Mooring Systems Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1322
Mooring Systems Market size will grow with increasing exploration and production in the offshore fields. Technological advancements and investments in the drilling and production capability of rigs and vessels will further spur the industry over the 2021-2027 forecast period.
Mooring systems are combined packages consisting of anchors, mooring lines, fairleads, connectors that are installed on the vessels. An upsurge in the commercialization of wind & hydro-energy farms and the demand for subsea explorations have boosted the deployment of advanced mooring components. Regulations are being implemented for operation, installation, inspection & maintenance, tracking and development of mooring systems.
With respect to type, the mooring system market share from the spread segment will grow at robust CAGR through 2027. The spread mooring systems can be used in any water depth or vessel type. These systems are sought in a slew of platforms, including mobile offshore drilling units (MODU). Spread mooring has become prevalent on floating offshore structures, prompting stakeholders to boost investment in the segment.
Based on applications, the mooring system industry share form the floating production storage & offloading (FPSO) segment will witness a notable growth rate during the assessment period. The FPSO systems are widely used to store oil from the oil rigs in the high seas and in the middle of the ocean. It leverages oil rigs to refine and produce oil before offloading. Considering the rise of oil exploration activities in recent years, the significance of FPSO as a cost-efficient system has surged.
In terms of the regional performance, the Asia Pacific mooring systems industry outlook will be strong over 2021-2027 with rising offshore activities in Australia, China, Vietnam, Malaysia and Indonesia. Notably, China deployed an offshore oil production rig in the South China Sea in May 2021. Lufeng 14-4 central platform is poised to start production by 2021-end. According to China National Offshore Oil Corporation, oil and gas production in China surpassed 65 million tons for the first time in 2020.
The Middle East and Africa (MEA) region is likely to hold a substantial share in the global mooring system market up to 2027. A notable shift towards offshore reserves and a rise in energy demand will provide lucrative growth opportunities. Potentials of subsea hydrocarbon reserves will further emphasize deepwater drilling, providing promising opportunities in the region.
Some of the major service providers in the global mooring systems industry are SBM Offshore, Bluewater Holding, Cargotec, Lamprell Energy and Modec, among others. Companies are expected to adopt both organic and inorganic approaches with R&D investments, collaboration and mergers & acquisitions gaining prominence.
For instance, Modec joined hands with three other companies in January 2020 to invest in deepwater FPSO in Brazil. The FPSO will have an oil processing capacity of 80,000 barrels per day (bpd) and will be fixed at around 670m depth in water. Additionally, Modec secured a contract in June 2021 for engineering, procurement, construction and installation for the FPSO for the Bacalhau field near offshore Brazil.
Mooring systems market outlook amidst the COVID-19 pandemic
The COVID-19 pandemic has seemingly disrupted the O&G industry outlook as there was a reduction in deep-water drilling activities in 2020. Oil exporting countries witnessed a reduced demand for floating production storage and offloading applications. The IEA projected oil and gas revenues for major producers to plunge around 50 to 85% in 2020 as compared to the preceding year. However, long term potential of natural gas exploration sites and consistent demand for petroleum products will sustain investments in oil and gas sector equipment, fostering mooring systems industry trends.
While the decline in oil prices has affected the production and exploration activities, increased efforts toward deepwater oil discoveries in North America, APAC and MEA will reinforce the global mooring system market value during the forecast period 2021-2027.
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