Global Offshore Mooring Systems Market: Overview
The mounting demand for energy and ripeness of onshore gas and oil fields is enticing offshore field exploration. The oil and gas field that are onshore have been reconnoitered and bored for centuries now, which has led in the continuing lessening of the reserves around the globe and the drawbacks such as contamination, harm to land, and negative impact on wildlife among others associated with mooring facilities have impelled man to start exploration activities in the under-ocean reserves. Additionally, subsea dispensation systems save human efforts and time. Profitable and high-investment areas such as the Middle East & Africa and Latin America are the primary driving factors for the considerable growth for the offshore mooring systems market. Swelling funds in the subsea market largely disturbs the progress of the offshore mooring systems market in the global level. Furthermore, fluid flow declaration in the deep water manufacture also delivers a noteworthy push to the global offshore mooring systems market.
The global market for offshore mooring systems is expected to rise at a moderate 3.60% CAGR between 2015 and 2021. The market is expected to rise to US$1.1 bn by the end of 2021 from a valuation of US$0.93 bn in 2014.
FPSO to Witness High Demand Globally
Based on application, the global market for offshore mooring systems has been segmented into floating liquefied natural gas (FLNG) vessels, floating production, storage, and offloading (FPSO) vessels, FDSPO, semi-submersible platforms, tension led platforms, and spar platforms. Amongst these, FPSOs are being extremely demanded due to them being inexpensive in comparison to permanent platforms. Moreover, other welfares related to the employment of FPSOs such as storage and quick offloading are further propelling their demand in the global offshore gas and oil mooring systems market. Based on anchorage, the global market for offshore mooring systems is classified into vertical load anchors, drag embedment anchors, and suction anchors. Amid these, in order to carry out ultra-deep water drilling, the most economical and safe option have been proven to be suction anchors.
Asia Pacific to lead in terms of Deployment
Region-wise, the global market for offshore mooring systems has been segmented into the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Among these region, Asia Pacific emerged as the leading region in terms of the deployment of offshore mooring systems in 2015. This dominance can be attributed to the market’s promising performance in nations such as Australia, China, Indonesia, and Japan. North America is also expected to exhibit a healthy scope for the growth of the market in the coming years owing to the rising oil and gas exploration activities in the region and a rise in offshore production activities as well.
The leading companies operating in the market are BW Offshore Ltd., Mampaey Offshore Industries B.V., Delmar Systems Inc., SBM Offshore N.V., and MODEC Inc., among others.
This market research study analyzes the Offshore Mooring System Market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the next few years.
An offshore mooring system is a device that facilitates the anchorage of a ship or floating vessels and platforms in all water depths. An anchor on the seafloor to a floating vessel or platform connects a mooring line. In other words, offshore mooring systems are very essential for subsea production facilities. The mooring lines are made up of synthetic fiber ropes, wires and chains or a combination of the three. Environmental factors such as wind, currents and waves determine the type of materials to be used in a particular mooring system.
Based on the type of offshore mooring system, the market has been segmented into catenary, taut leg system, semi-taut system, single point mooring, spread mooring and dynamic positioning mooring systems. With the advancement in technology, the mooring systems are continually getting smarter, faster and secure. In addition, these systems are also being used for generation of electricity based on wind and wave currents. The new clean electricity is gaining importance globally. Presently, the maximum utilization of wind and wave generated electricity is observed in Europe.
Due to the growing demand for energy, subsea exploration and production is on the rise globally. The companies in North America and Europe dominate the global offshore mooring systems market majorly. The key offshore production facilities are located in the Middle East, Latin America, and West Africa. However, new projects have recently been undertaken in the Asia Pacific, especially Malaysia and Australia. Newly discovered oil reserves in Brazil, South China Sea, North Sea, and the Arctic region are also providing positive growth opportunities for the offshore mooring industry. Several players from China, Japan, and Australia are entering the market with enhanced mooring systems solutions.
Mooring systems include chains, synthetic ropes, anchors, hooks, shackles, buoys, risers, and connectors. Various initiatives undertaken by different companies and research organizations are contributing to the development of the market by providing technologically enhanced equipment specific to certain operations. The merger of mooring systems with automation and information technology is driving the market growth by enabling better data collection, precision of the operations, reducing human efforts, and maximizing safety measures.
The growth of the offshore mooring systems market is highly augmented with the development of vessels such as floating, production, storage and offloading (FPSO), fluidized liquid natural gas (FLNG) and floating, drilling, production, storage and offloading (FDPSO).
This report provides strategic analysis of the global Offshore Mooring market, and the growth forecast for the period 2014 to 2020. The span of the report includes competitive analysis of various market segments based on the types, module and in-depth cross sectional analysis of the Offshore Moorings market across different geographic segments. To support the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategies adopted by them. The Porter’s Five Forces analysis and market attractiveness analysis included in the report provide insight into market dynamics and industry competition.
The report also provides company market share analysis of the various industry participants with company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of Offshore Mooring market. Major market participants profiled in this report include in the offshore mooring systems market are SBM Offshore N.V., MODEC Inc., Delmar Systems Inc., BW Offshore Ltd. and Mampaey Offshore Industries B.V. among others.
The report segments the global Offshore Mooring market as:
Offshore Mooring Systems Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
The report provides a cross-sectional analysis of all the above segments with respect to the above mentioned regions.
Offshore Mooring Systems Market, by Types
- Taut Leg
- Semi Taut
- Single Point mooring
- Spread mooring
- Dynamic positioning
Offshore Mooring Systems Market, by Application
- Tension Leg platforms
- Semi Submersible platforms
- SPAR platforms
Offshore Mooring Systems Market, by Anchorage
- Drag Embedment Anchors
- Suction Anchors
- Vertical Load Anchors