Mooring Buoy Market Research Report: By Product Type (Single Point Mooring Buoys, Multiple Point Mooring Buoys, Chain and Wire Rope Mooring Buoys, Articulated Mooring Buoys), By Application (Offshore Oil and Gas, Wind Farms, Ports and Harbors, Naval and Military, Other Applications), By Material (Steel, Rubber, Plastic, Composite Materials), By Design (Vertical Mooring Buoys, Horizontal Mooring Buoys, Submerged Mooring Buoys, Tension-Leg Mooring Buoys), By Mooring Capacity (Low Capacity (up to 50 tons), Medium Capacity (50-250 tons), High C

Mooring Buoy Market Overview

Mooring Buoy Market Size was estimated at 4.4 (USD Billion) in 2022.The Mooring Buoy Market Industry is expected to grow from 4.63(USD Billion) in 2023 to 7.2 (USD Billion) by 2032. The Mooring Buoy Market CAGR (growth rate) is expected to be around 5.04% during the forecast period (2024 - 2032).

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Mooring Buoy Market Trends Highlighted

Key market drivers for the mooring buoy market include increasing offshore activities, rising demand for renewable energy sources, and growing maritime trade. The increasing adoption of floating offshore wind turbines and floating solar panels is also driving market growth. Furthermore, the expansion of offshore oil and gas exploration and production activities is expected to drive demand for mooring buoys.

Opportunities can be explored in the development of advanced mooring buoy systems. The integration of sensors, communication systems, and remote monitoring capabilities into mooring buoys can create new opportunities for data collection and analysis. Additionally, the use of eco-friendly materials and sustainable design practices in the manufacturing of mooring buoys is expected to gain traction in the coming years.

Recent trends in the mooring buoy market include the adoption of modular designs. Modular mooring buoys offer greater flexibility and ease of deployment and maintenance. Additionally, the development of high-performance mooring buoys that can withstand harsh environmental conditions is gaining traction. The increasing use of mooring buoys for marine research and oceanographic applications is also expected to provide growth opportunities for the market in the future.

 Mooring Buoy Market Drivers

Increasing Demand for Offshore Oil and Gas Exploration and Production

Introduction The global mooring buoy market is mainly propelled by the rapidly growing demand for offshore oil and gas exploration and production. Offshore drilling activities are increasing with the expansion of exploitation towards the sea. The mooring system is highly important for the safe balance of any offshore structure, including the drilling rig, production platform, and floating storage unit. Moreover, the system allows adjustment of the position in response to wind and water wave forces.The constantly emerging need for energy resources and the gradually depleting reserves of onshore oil and gas areas have led to the shift towards underwater exploration and production efforts. Thus, the mooring buoy has turned into a highly demanded commodity for meeting the requirements of the offshore exploratory and production industry. Over the last few years, an increasing number of marginal fields have been developed across a deep water level, which requires more capable mooring buoy specifications for delivering an improved performance.Oil and Gas Industry Overview The demand for mooring buoys across the globe is being stimulated by the development of tight oil and shale gas, which expand the exploitation of traditional underwater exploratory and production resources. All major oil and gas-producing companies are investing in offshore projects, which will continue stimulating the demand for mooring buoys and driving the expansion of the Global Mooring Buoy Market Industry.

Expansion of Offshore Wind Farms

Apart from supporting boat traffic, the expansion of offshore wind farms also drives the global mooring buoy market. As described previously, the growing use of renewable energy sources, particularly offshore wind power, has led to the increasing demand for mooring systems to keep floating wind turbines anchored. Mooring buoys are instrumental in this process as they serve to anchor offshore wind turbines and keep them stable, which is especially challenging when a wind turbine floats in the open sea.The global offshore wind market is expected to expand significantly over the next several years, supported by government policies, technological innovation, and the quest for sustainable energy sources. It is reasonable to suggest that the growth of the offshore wind market will result in the growing demand for mooring buoys.

