Mooring Buoy Market Innovations & Competitive Analysis – Forecast

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.

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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.