Offshore Mooring Systems Market size is expected to witness a major upsurge over 2021-2027. This is attributable to the strong focus on the installation of offshore wind energy farms to deliver clean and cost-effective energy sources worldwide. Likewise, the growing emphasis of the governments on providing opportunities to invest in offshore oil and gas exploration activities will further escalate the need for offshore mooring services in the years ahead.
Mooring equipment refers to a set of mechanisms and fittings used to warp and secure the ship that is moored at a dock, to buoys, at the wall of a lock, or alongside another vessel. This equipment is also used to hold FPSO (floating production storage and offloading) vessels steady against the force of the wind, waves, currents, and storms.
Rapid transition to a low carbon economy and the adoption of renewable energy to generate power are the key factors fostering offshore mooring systems market trends. In addition, the rapid deployment of innovative technologies in offshore gas extraction projects is projected to proliferate the industry dynamics over the forecast spell. MODEC, in 2020, commissioned MAN Energy Solutions to supply screw and radial compressor trains for an FPSO vessel to conduct an offshore gas exploration project in the Bacalhau field, Brazil.
Based on application, the semi-submersible segment will hold a considerable share of the offshore mooring systems market by 2027. This can be credited to the mounting oil and gas exploration activities in the deeper sea and the subsequent rise in production of the systems worldwide. In June 2021, Shenhai Yihao, the world’s first deep-sea semi-submersible oil storage and production platform, commenced its operation, marking significant progress in China’s deep-water oil and gas exploration.
Regionally, the North America offshore mooring systems industry is set to register commendable revenue by 2027. This is a result of the increasing number of wind energy projects in the deeper sea, due to the declining continental slope and narrow continental shelf, especially in the West Coast of the U.S. These deep-water projects are also driven by improved turbine engineering, low installation costs, and turbine developments with floating substructures. Factors such as these will subsequently push the demand for offshore mooring equipment across the region.
Key players in the offshore mooring systems market include BW Offshore, Offspring International, Blue Water Energy, Mampaey Offshore Industries, FMC Technologies, Lamprell, Balltech Engineered Solutions, Delmar Systems, MODEC (Mitsui Engineering & Shipbuilding), and SBM Offshore, among others. These firms are implementing strategies like business expansions and new product launches to improve their stance in the global market. For instance, in May 2021, Delmar Systems acquired the Vryhof group, consisting of Vryhof Anchors and Deep Sea Mooring. This deal was inked with an objective to offer unrivaled mooring solutions, engineering, personnel, equipment, and project management to the offshore energy industry worldwide.
The COVID-19 pandemic and its ripple effects have highly influenced global oil and gas exploration projects, affecting major oil-producing regions. According to the Rig Count Overview and Summary Count of Baker Hughes, the U.S. had 338 rigs as of 11th December 2020, which was 461 less than a year earlier, indicating a significant shrinkage in offshore explorations.
Despite the dramatic impacts of the pandemic, however, the considerable expansion of renewable energy capacity over the past year may aid the steady growth of the offshore mooring systems industry in the upcoming years. According to IRENA estimates, over 260 GW of renewable energy capacity was added in 2020, indicating a rise of almost 50% from 2019. This rapid growth in capacity could, in turn, stimulate the demand for offshore mooring services, particularly in offshore wind energy generation projects.