COVID-19 impact on Bow Loading System for Oil and Gas Market
- The COVID 19 outbreak is hampering the bow loading system demand in many applications. To curb the spread of coronavirus, many governments across the globe enforced lockdown measures. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are declining the demand for bow loading system.
- Key players operating in the bow loading system for oil and gas market are primarily tier i and tier ii manufacturers and suppliers. Manufacture and supply chain facilities of these players have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID 19 pandemic.
- The COVID-19 outbreak has directly affected the production and demand for bow loading system. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market
Key Drivers of Bow Loading System for Oil and Gas Market
- The bow loading system for oil and market has the potential to grow at a rapid rate over the forecast period due to rising demand for efficient oil transfer from offshore reservoirs. Rising concerns about marine life degradation are expected to support the bow loading system for oil market's growth over the next five years. Oil spills prevent oxygen and sunlight from reaching seabeds. Thus, environmental degradation worsens and marine life dies prematurely. This concern and proactive approach to marine life is assisting the bow loading system for oil and gas market.
- Demand for offshore reservoirs is increasing, as oil levels from onshore rigs are declining. Increasing demand for oil is boosting the global bow loading system for oil and gas market, allowing for transfer that is more efficient.
Restraints of Bow Loading System for Oil and Gas Market
- Dearth of universal directives pertaining to applications of bow loading system is expected to restrain the market during forecast period
- Factors such as fluctuating price and availability of substitutes are expected to challenge the market in the near future.
Middle East & Africa to Constitute Significant Share of Global Bow Loading System for Oil and Gas Market
- In terms of region, the global bow loading system for oil and gas market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Middle East & Africa dominates the market. Led by the presence of large number of offshore rigs, the region is expected to maintain its dominance in the next years. Furthermore, the number of offshore rigs is steadily increasing as oil demand rises and onshore rigs are unable to meet the rising demand. Furthermore, in the next years, the demand for avoiding oil spillage is expected to fuel the global bow loading system for oil and gas market. Multiple market players' presence in the region is also likely to help the global bow loading system for oil and gas market grow in the next years.
- North America and Europe are also key consumers of bow loading system. As a result of expanding economic opportunities, the market in Europe region is expected to expand significantly over the forecast period. The market in Europe is also expected to grow significantly over the forecast period, owing to the expanding automotive industry in countries such as Germany and France.
Competitive Landscape of Global Bow Loading System for Oil and Gas Market
Major players operating in the bow loading system for oil and gas market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- National Oilwell Varco
- Forum Energy Technologies
- FMC Technologies
- Aker Solutions
- ABS Group
- OneSubSea Company
Global Bow Loading System for Oil and Gas Market: Research Scope
Global Bow Loading System for Oil and Gas Market, by Type
- Hose-handling System
- Hawser-handling System
Global Bow Loading System for Oil and Gas Market, by Facility
- Floating Storage and Offloading Vessels
- Oil Loading Tankers
Global Bow Loading System for Oil and Gas Market, by Component
- Hose Winch
- Chain Stopper
- Bow Roller
- Bow Door
Global Bow Loading System for Oil and Gas Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Bow Loading System for Oil and Gas Market Introduction
- The bow loading system allows for the efficient transfer of petroleum product from a floating production, storage, and offloading (FPSO) vessel to a marine shuttle tanker. At the loading manifold, there is a ball joint that provides an instant connection between the load - carrying hose and the vessel. This increases the loading hose's, hose-end piece's, and coupling's durability and service life. A sliding chain stopper may be included in the system to reduce manual operations during the mooring and unmooring sequences.
- Bow loading system offers increased connection angles, thus delivering wider operating parameters to ensure success where traditional systems struggle. The ability to connect at much wider angles expands operational possibilities in situations where shuttle tankers would normally struggle.