According to a recent market study published by Growth Market Reports, titled, "Global Data Buoy market by product types, applications, and by regions: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 152.3 Million in 2020 and is expected to grow at a healthy growth rate of 2.9% by the year 2028. The global Data Buoy market is projected to expand at a rapid pace, due to rising demand for Data Buoy in various applications such as satellite monitoring, cyclone forecasts, maritime security, seasonal forecasting for monitoring the data for predictive analysis, and controlling purposes.

The global Data Buoy market has been segmented based on product types, applications, and region. In terms of product types, the Data Buoy market is categorized as solar-powered type and battery-powered type. On the basis of applications, the market is divided into oil & gas, defense, research, and others. By regions, the global Data Buoy market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

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Many recreational boaters are accessing real time data by using high-tech buoys, which are placed inland, offshore, and in many coasts. These high-tech buoys are called as weather buoys or data buoys. Data buoys are instruments used for collecting data related to oceanographic and atmospheric conditions. Data buoys helps in emergency response to the engineering design, chemical spills, and legal proceedings.

As per Growth Market Reports industry analyst Rajat Verma, the spread of the COVID-19 pandemic has had a serious impact on the society and overall economy of the world. The impact of COVID-19 is growing by the day and affecting the supply chain of the industries. The coronavirus pandemic is increasing uncertainty among consumers buying behavior, thus slowing the supply chain, increasing panic among customers, and reducing business confidence. Certain discrepancies in production and supply chain are creating mild disruption across some areas in the supply chain of the Data Buoy market. The market is hampered, due to decreasing production activities and declining growth of the economy along with minimal workforce. High cost of maintenance and installation of these machines is projected to impede the revenue growth of the market over the forecast period.

Key Takeaways from the Study:

  • The Data Buoy market in North America is expanding and dominating as compared to other regional markets, owing to the rising novel production and exploration of offshore and oilfields drilling platforms in the region. Demand for deployment of data buoys for sensing and measuring the weather is fueling the data buoy market in North America, which is anticipated to drive the market.
  • The Data Buoy market in Europe is anticipated to grow at a substantial pace during the forecast period. Rising promotional activities for the usage of data buoys in many applications in this region is anticipated to promote the market in the coming years.
  • The Data Buoy market in Asia Pacific is expected to grow significantly during the forest period. Rising exploration and production activities as well as import of oil and gas on a large scale in Asia Pacific are factors responsible for the regional market growth in the coming years.
  • The oil & gas segment is anticipated to grow at a significant pace, as data buoys play a vital role for oil & gas companies as well as government bodies by keeping an eye on all activities happening at sea. It helps them take necessary steps to avoid mishaps, thus increasing the life span of oil and gas resources.
  • The battery-powered type segment is anticipated to expand at a sustainable CAGR during the forecast period. Battery-powered data buoys need low production cost and store electricity. Use of non-rechargeable lithium batteries is increasing in data buoys, as lead acid batteries, which are charged by solar panels, are inclined to damage, which is anticipated to fuel the segment in the coming years.

Report Scope:

Report Metric

Details

Market Value in 2020

USD 152.3 Million

Market Growth Rate (from 2021 to 2028)

2.9%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 – 2028

Market Segments

Product Types, Applications, and Regions.

Region Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Key Companies Profiled

Fugro, Xylem, MOBILIS, NexSens Technology, Inc., METOCEAN TELEMATICS, Ocean Scientific International Ltd., Flydog Solutions OÜ, JFC Group, Ocean Power Technologies, Inc., Smart Buoy Co., Yosemitech Technologies Co., Ltd., develogic GmbH, Observator Group

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Demand Side: Satellite monitoring, Cyclone forecasts, maritime security, seasonal forecasting, research, defense, and controlling purposes, and among others.
  • Regulatory Side: U.S. Coast Guard (USCG), Canadian Aids, Data Buoy Cooperation Panel (DBCP), Canadian Navigable Waters Act (CNWA), U.S. Department of Commerce Privacy Impact Assessment NOAA/National Data Buoy Center (NDBC), and others.