Beacon Buoys Market Report

Market Insights

The global Beacon Buoys market is projected to grow from USD 101.3 million in 2020 to USD 124.0 million by 2026 at a CAGR of around 3.5% during the forecast period.

Figure: Global Beacon Buoys Market Size, 2020-2026 (USD Million)

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What are Beacon Buoys?

Beacon buoys can be defined as a floating signal device of different shapes, colors, light, top marks, and retro-reflective tape. Beacon buoys can be categorized as metal buoys and plastic buoys. It is used in the middle of a sea as a locator or warning point for ships. 

Key Players

Key players operating in the global Beacon Buoys market are-

• FenderCare (UK),
• Meritaito Ltd (Finland),
• Xylem (The U.S),
• Zeniya Aluminum Engineering, Ltd (Japan),
• Sealite (Australia),
• Ryokuseisha Corporation (Japan),
• Resinex (UK),
• Almarin (Spain),
• Mobilis (Algeria),
• Shandong Buoy and Pipe Industry Co., Ltd (China),
• JFC Group (Ireland),
• Mediterraneo Senales Maritimas (Spain), and
• Carmanah Technologies (Canada).

Key Players

The growth of the global beacon buoys market is primarily driven by increasing maritime trade across geographies.

• Rapidly expanding industrialization in the developing countries has resulted in a significant increase in maritime trade and thus is likely to propel the growth of the beacon buoys market at a significant rate during the review period.
• In addition to this, growing demand for advanced and high-quality beacon buoys is expected to create lucrative opportunities for the players operating in the global market in the coming years.

Segments' Analysis

Application Trends

By application, the beacon buoys market has been bifurcated into offshore, coastal and harbour and inland waters.

• Under these, the offshore segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
• The segment growth can be attributed to increase in international maritime trade.

Regional Trends

By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period.

• The regional growth can be attributed to the presence of established maritime industry and expanding industrialization in developing countries especially China and India.
• China held the largest share in the Asia-Pacific beacon buoys market in 2020 and is projected to register significant growth during the review period.

COVID-19 Impact on Global Beacon Buoys Market

The covid-19 outbreak posed significant challenges to the maritime industry across geographies. It impacted the growth of the beacon buoys market negatively as the imposition of lockdown resulted in trade restrictions. However, the reopening of economies and ease in lockdown measures bolstered the market growth.

Critical Questions Answered in the Report

• What are the key trends in the global Beacon Buoys market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global Beacon Buoys market?
• What are the key strategies adopted by the major vendors to lead in the global Beacon Buoys market?
• What is the market share of the top vendors?

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Target Audience

• Beacon buoys distributors
• Beacon buoys suppliers
• Beacon buoys manufacturers
• Logistics organizations
• Government bodies

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