Advancements in Mooring Technology

Technological development in the mooring system is also a major factor that is increasing the demand for mooring buoys. Taut-leg mooring and spread mooring, which are used in today’s innovative mooring systems, are more stable and reliable than conventional systems. These mooring systems do not permanently impact the environment and operate with increased efficiency. The utilization of stronger materials high-strength steel and composite for manufacturing the mooring buoys has decreased the weight of buoys and significantly increased their strength and durability in offshore extreme conditions.Therefore, the use of newer and better mooring systems and buoys for offshore development will further propel the demand for mooring buoys and play an important role in the mooring buoy market growth industry.

Mooring Buoy Market Segment Insights:

Mooring Buoy Market Product Type Insights

 The global mooring buoy market is segmented by product type, application, and region. Based on the product type, the market is classified as single point mooring buoys, multiple point mooring buoys, chain and wire rope mooring buoys, and articulated mooring buoys. In 2023, single point mooring buoys were projected to continue holding the largest market share, with over 40% of the global revenue. This segment is highly popular in the offshore oil and gas sector, providing the mooring of tankers and other vessels. The multiple point mooring buoys are expected to be the fastest-growing segment in the forthcoming period, as they are increasingly applied for deepwater mooring.

Chain and wire rope mooring buoys are mainly employed in shallow water to moor smaller vessels. At the same time, the articulated mooring buoys are used under harsh weather conditions and have the ability to resist severe winds and waves. Therefore, the anticipated growth of the global mooring buoy market is expected to be over 5% by the end of 2032, and the value is anticipated to be over USD 7.2 billion. This ascending tendency will be encouraged by the increasing need for offshore oil and gas drilling and the rising demand for alternative energy forms.Based on application, the mooring buoy market is divided into offshore oil and gas, marine transportation, and renewable energy. Offshore oil and gas is the largest application segment, generating over 70% of the global revenue in 2023. This is because the need for oil and gas is growing, and more and more offshore oil and gas projects will be undertaken. Marine transportation is the second biggest application segment, which will create over 20% of the global revenue in 2023. This application is so popular due to the increasing volume of world trade and the increasing number of diverse ships and vessels.Renewable energy is the smallest application segment, the amount of which will serve less than 10% of the global revenue in 2023. However, the given segment is supposed to show the highest growth rate within the mentioned period because the consumption of renewable energy, such as wind and solar power, is increasing. _ Regionally, the mooring buoy market is classified into North America, Europe, Asia Pacific, and the rest of the world. North America is the largest regional market, accounting for over 35% of the world's revenue in 2023. This is due to the huge number of offshore oil and gas projects in the region.Europe is the second largest regional market, accounting for over 25% of the world's revenue in 2023. In addition, there are many ports and hubs for marine transportation in Europe. Asia Pacific is the third largest regional market, accounting for over 20% of the world's revenue in 2023. This growth can be due to the increasing demand for offshore oil and gas. Further, Asia Pacific also has a large portion of the global trade volume. The rest of the world is the smallest regional market, accounting for under 15% of the world's revenue in 2023.The rest of the World is expected to record the highest growth rate during the forecast period. This is due to the increasing demand for offshore oil and gas and the adoption of different renewable energy sources.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Mooring Buoy Market Application Insights

 The Global Mooring Buoy Market is segmented by application into offshore oil and gas, wind farms, ports and harbors, naval and military, and other applications. The offshore oil and gas segment is expected to hold the largest market share in 2023, with a significant portion of the Global Mooring Buoy Market revenue attributed to the increasing exploration and production activities in offshore regions. The wind farms segment is projected to experience the highest growth rate during the forecast period, owing to the growing adoption of renewable energy sources and the expansion of offshore wind farms globally.

Ports and harbors, naval and military, and other applications are also expected to contribute to the overall market growth.

