The global Data Buoy market was valued at USD 152.3 Million in 2020 and is projected to reach USD 192.5 Million by 2028, expanding at a CAGR of 2.9 % during the forecast period. The global data buoy market is projected to expand at a rapid pace, due to rising demand for data buoys in various industries, majorly in research, defense, and oil & gas.
Real time sensors are used in weather buoys for forecasting, detection, and monitoring of human activities and weather conditions. These real time sensors are capable of measuring changes of less than a millimeter in sea levels. Data buoys are designed for protecting and supporting sensors with different modalities. The types and number of sensors located on buoys are based on the applications.
Moored buoys were used since 1951 and drifting buoys were used from 1979. In the bottom of the ocean, moored buoys are connected by using buoyant polypropylene, chains, and nylon. In 1980s and 1990s, a data buoy network present in the eastern and central tropical Pacific Ocean helped to study the El Niño-Southern Oscillation.
Rising number of shipments across regions and increasing trade using the sea route are projected to propel the market. Several emerging economies are increasing their expenditure in the development of sea ports for increasing the trade volume. Based on the International Chamber of Shipping report, globally, around 90% of trade is carried out by sea, as these routes are convenient for transporting bulk and heavy goods. Product launches led to the development of the data buoy market. Rising consumption of different types of buoys in various applications is increasing the demand for weather buoys, hence the market is projected to grow at a significant pace. Several researchers are developing novel products and advanced techniques for reducing the operational cost of data buoys, which is projected to fuel the market.
The moored type of weather buoys have a range of 1.5–12 meters (5–40 ft) in diameter, and drifting type of buoys have a range of 30–40 centimeters (12–16 in) diameter. Drifting weather buoys are placed across the world in oceans. Data from buoys have less errors than the wind data from ships.
Paddlers, boaters, and surfers use the data for assessing the conditions before venturing out in the ocean. Charter fishermen use the data collected from data buoys to make decisions about good fishing locations as well as the safety of the crew and customers. Scientists use the real-time data collected from buoys for improving forecasts for the long-term period.
Rising government initiatives in the research sector of electronics and energy are anticipated to propel the data buoy market. Governments of several countries are spending huge amounts in the development of systems based on sustainable energy sources, hence the demand for solar-based data buoys is increasing, which is responsible for the market growth in the coming years.
In terms of product types, the global data buoy market is segmented into Solar-powered Type And Battery-powered Data Buoys. The solar-powered type segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to its various benefits such as low energy cost, less maintenance, intrinsic safety, and remote monitoring.
Based on applications, the global data buoy market is segmented into oil & gas, defense, research, and others. The oil & gas segment is expected to grow at a significant pace during the forecast period, owing to increasing risk related to offshore oil & gas production. Rising requirement of the underwater monitoring system in the oil & gas segment is propelling the segment across the globe.
Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the presence of key market players and increasing research and development activities in the region. The market in Asia Pacific is anticipated to hold a substantial share of the global data buoy market, owing to rising trading activities and increasing cargo transportation via the sea route.
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Major Manufactures includes 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, and others.
The base year considered for the global Data Buoy market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018 & 2019 are the historic years and the forecast is provided from 2021 to 2028.
The COVID-19 impacts that have been taken into consideration while estimating the global Data Buoy market. The sudden outbreak of the coronavirus (COVID-19) has become a threat to the global Data Buoy market.
The global data buoy market is projected to expand at a rapid pace, due to rising demand for data buoys in various industries, majorly in research, defense, and oil & gas.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The applications in the global Data Buoy market includes many industries including oil & gas, defense, research, and others.
In addition to market size (in USD Million), company market share (in % for base year 2019), other data such macro-economic factors and COVID-19 impact on the value chain are also available in the final report.
According to this Growth Market Reports, the market from Data Buoy is likely to register a CAGR of 2.9 % during forecast period 2021-2028, with an anticipated valuation of USD 192.5 Million by the end of the 2028.
Yes, the report provides supply chain analysis along with a list of raw material suppliers, manufacturers, distributors, and customers.
Additional company profiles can be provided on request.
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