Offshore Mooring Systems Market -Growth Drivers, Opportunities and Forecast Analysis to 2023

 

Industry Insight

The Global Offshore Mooring Systems Market is prompted to record a healthy CAGR of 4.7%  during the forecast period, 2018–2023. The advancement in the market can be observed with the rising factors from all corners of the globe.

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Top Impacting Factors

The rising applications of offshore mooring systems in semi-submersibles and floating production storage and offloading (FPSOs) are expected to fuel the mooring market growth. The growth in demand for energy and surge in offshore exploration and production also drives the offshore mooring market. These factors are probable to have a positive impact on the offshore mooring market in support of the rise in the maturity of onshore oil and gas fields that could lead to offshore exploration and production.

The swelling demand for energy and ripeness of onshore gas and oil fields is tantalizing offshore field exploration. In fact, subsea dispensation systems save human efforts and time to a great extent. The money-making and high-investment regions such as the Middle East & Africa and Latin America are the crucial motivating factors for the considerable growth for the offshore mooring systems market. Growth in funds, mainly in the subsea market, broadly encourages the progress of the offshore mooring systems market at the global level. Thus, all these factors are probable to take the market to earn high valuation during the forecast period.

Furthermore, more factors such as fluid flow declaration in the deepwater manufacture also give a striking thrust to the global offshore mooring systems market. In the latest, growth in oil and gas production and growing demand for energy has also stimulated the growth of the market inevitably.

In contrast to these factors, a lack of technical knowledge among the players could be a significant challenge for the growth of the market during the forecast period.  In fact, high initial CAPEX and harsh environmental conditions in the sea is also a factor responsible for being restraints associated with the offshore mooring market in the same growth period.

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Market Segmentation

The worldwide market for offshore mooring systems is further segmented by the segments of type, anchorage, and application.

The type segment has been classified into SPM (Single Point Mooring), spread, tendons, dynamic positioning, and others. The anchorage segment is also bifurcated among suction Anchors, Drag Embedment Anchors (DEA), driven pile, vertical Load Anchors, and others. The spread mooring systems occupied the most significant share back in 2017, and are now expected to preserve this position till 2023.

The application segment has included semi-Submersible, Tension Leg Platform (TLP), FPSO, SPAR, drill Ships, and others.

The anchorage segment has included Drag Embedment Anchors (DEA), suction anchors, vertical load anchors, driven pile, and more. The suction anchors segment occupied the largest market share back in 2017 and is also projected to practice maximum growth from 2018 to 2023. Such growth is attributed to its cost-effective and safer.

Regional Framework

From the viewpoint of regional study, the global offshore mooring systems market has been studied among the key regions of North America, Europe, Asia-Pacific, and the Rest of the world (RoW).

The region of Asia-pacific held the largest share in the offshore mooring systems market, followed by North America and Europe. This is ascribed to the incidence of a high population in this region and growing demand for energy and clean electricity. Therefore, the Asia-Pacific region has witnessed an overwhelming boost in demand for offshore mooring systems market. China occupied the largest market share back in the year 2018, and India is estimated to exhibit maximum growth over the forecast period. 

North America and Europe regions occupied the second and third largest market, respectively, for offshore mooring systems. This is now expected to witness moderate growth over the forecast period. The Global offshore mooring systems market is projected to nurture at a CAGR of 4.7% during the forecast period.

Top Market Players

The top market players operating in the global offshore mooring systems include SBM Offshore (Netherlands), DELMAR SYSTEMS INC (US), Offspring International Limited (UK), MODEC, Inc. (Japan), Balltec Ltd. (UK), Mampaey Offshore Industries B.V. (Netherlands), Bluewater (Netherlands), BW Offshore (Norway), Timberland Equipment Limited (Canada) and Trelleborg Marine Systems (UAE).

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