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
- James Fisher and Sons plc
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Global Mooring Buoy Market: Research Scope
Global Mooring Buoy Market, by Product Type
Global Mooring Buoy Market, by Distribution Channel
Global Mooring Buoy Market, by Industry
Global Mooring Buoy Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.