Mooring Buoy Market Material Insights

 The Global Mooring Buoy Market is segmented based on material into steel, rubber, plastic, and composite materials. Among these, the steel segment dominates the market with the largest share due to its high strength and durability. Steel is widely used in the construction of mooring buoys as it can withstand harsh marine environments and heavy loads. The rubber segment is expected to experience significant growth in the coming years due to its flexibility and ability to absorb impact. Plastic is another commonly used material due to its cost-effectiveness and lightweight properties.

Composite materials, such as fiberglass and carbon fiber, are gaining popularity due to their high strength-to-weight ratio and corrosion resistance. The growth of the market is attributed to the increasing demand for mooring buoys in various industries, including oil and gas, marine transportation, and offshore wind energy.

Mooring Buoy Market Design Insights

 The Global Mooring Buoy Market segmentation by Design is categorized into Vertical Mooring Buoys, Horizontal Mooring Buoys, Submerged Mooring Buoys, and Tension-Leg Mooring Buoys. Vertical Mooring Buoys accounted for the largest revenue share in 2023, owing to their wide application in deepwater mooring systems for offshore oil gas exploration and production activities. Horizontal Mooring Buoys are expected to witness significant growth during the forecast period, driven by increasing demand for these buoys in shallow water applications and their ability to provide stable mooring solutions in harsh environmental conditions.

Submerged Mooring Buoys offer advantages such as reduced drag forces and improved stealth capabilities, making them suitable for military and defense applications, thus contributing to their growing adoption. Tension-Leg Mooring Buoys are gaining traction in the offshore wind industry due to their ability to provide stable mooring solutions for floating wind turbines, supporting the growth of the renewable energy sector.

Mooring Buoy Market Mooring Capacity Insights

 The Mooring Capacity segment plays a crucial role in the Global Mooring Buoy Market revenue, with each category catering to specific vessel sizes and operational requirements. Low Capacity (up to 50 tons) mooring buoys are commonly used for smaller vessels, such as fishing boats and recreational crafts. They offer a cost-effective solution for securing vessels in sheltered waters and are expected to account for a significant portion of the market growth in the coming years. Medium Capacity (50-250 tons) mooring buoys are designed for medium-sized vessels, including offshore supply vessels and barges, and are projected to witness steady demand due to the increasing offshore activities.

High Capacity (250 tons and above) mooring buoys are utilized for large vessels, such as tankers and bulk carriers, and are expected to gain traction with the growing global trade and maritime transportation. Overall, the Global Mooring Buoy Market segmentation by Mooring Capacity offers insights into the diverse needs of the industry and provides a foundation for understanding the market dynamics and growth potential.

Mooring Buoy Market Tensile Strength Insights

 The Global Mooring Buoy Market is segmented by Tensile Strength into Low Tensile Strength (up to 250 kN), Medium Tensile Strength (250-1,000 kN), and High Tensile Strength (1,000 kN and above). Low Tensile Strength segment accounted for the largest revenue share in 2023, and it is expected to continue its dominance during the forecast period. This is due to the increasing demand for low tensile strength mooring buoys in shallow water applications, such as in harbors and marinas. The Medium Tensile Strength segment is expected to witness significant growth during the forecast period.

This is attributed to the growing demand for medium tensile strength mooring buoys in deepwater applications, such as in offshore oil and gas exploration and production. The High Tensile Strength segment is expected to experience moderate growth during the forecast period. This is due to the increasing demand for high tensile strength mooring buoys in extreme weather conditions, such as in hurricanes and typhoons.

Mooring Buoy Market Regional Insights

 The Global Mooring Buoy Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of a large number of ports and offshore oil and gas activities in the region. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years due to the increasing demand for mooring buoys in the region's rapidly growing offshore oil and gas industry. South America and MEA are expected to account for a smaller share of the global market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Mooring Buoy Market Key Players And Competitive Insights:

Mooring Buoy Market industry major players continue to invest heavily in R&D activities to offer advanced solutions and expand their market. Prominent players in the Mooring Buoy Market are concentrating on developing and launching innovative mooring buoys to cater to the ever-evolving demand of various industry clients. Further, several players in the Mooring Buoy Market are acquiring other small and medium-scale players to enter untapped markets and expand their product offerings. Although a distinct number of key international market players exist in the supply chain, the competitive market landscape is expected to see a rise in new players over the coming years.

