Distributed Buoyancy Module Market to Double to USD 161.5 Million by 2034, Growing at a 6.5% CAGR from 2024: Industry Forecast and Analysis

The global distributed buoyancy module market was valued at US$ 80.9 million in 2023. With the rising adoption of floating solar farms and increasing demand for clean and renewable energy sources, the market is projected to advance at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2034, reaching an estimated US$ 161.5 million by the end of the forecast period.

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Analyst Viewpoint

The rise in adoption of floating solar farms and the growing demand for renewable energy sources are major factors fueling the distributed buoyancy module market. These modules are essential in floating solar power plants for creating buoyancy, distributing weight, and protecting power plants from water damage. Their customizable configurations enhance the stability and longevity of solar plants, making them integral to offshore renewable energy plants, including wave energy converters, building energy management systems, and water distribution networks.

Key players in the market are developing advanced underwater floatation devices and subsea floatation modules to meet the increasing demand for pipe buoyancy modules used in maritime and offshore safety solutions and gas fields.

Market Introduction

Distributed buoyancy modules, also known as buoyancy control systems, are used to separate a surface vessel or platform from a submerged structure, installed at any pipeline length via the clamping technique. These modules provide elevation and location control to various floating structures in water bodies. The buoyancy component consists of an assembly fixed to the chosen spot on the riser with a clamp and a buoyancy portion fastened with circumferential straps, assembled to mechanically lock around the clamp.

Market Drivers

Rise in Adoption of Floating Solar Farms

Floating solar farms, or floating photovoltaic (PV) systems, are installed on water bodies such as lakes, basins, and reservoirs, as opposed to solid structures like roofs or terraces. These farms operate similarly to conventional land-based solar farms but are established on water. Floating solar farms are mounted on robust platforms constructed from buoyant materials like high-density polyethylene, anchored to prevent drifting.

Buoyancy modules are employed in these floating solar power plants to create buoyancy, distribute weight, and protect the plants from water damage. For example, Huaneng Power International (HPI) completed the world's largest floating PV project in 2022, a 320 MW facility in Dezhou, China's Shandong province. This rise in the adoption of floating solar farms is significantly boosting the distributed buoyancy module market.

Increase in Demand for Clean and Renewable Energy Sources

Distributed buoyancy modules are essential in offshore renewable energy plants, offering buoyancy and stability to wave energy converters, building energy management systems, and water distribution networks. The global demand for energy and the decreasing supply of fossil fuels have led to a greater emphasis on renewable energy sources such as wind, hydropower, and solar power.

Investment in cleaner energy solutions helps governments, industries, and consumers reduce carbon emissions, meet sustainability targets, and combat climate change. For instance, the Government of Canada, along with its industrial partners, invested over US$ 10 billion in hydroelectricity infrastructure in 2020. This increased focus on clean and renewable energy sources is augmenting the distributed buoyancy module market size.

Regional Outlook

Europe

Europe held the largest share of the global distributed buoyancy module market in 2023. The region's adoption of green energy methodologies, low operating costs, and increasing urbanization and modernization are driving market dynamics. Germany, for example, has implemented new carbon footprint reduction goals, aiming for significant reductions by 2030, 2040, and 2045.

North America

North America is expected to witness significant market expansion during the forecast period. Factors such as urbanization, rising disposable income, and increased awareness about environmental and green energy generation methods are driving the market in the region. The growth of power generation plants and industrial development projects in Canada is expected to create substantial opportunities in the North American distributed buoyancy module market.

Key Players and Competitive Landscape

Companies in the global distributed buoyancy module market are focusing on developing advanced underwater floatation devices and subsea floatation modules to meet the rising demand. Key players include:

Trelleborg Group
AIS
Matrix Composites & Engineering
Balmoral Comtec Ltd
DeepWater Buoyancy, Inc.
Koil Energy Solutions
Shinyang Tech CO., Ltd.

These companies are profiled based on parameters such as company overview, business segments, product portfolio, recent developments, business strategies, and financial overview.
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Key Developments

AIS CRP Subsea: In April 2024, AIS CRP Subsea was awarded a contract to provide buoyancy in Western Australia, supplying distributed buoyancy modules (DBMs) to a large gas field in the Indian Ocean.
Trelleborg Group: In October 2023, Trelleborg Group signed an exclusive multi-year distribution agreement with VIKING Life-Saving Equipment A/S. Trelleborg will be the exclusive distributor of VIKING's Fender Davit systems, reinforcing its commitment to delivering high-quality and reliable products.

Market Snapshot

Market Size in 2023: US$ 80.9 Mn
Market Forecast (Value) in 2034: US$ 161.5 Mn
Growth Rate (CAGR): 6.5%
Forecast Period: 2024-2034

Market Segmentation

By Type

Subsea
Subsurface

By Application

Riser Systems
Flowlines
Wind Farm Cables
Umbilicals
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

By Country

U.S.
Canada
Germany
U.K.
France
Italy
Spain
Japan
China
India
Australia & New Zealand
Brazil
Mexico
GCC Countries
South Africa

Conclusion

The distributed buoyancy module market is poised for significant growth driven by the adoption of floating solar farms and increasing demand for clean and renewable energy sources. Technological advancements and strategic developments by key players are expected to further bolster the market, making distributed buoyancy modules essential in the transition towards sustainable energy solutions.

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