The global buoys and beacon market is anticipated to grow at a significant CAGR of 3.2% during the forecast period (2024-2031). Growing collaboration between public and private entities is one of the key factors driving the growth of the buoys and beacon market. This partnership allows for the development of advanced systems tailored to maritime safety needs. By combining resources and expertise, innovative solutions are efficiently created and implemented, enhancing navigation and surveillance capabilities. Additionally, it allows private market players for market expansion, eventually driving overall market growth. For instance, in December 2023, Ocean Power Technologies, Inc. (OPTT), a provider of low-carbon marine power solutions, announced a letter contract with a US-based contractor for multiple maritime domain awareness buoys, emphasizing its commitment to national security. This collaboration is aimed to provide multidomain marine solutions for US government agencies, with OPT's PowerBuoy technology enhancing surveillance capabilities both above and below the waterline. Such collaborations facilitate knowledge sharing and accelerate technological advancements in the market, benefiting both sectors and improving maritime safety overall.
Browse the full report description of “Buoys and Beacon Market Size, Share & Trends Analysis Report by Material (Metal and Plastic) by End-user Industry (Maritime Transportation, Oil & Gas Industry, Fisheries & Aquaculture, and Defense & Security) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/buoys-and-beacon-market
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Material
o By End-user Industry
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Mobilis SAS, Tideland Signal Corp, Vega Industries Ltd., and SPX Technologies, among others.
Key questions addressed by the report
Global Buoys and Beacon Market Report Segment
By Material
By End-user Industry
Global Buoys and Beacon Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• The Middle East & Africa
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