Global Data Buoy Market Set to Reach USD 192.5 Million by 2028, With a Sustainable CAGR Of 2.9% | Growth Market Reports
PUNE, India, Dec. 23, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Data Buoy Market by Product Types (Solar Powered Type and Battery Powered Type), Applications (Oil & Gas, Defense, Research, and Others), and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 152.3 Million in 2020 and is expected to grow at a healthy growth rate of 2.9% by the year 2028. The global Data Buoy market is projected to expand at a rapid pace, due to rising demand for Data Buoy in various applications such as satellite monitoring, cyclone forecasts, maritime security, seasonal forecasting for monitoring the data for predictive analysis, and controlling purposes.
Key Market Players Profiled in the Report
- Fugro
- Xylem
- MOBILIS
- NexSens Technology, Inc.
- METOCEAN TELEMATICS
- Ocean Scientific International Ltd
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Data Buoy Market
In terms of product types, the global data buoy market is segmented into Solar-powered Type and Battery-powered Data Buoys. The solar-powered type segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to its various benefits such as low energy cost, less maintenance, intrinsic safety, and remote monitoring.
Based on applications, the global data buoy market is segmented into oil & gas, defence, research, and others. The oil & gas segment is expected to grow at a significant pace during the forecast period, owing to increasing risk related to offshore oil & gas production. Rising requirement of the underwater monitoring system in the oil & gas segment is propelling the segment across the globe.
Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the presence of key market players and increasing research and development activities in the region. The market in Asia Pacific is anticipated to hold a substantial share of the global data buoy market, owing to rising trading activities and increasing cargo transportation via the sea route.
Rising government initiatives in the research sector of electronics and energy are anticipated to propel the data buoy market. Governments of several countries are spending huge amounts in the development of systems based on sustainable energy sources, hence the demand for solar-based data buoys is increasing, which is responsible for the market growth in the coming years.
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Key Takeaways from the Study:
- The Data Buoy market in North America is expanding and dominating as compared to other regional markets, owing to the rising novel production and exploration of offshore and oilfields drilling platforms in the region. Demand for deployment of data buoys for sensing and measuring the weather is fueling the data buoy market in North America, which is anticipated to drive the market.
- The Data Buoy market in Europe is anticipated to grow at a substantial pace during the forecast period. Rising promotional activities for the usage of data buoys in many applications in this region is anticipated to promote the market in the coming years.
- The Data Buoy market in Asia Pacific is expected to grow significantly during the forest period. Rising exploration and production activities as well as import of oil and gas on a large scale in Asia Pacific are factors responsible for the regional market growth in the coming years.
- The oil & gas segment is anticipated to grow at a significant pace, as data buoys play a vital role for oil & gas companies as well as government bodies by keeping an eye on all activities happening at sea. It helps them take necessary steps to avoid mishaps, thus increasing the life span of oil and gas resources.
- The battery-powered type segment is anticipated to expand at a sustainable CAGR during the forecast period. Battery-powered data buoys need low production cost and store electricity. Use of non-rechargeable lithium batteries is increasing in data buoys, as lead acid batteries, which are charged by solar panels, are inclined to damage, which is anticipated to fuel the segment in the coming years.
Read 164 Pages Research Report with Detailed ToC on "Global Data Buoy Market by Product Types (Solar Powered Type and Battery Powered Type), Applications (Oil & Gas, Defense, Research, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Key Segments Covered
By Product Types
- Solar Powered Type
- Battery Powered Type
By Applications
- Oil & Gas
- Defence
- Research
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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