Global Offshore Mooring MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $1,766 Million by 2024 from $1,049 Million in 2016, growing at a CAGR of 6.7% from 2016 to 2024.Offshore mooring is an assembly made-up of connectors and anchors which are used for station keeping and securing to the seafloor. Mooring lines are made of wires, chains and synthetic fiber ropes or with a combination of all the three components. Factors such as wind, currents and waves determine the components to be used for making mooring system. The mooring system totally relies on the strength of the anchors. The various types of mooring system include taut leg, spread, catenary, dynamic position and single point.
"Offshore Mooring Market (By Type: Catenary, Taut Leg, Semi-taut, Spread, Single Point, Dynamic Positioning; By Anchors: Drag Embedment Anchors, Suction Anchors, Vertical Load Anchors;By Application: Floating Production, Storage & Offloading (FPSO) vessels, Floating Drilling, Production, Storage & Offloading (FDPSO) vessels, Floating Liquefied Natural Gas (FLNG), Tension Leg Platform (TLP), Semi-Submersibles, andSPAR platforms; By Geography: North America, Europe, Asia-Pacific, RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rise in subsea installations drives the global offshore mooring market growth
The global offshore mooring market is driven by aspects such as increasing offshore field exploration activities and rise in subsea installations. Additionally, increasing investments in Middle East Region, maturity of onshore oil & gas fields along with increase in per capita energy consumption are supporting in the growth of the offshore mooring market trend. Although, high initial cost, unpredictable deep-sea conditions, and increasing complexity of mooring systems are the major drawback for the market growth. Moreover, advancement in technology, and rising implication of clean electricity are expected to provide several growth opportunities in offshore mooring market forecast timeframe.
Global Offshore Mooring Market, By Application
The global offshore mooring market is mainly classified on the basis of type, anchors, application, and geography. By type the market is categorized into Taut Leg, Semi-taut, Spread, Single Point, Dynamic Positioning. On the basis of anchors, the market comprises of Drag Embedment Anchors, Suction Anchors, Vertical Load Anchors. The classification by application includes Floating Production, Storage & Offloading (FPSO) vessels, Floating Drilling, Production, Storage & Offloading (FDPSO) vessels, Floating Liquefied Natural Gas (FLNG), Tension Leg Platform (TLP), Semi-Submersibles, and SPAR platforms. By geographical analysis, North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major segments of offshore mooring market.
Spread dominated the Type segment with major share
Spread accounted for the highest market share in 2016, due to its advantage to maintain the drilling vessel in certain horizontal limits of the centerline well so that drilling operations can be carried out successfully.
Suction Anchors lead the Anchors segment
In 2016, Suction anchors occupied the largest share of the market, driven by its usage in ultra-deep-water for systems requiring taut or semi-taut preset mooring systems.
Floating Production, Storage & Offloading (FPSO) vessels accounted for the largest Offshore mooring market share in application segment
Floating Production, Storage & Offloading (FPSO) vessels dominated the major market share in 2016, due to its extensive usage in production, processing of hydrocarbons, and storage of oil.
GLOBAL OFFSHORE MOORING MARKET SHARE , BY GEOGRAPHY, 2016 (%)
Asia-Pacific occupied the major market share
Asia-Pacific is the largest revenue generating region in 2016, and is expected to dominate the market in the given forecast period 2016 – 2024. Due the availability of crude oil wells in the Middle East, which will ultimately influence the offshore mooring market size.
In January 2017, BW Offshore Ltd. signed an agreement for FPSO Abo with Nigerian Agip Exploration Ltd., this agreement assures to secure operational continuity while joint work is continuing to conclude the negotiations. Key market players in the market include Rigzone Mooring Systems, Mampaey Offshore Industries B.V., Viking Sea Tech, BW Offshore Ltd., Offspring International, Timberland Equipment Ltd., National Oilwell Varco, Inc., Delmar Systems, Inc., Mooring Systems Inc., SBM Offshore N.V., VolkerWessels and Lamprell Energy Ltd. among others.