Mooring System Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1322
Global Mooring System Market size is estimated to grow rapidly with the increase in subsea production and exploration activities in deep and ultra-deep waters. Increasing consumption of energy owing to rising population and economies is estimated to boost the mooring system market. Lucrative high investment regions in Middle East and Africa have impacted the industry outlook positively.
Rising demand for crude oil owing to excessive consumption will propel the offshore mooring system market. As per the International Energy Agency (IEA), global demand for oil was 92.6 million bpd in 2014 and 94 million bpd in 2015. Rapid technological advancements in drilling and production capabilities of rigs to aid production and exploration in deep water areas will drive the mooring system market to generate revenue. Increasing production from offshore fields, economic feasibility of projects, unexplored potential for large hydrocarbon reserves in deep water and rising oil and gas prices are the major drivers for rising demand of mooring system market.
Onshore hydrocarbon reserves have been explored for many years, with gradual reduction in natural reserves, thereby making offshore activities more prevalent. Depletion of non-renewable energy sources and indiscriminate onshore oil and gas field explorations have also spurred concerns including pollution and have caused significant damage to wildlife, boosting the demand for subsea processing systems.
Based on application, mooring system market can be segmented in Floating Production, Storage and Offloading (FPSO), SPAR platforms, Tension Leg platforms, Semi-Submersible platforms, Floating Liquefied Natural Gas (FLNG). The major share of the mooring system market is occupied by FPSO. Offshore platform is a large structure, which facilitates the extraction and processing of crude oil, subsea drilling and temporary storage of extracted products. Offshore mooring systems find major applications in the offshore platforms and vessels. A mooring system is used for anchoring of ships and platforms in water depths. A floating vessel or platform is connected to the sea floor with the help of mooring lines. The mooring lines are made up of chains, wires, synthetic fiber ropes or combination of the three. Environmental factors including winds, currents and waves govern the type of material to be used in manufacturing the mooring lines.
The mooring system market is categorized into catenary, spread mooring, single point mooring, taut leg system, semi-taut leg system, and dynamic positioning system. Amongst these, catenary systems are the most commonly used for shallow waters. Spread mooring can be used in any water depth, in an equally spread pattern. During the forecast period, the catenary systems are estimated to have the highest growth rate. In terms of anchorage, the mooring system market is further categorized into suction anchors, vertical load anchors and drag embedment anchors. Among these, suction anchors are the most cost-effective and safe for deep water environments.
By region, Asia Pacific followed by Africa and Middle East dominated the industry demand. The significant offshore production facilities are in West Africa, Middle East and Latin America. Newly discovered oil reserves in Arctic region, Brazil, North Sea are also providing growth opportunities for offshore mooring system market. Oil discoveries in African region especially Ghana, Mozambique, Angola and Congo are expected to stimulate production activities and create lucrative business opportunities by investing in the mooring system market.
New participants are likely to invest in the industry with the growing innovation in the sector. However, high investment involved in the development of infrastructure of offshore mooring system and lack of technical knowledge may hamper the growth in the future. The mooring system market growth is propelled by maximizing safety measures and minimizing human efforts with the incorporation of automated mooring systems. Numerous initiatives are being taken by companies towards developing technologically enhanced mooring systems.
Advanced infrastructure coupled with information technology is strengthening the industry growth. Mooring system market is constantly advancing to enable precise operations while maximizing safety measures and reducing human efforts.
Some of the notable players of the mooring system market include SBM Offshore, Modec, Lamprell Energy, Cargotec, Offspring and Bluewater Holding among others.
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