ID: MRFR/CO/6036-HCR | February 2021 | Region: Global | 103 pages
Offshore Mooring Systems Market Synopsis
Offshore mooring systems market size to expand at a notable CAGR of 4.7% during the forecast period.
The market of offshore mooring systems has seen a huge growth from the last few years. The factors which affect the market of offshore mooring systems are growth in oil and gas production and growing demand for energy. As the population is continuously growing mainly in the countries such as China and India, the demand of energy is also growing high, which lead the market of offshore mooring systems. Along with this, purchasing power of consumers are also increasing, which leads the high demand of transportation fuels. Demand for transportation fuels further boost the market of offshore mooring systems. However, lack of technological knowledge among the players may be a major challenge for the growth of the market.
The offshore mooring systems global market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia-pacific held the largest share in the offshore mooring systems market, followed by North America and Europe. This is attributed to the presence of high population in this region and growing the demand of energy and clean electricity. Hence, Asia-Pacific region has witnessed an overwhelming increase in the demand for market. China accounted for the largest market share in 2018 and India is anticipated to exhibit maximum growth over the forecast period. North America and Europe accounted for the second and third largest market, respectively, for offshore mooring systems and are expected to witness moderate growth over the forecast period. The Global market is expected to grow at a CAGR of 4.7% during the forecast period.
Key players operating in the global offshore mooring systems includes -
DELMAR SYSTEMS INC (US), SBM Offshore (Netherlands), MODEC, Inc. (Japan), Offspring International Limited (UK), Mampaey Offshore Industries B.V. (Netherlands), Balltec Ltd. (UK), BW Offshore (Norway), Bluewater (Netherlands), Trelleborg Marine Systems (UAE), and Timberland Equipment Limited (Canada).
Source: MRFR Analysis
The global offshore mooring systems market has been segmented on the basis of type, anchorage, and application. The type segment is classified into spread, SPM (Single Point Mooring), dynamic positioning, tendons, and others. The anchorage segment is classified into Drag Embedment Anchors (DEA), suction Anchors, vertical Load Anchors, driven pile, and others. The application segment is classified into Tension Leg Platform (TLP), semi-Submersible, SPAR, FPSO, drill Ships, and others.
On the basis of type, spread mooring systems accounted the largest share in 2017 and is expected to retain this position till 2023. These moors can be utilized in a various range of platforms such as mobile offshore drilling units (MODU).
On the basis of anchorage, the market is segmented into Drag Embedment Anchors (DEA), suction anchors, vertical load anchors, driven pile, and others. The suction anchors segment accounted for the largest market share in 2017 and is also projected to experience maximum growth from 2018 to 2023. This is attributed to its cost-effective and more safely nature.
Mooring Systems support the anchorage of the ships or floating vessels and platforms across all sorts of water depths. The global offshore mooring systems market is highly competitive with many companies, across the globe. The companies adopted various strategies to expand their global presence and increase their foothold in the overal market. Some of the key strategies adopted by the companies include expansions & investments, acquisitions, and new product developments.
|Market Size||2027: Significant Value|
|CAGR||4.7% CAGR (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Anchorage and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DELMAR SYSTEMS INC (US), SBM Offshore (Netherlands), MODEC, Inc. (Japan), Offspring International Limited (UK), Mampaey Offshore Industries B.V. (Netherlands), Balltec Ltd. (UK), BW Offshore (Norway), Bluewater (Netherlands), Trelleborg Marine Systems (UAE), and Timberland Equipment Limited (Canada).|
|Key Market Opportunities||The sunction anchor segment would dominate|
|Key Market Drivers||These moors can be utilized in a various range of platforms|
Frequently Asked Questions (FAQ) :
Offshore mooring systems market would achieve 4.7% CAGR during the forecast period.
Lack of skilled labor could prevent offshore mooring systems market growth.
China would dominate offshore mooring systems market.
The APAC region holds the maximum offshore mooring systems market share.
The sunction anchor segment would dominate the global offshore mooring systems market.