Offshore Mooring Systems Market Planning, Innovation to See Modest Growth Analysis Report
Global Offshore Mooring Systems Market Research Report, By Type (Spread, SPM, Dynamic Positioning, Tendons), Anchorage (DEA, Suction Anchors, Vertical Load Anchors), Application (TLP, SPAR, FPSO, Drill Ships, and Others), and Region — Global Forecast till 2023
Offshore mooring systems comprise a mooring anchor, mooring lines, and connectors which are connected to the offshore rig to prevent it from floatation. The rise in oil drilling and production activities is likely to be the major factor towards the adoption of these systems. The global offshore mooring systems market report by Market Research Future (MRFR) outlines various trends and opportunities encompassing the landscape which can provide a unique perspective to first-time entrants as well as stalwarts.
Market Prospects
The global offshore mooring systems market is projected to expand at 4.7% CAGR from 2017 to 2023, as per MRFR. The inclination towards shale gas drilling is expected to be the major market driver. Rising development of new technologies which can expedite drilling activities and encourage growth of offshore platforms with minimum operational expenses are other market drivers.
The demand in energy in China and India can spur the demand for offshore mooring systems exponentially. Need for fuels coupled with rising purchasing power of consumers are some of the other drivers in the market. High demand for floating production storage & offloading (FPSO) units in deepwater and ultra-deepwater projects can open up growth opportunities.
Fall in crude oil prices coupled with discontinuation of offshore activities can pose a challenge to market growth.
Segmentation
The offshore mooring systems market is segmented by type, anchorage, and application.
By type, it is segmented into single point mooring (SPM), dynamic positioning, tendons, spread, and others. Spread mooring systems accounted for the largest market share in 2017 and will maintain its position till 2023 due to emergence of mobile drilling units. On the other hand, the SPM segment can exhibit tremendous growth due to being extensively used in navigation of temperate environmental conditions.
By anchorage, it is segmented into vertical load anchors, suction anchors, drag embedment anchors (DEA), driven pile, and others. Suction anchors can account for a large market share till 2023 due to its cost-effective nature.
By application, it is segmented into drill ships, SPAR, FPSO, semi-submersible, tension leg platform, and others. FPSOs can maintain a high market share due to investments in offshore drilling activities.
Regional Analysis
The global offshore mooring systems market is segmented on the basis of region into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). APAC held the largest market share due to constant demand for energy and clean fuels, followed by North America and Europe. China and India are expected to be major contributors in the regional market.
The European region is poised to exhibit a modest growth rate due to demand from sectors such as renewable energy, petroleum, and subsea exploration. Regulations encouraging sustainable energy development are expected to be the major driver within the regional offshore mooring systems market growth. Developments which can maximize wind and wave energy in France, U.K., and Germany can present growth opportunities in the market.
Competitive Landscape
Key market players include BW Offshore, MODEC, Inc., Trelleborg Marine Systems, Balltec Ltd., Mampaey Offshore Industries B.V., SBM Offshore, DELMAR SYSTEMS INC, Offspring International Limited, Timberland Equipment Limited, and Bluewater. Acquisitions, investments, and acquisitions are some of the major strategies within the market.
Industry News
March 2019 – InterMoor has inked an agreement with China National Offshore Oil Corporation (CNOOC) for the management of deep mooring systems of the latter’s floating production platforms.
June 2019 – Floating plants have been in commission for storing and maintenance of energy. A new floating wind power plant by Japan’s New Energy and Industrial Technology Development Organization (NEDO) has commissioned the use of mooring systems to assist in maintenance and diagnosis of failure in systems.