One of the leading mooring buoy solutions companies worldwide, the company is a provider of a wide range of offshore mooring and marine equipment. The company has a diversified portfolio of mooring buoys, including single point moorings, turret mooring systems, and spread mooring systems. It caters to a varied clientele in the oil and gas, renewable energies, and marine transportation industries. The company is renowned for its strong emphasis on innovation and customer care and has emerged as a reliable partner for various companies across the globe in offshore projects.

With several years in the industry as part of shipbuilding and heavy machinery manufacturing, the company is renowned as a major general builder of bridges, marine structures, and other general civil engineering works. The company has established itself as a reputable manufacturer of marine equipment and offers a vast array of mooring buoys and subsidiary equipment. It offers versatile mooring systems and is also a prominent player in the offshore wind industry, having delivered several mooring systems for offshore wind farms covering a wide range. The company’s superior standards and reliability have made it one of the leading names in the Mooring Buoy Market industry today.

Key Companies in the Mooring Buoy Market Include:

• FBM Hudson


• Vertuus


• Colligo Marine


• Kontur


• Subsalve


• Safeway


• Poralu Marine


• National Oilwell Varco


• Gazprom


• FLIR Systems


• Rexam Marine


• Ocean Marine


• PTTEP


• Tideland Signal


• AkzoNobel

Mooring Buoy Market Industry Developments

The Global Mooring Buoy Market is poised to garner significant traction in the coming years, driven by the burgeoning offshore oil and gas industry and increasing maritime trade. Technological advancements, such as the integration of sensors and IoT devices, are enhancing the capabilities and efficiency of mooring buoys. Moreover, growing environmental concerns and regulations mandating the use of eco-friendly mooring systems are creating lucrative opportunities for market players. Strategic partnerships and acquisitions are prevalent, with companies seeking to expand their product portfolios and regional presence. Key market participants include Kongsberg Maritime, National Buoyancy Products, and APL Apollo. Recent developments include the launch of innovative mooring buoy designs with improved load-bearing capacity and corrosion resistance. The market is expected to witness steady growth over the forecast period, with Asia-Pacific emerging as a key region driven by robust economic growth and increased offshore exploration activities.

Mooring Buoy Market Segmentation Insights

• Mooring Buoy Market Product Type Outlook
  
  
  
  • Single Point Mooring Buoys
  
  
  • Multiple Point Mooring Buoys
  
  
  • Chain and Wire Rope Mooring Buoys
  
  
  • Articulated Mooring Buoys
  
  
  
  

• Mooring Buoy Market Application Outlook
  
  
  
  • Offshore Oil and Gas
  
  
  • Wind Farms
  
  
  • Ports and Harbors
  
  
  • Naval and Military
  
  
  • Other Applications
  
  
  
  

• Mooring Buoy Market Material Outlook
  
  
  
  • Steel
  
  
  • Rubber
  
  
  • Plastic
  
  
  • Composite Materials
  
  
  
  

• Mooring Buoy Market Design Outlook
  
  
  
  • Vertical Mooring Buoys
  
  
  • Horizontal Mooring Buoys
  
  
  • Submerged Mooring Buoys
  
  
  • Tension-Leg Mooring Buoys
  
  
  
  

• Mooring Buoy Market Mooring Capacity Outlook
  
  
  
  • Low Capacity (up to 50 tons)
  
  
  • Medium Capacity (50-250 tons)
  
  
  • High Capacity (250 tons and above)
  
  
  
  

• Mooring Buoy Market Tensile Strength Outlook
  
  
  
  • Low Tensile Strength (up to 250 kN)
  
  
  • Medium Tensile Strength (250-1,000 kN)
  
  
  • High Tensile Strength (1,000 kN and above)
  
  
  
  

• Mooring Buoy Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa