simple form, data buoys find applications in various fields, offering real-time detection, monitoring, and forecasting of weather conditions and human activities. The buoy's container is designed to support, protect, and power different sensors, with the type and number of sensors depending on the specific application. The linkage to the ocean floor is established using chains, nylon, or buoyant polypropylene.
Factors Restraining Growth in the Global Powered Data Buoy Market: Several unfavorable factors substantially hamper the growth of the global powered data buoy market. The harsh ocean environment poses challenges, with biofouling reducing the efficiency of assets by accumulating marine life. Buoys may face damage or become unusable due to rapid deterioration, and extreme weather or poor seabed conditions can lead to moorings and anchors failing. Vandalism, theft, and interference from boat traffic are additional challenges, limiting the usefulness of buoy data to operations in close proximity.
Opportunities for Players in the Global Powered Data Buoy Market: Opportunities abound for major players and new entrants in the market, driven by the demand for buoys equipped with sound alerts for fishermen, the need for advanced and accurate data buoys, safety features against sea creatures, and the demand for more sophisticated designs. The availability of advanced technology is expected to further support market growth.
Global Powered Data Buoy Market Revenue Led by Product Type Segment: The battery-powered buoy segment is anticipated to hold the highest revenue share over the forecast period. Battery-powered data buoys, running on numerous batteries, are typically utilized for shorter durations and require minimal upkeep. Factors such as remote locations and harsh sea conditions influence the choice of buoy type for specific areas.
Asia Pacific Continues to Lead in Terms of Revenue CAGR: The Asia Pacific powered data buoy market is anticipated to experience the fastest growth in CAGR during the forecast period. Rapid urbanization, a significant increase in marine transportation, technological advancements in defense, as well as oil and gas sectors in countries like India, and rising government investments in research and development activities contribute to the market's growth. The presence of water bodies and the heightened risk of natural disasters further bolster market growth.
Major Companies Profiled in the Report: Companies such as Fugro Oceanor, NexSens Technology, Inc., Aanderaa, Develogic GmbH, MetOcean Telematics, Fendercare Marine, Mobilis SAS, AXYS Technologies Inc., JFC Manufacturing Co Ltd, IMBROS, OBSERVATOR, Ocean Scientific International Ltd. (OSIL), Buoyage Systems Australia Pty Ltd, and others are profiled in the report.
Strategies and Objectives of Major Companies: Companies in the market have undertaken various strategies and objectives to enhance their positions. For instance, AADI (Aanderaa Data Instruments AS) entered an agreement with NOFO (The Norwegian Clean Sea Association for Operating Companies) in May 2008 to develop a small drifting buoy with similar drift characteristics as an oil slick on the sea surface. The buoy's information is transferred by AIS and displayed on electronic chart systems onboard vessels with up-to-date ECDIS software. In 2021, Resen Waves introduced products aiming to revolutionize the renewable wave power sector, from powering sensor systems to recharging autonomous vehicles and feeding the grid.
What Our Report Provides and Why Our Offering Is Better: The report offers historical data points and forecasts, presenting revenue growth at a global, regional, and country level. It provides detailed analysis of industry trends, consumption patterns, and industry strategies for each region, major country, and segment from 2018 to 2028. The report includes insights into drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution. Additionally, it offers industry analysis, competitive landscape, company financials, and impact analysis, providing a comprehensive view of the global market and its changing dynamics, trends, scenarios, market and regional segmentation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation in Our Report: For this report, the global powered data buoy market is segmented based on product type, end-use, and region.
Product Type Outlook (Revenue, USD Billion; 2018-2028):
- Battery Powered
- Solar Powered
End-Use Outlook (Revenue, USD Billion; 2018-2028):
- Oil & Gas
- Defense
- Research
- Others
Region Outlook (Revenue, USD Billion; 2018-2028):
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
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