Published: Sep, 2016
The global offshore mooring systems market is consolidated with the top three players accounting for 38% of the market in 2014. Key players in the market are SBM Offshore N.V., MODEC Inc., Mampaey OffshoreIndustries B.V., FMC Technologies, Inc., and Trelleborg Marine Systems. The competitive strategies implemented by key players include expanding product portfolio, expanding operations worldwide, and innovation through R&D. Leading companies acquire and enhance innovative mooring solutions into their business, which also help them enhance their customer relationships and incorporate engineering know-how, states Transparency Market Research (TMR) in its new report. These acquisitions help companies to gain new resources and competencies, which result in operational improvements.
According to the report, the global offshore mooring systems market is expected to be worth US$1,159.6 mn by 2021. By type, the spread mooring systems led in the past and will continue to do so, accounting for 27% of the market by 2021. On the basis of application, the FPSO vessels segment will remain in the dominant position in the market, accounting for 42.6% of the global offshore mooring systems market in 2021. By anchorage, the suction anchors segment followed by the vertical load anchors segment is projected to lead in the coming years. Asia Pacific will continue to lead and account for 44.5% of the market by 2021.
Maturation of Onshore Oil and Gas Fields to Prove Beneficial for Offshore Mooring Systems Market
The escalating demand for energy is driving the maturity in onshore oil and gas fields and this is resulting in offshore exploration, benefitting the global offshore mooring systems market. The soaring demand for offshore production is fueling the demand for technologically advanced mooring systems. The existing mooring lines, substations, and underwater cables are undergoing upgradation with newer technologies to facilitate better efficiency, which will improve the prospects of offshore mooring systems, says TMR.
The rising investments in the subsea market are also impacting the offshore mooring systems market positively. Moreover, the fluid flow assurance in the deepwater production is driving the offshore mooring systems market towards significant growth.
High Cost of Installation Dampening Demand for Offshore Mooring Systems
The cost of installing offshore mooring systems is higher than the cost of mooring lines. “Additionally, the installation has to be followed by expensive periodical maintenance and mandatory upgrade of mooring technologies,” says a TMR analyst. Although there is a high demand for technologically advanced offshore mooring systems, the high cost is preventing companies to install these systems. The gap between supply and demand is another challenge, which manufacturers are facing. This gap is resulting in delayed operations, thus incurring additional expenses for exploration and production (E&P) companies.
Discovery of New Oil Fields In Future to Create Growth Opportunities in Market
The offshore mooring systems have immense scope in the near future with a continuous demand for energy, driving E&P companies to turn their focus to deepwater and ultra-deepwater production. The discovery of new oil fields in the Gulf of Mexico, West Africa, and the Arctic region is expected to create new opportunities for growth in the global offshore mooring systems market.
Additionally, the use of offshore mooring systems in platforms that generate electricity via wind turbines or wave energy converter technologies are expected to widen their scope and thus, their demand. Mooring systems facilitate the installation of wind turbines in the oceans, thus propelling their demand.
This information is based on the findings of a report published by Transparency Market Research titled “Offshore Mooring Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global offshore mooring systems market is segmented as follows:
- Taut Leg
- Semi Taut
- Single Point mooring
- Spread mooring
- Dynamic positioning
- Tension Leg platforms
- Semi Submersible platforms
- SPAR platforms
- Drag Embedment Anchors
- Suction Anchors
- Vertical Load Anchors
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