Weather Buoy Market Size, Share & Industry Analysis, By Product Type (Solar Powered, Battery Powered), By Application (Oil & Gas, Defense, Research, Others) Others and Regional Forecast, 2024-2032

The marine industry plays a crucial role in the development of the country’s economy which helps to evolve international trading and associated infrastructure. Weather buoy is the devices that collect weather and ocean data within the world's oceans and provide monitoring and forecasting of meteorological data and oceanographic which helps to ensure safe navigation. Weather buoy are integrated with the advanced computing system and a real-time data system which enables the meteorological authorities to track and forecast multiple weather events, including high surf, extreme temperatures, gusty winds, precipitation, floods, hurricanes, cloud formations, and among other uncertainties in the ocean weather. The buoy is used in various applications for security and safety purposes such as providing emergency alerts and warnings in densely populated coastal areas, aviation, cargo ships, fishing communities, underwater operations, surfers, offshore drilling platforms, and many other activities.

The weather buoy market is segmented into product type, application, and geography. Based on the product type, the market is segmented into a solar-powered and battery-powered. Solar-powered buoys are holding a large share along with battery-powered buoy owing to advanced features and operation efficiency of the buoy. Based on application, the market is categorized into oil & gas, defense, research, and others. Research segment which includes meteorological centers and data centers is dominating the market owing to an extensive application for monitoring and forecasting oceanic weather.

Key Market Driver -

Increase in maritime transportation activities

Key Market Restraint -

Stringent Government Regulation for Maritime Logistics and Transportation

The increasing marine transportation and growing awareness for safety from weather uncertainties propel the demand for the weather buoy market in the forecasted period. Increasing production & exploration activities from the oil & gas industry from developing as well as developed regions drive the market during the forecast period. Increasing investment in the maritime sector and growing cross-border marine transportation holds promising growth opportunities for the weather buoy market during the projected period.

Key Players Covered:

Some of the globally acclaimed companies for weather buoy market are Fugro, NexSens Technology, Inc., Xylem Inc., develogic GmbH, Mobilis SAS, Fendercare Marine, MetOcean Telematics, AXYS Technologies Inc., Imbros, JFC Marine, Observator Group, Buoyage Systems Australia Pty Ltd, and Ocean Scientific International Ltd (OSIL).

Regional Analysis:

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The weather buoy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market owing to an increase in maritime transportation and significant growth in oil and gas industry from the U.S. New production and exploration of oilfields and offshore drilling platforms in North America also propels the demand for the deployment of weather buoy for measuring and sensing the weather which leverage the market demand during the forecast period. Asia-Pacific is expected to be the second-largest market in the global demand due to growing investments in the marine industry and its logistics and increasing demand for oil & gas which results in to increase in production & exploration activities and import of oil & gas at a large scale during the forecast period. Middle East & Africa is followed by the Asia-Pacific region owing to the increase in maritime transportation and the new development of oilfields in the Middle East region. Hence, a significant increase in demand from the oil & gas industry, growth in marine transportation, and increase in the weather forecast for surfers and fishing communities accelerates the demand for weather buoy market during the forecast period.

Segmentation

Key Industry Developments

• In May 2018, Vineyard Wind had deployed a wind measurement and oceanographic buoy which measures wind speed, wave heights, frequency, and ocean currents within the project area of 800 megawatts (MW) proposed offshore wind project


• In July 2018, Ørsted, one of the global leader in offshore wind and the developer of ocean wind had retrieved critical data by introducing specialized buoy which is designed to measure wind and wave conditions with an advanced floating solution AXYS FLiDAR WindSentinel


• In July 2017, Mobilis SAS had received a contract from the Defense Ministry of France to install mooring buoys equipped with QRH 70T on Ventiseri-Solenzara in Corse, France.