Offshore Mooring Market to Reach $1.8 Billion, Globally, by 2031 at 3.7% CAGR: Allied Market Research
Increase in demand for energy across the world and rise in subsea exploration drive the growth of the market during the forecast period.
PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Offshore Mooring Market by Mooring Type (Catenary, Taut, Semi-taut, Spread, Single Point, and Dynamic Positioning), Anchors (Drag Embedment Anchors, Suction Anchors, and Vertical Load Anchors), and Application (Floating Production, Storage and Offloading (FPSO) Vessels, Floating Drilling, Production, Storage and Offloading (FDPSO) Vessels, Floating Liquefied Natural Gas (FLNG) Vessels, Tension Leg Platform, Semi-submersibles, Spar Platforms, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global offshore mooring industry garnered $1.2 billion in 2021, and is expected to reach $1.8 billion by 2031, witnessing a CAGR of 3.7% from 2022 to 2031. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities-
Increase in demand for energy across the world and rise in subsea exploration and drive the growth of the global offshore mooring market. On the other hand, high initial capital cost associated with offshore mooring impedes the growth to some extent. However, rise in investment toward exploration and production of offshore fields have paved the way for multiple opportunities for the key players in the industry.
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Covid-19 scenario-
- The temporary ban on import & export and disruptions in manufacturing & processing activities across various industries gave way to decreased demand for oil & gas from consumers, which impacted the global offshore mooring market negatively, especially during the initial period.
- Also, halt in the production of new offshore infrastructures aggravated the scenario even more. However, the market started recovering by the second quarter of 2021.
The catenary segment held the major share in 2021-
Based on mooring type, the catenary segment contributed to the highest share in 2021, holding nearly one-third of the global offshore mooring market revenue. This is owing to surge in demand for offshore mooring systems from various applications such as floating LNG structures. Also, increase in exploration and production activities in offshore fields have supplemented the market growth. The spread segment, on the other hand, would cite the fastest CAGR of 4.3% from 2022 to 2031.
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The drag embedment anchors segment to dominate during the forecast period-
Based on anchors, the drag embedment anchors segment held the major share in 2021, garnering more than two-fifths of the global offshore mooring market revenue. This is due to surge in demand for drag embedment anchors from deep water drilling applications across the world. Moreover, several advantages associated with drag embedment anchors such as efficiency, cost-effectiveness, and resistance toward both vertical and horizontal surfaces have propelled the segment's growth. The gravity anchors segment, however, would showcase the fastest CAGR of 4.0% from 2022 to 2031.
The floating production, storage, and offloading (FPSO) vessels segment to dominate by 2031-
Based on application, the floating production, storage, and offloading (FPSO) vessels segment garnered the major share in 2021, holding around one-third of the global offshore mooring market revenue. Increase in demand for offshore mooring systems from FPSO vessels across the world is driving the growth of the segment. Floating drilling, production, storage, and offloading (FDPSO) vessels, simultaneously, would portray the fastest CAGR of 4.3% during the forecast period.
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Asia-Pacific garnered the major share in 2021-
Based on region, Asia-Pacific generated the major revenue in 2021, contributing to nearly one-third of the global offshore mooring market share in 2021, and is estimated to rule the roost by 2031. Emergence of offshore fields across South China sea and Australia has fueled the market growth. North America, however, would cite the fastest CAGR of 4.0% from 2022 to 2031.
Leading Market Players-
- Blue Water Energy LLP
- Delmar Systems, Inc.
- SOFEC, Inc.
- Mampaey Offshore Industries B.V.
- Rigzone Mooring Systems
- SBM Offshore N.V.
- Offspring International
- Moorsure Mooring Systems Solutions Pty Ltd
- Blue Water Energy LLP
- Balltec Ltd.
The report analyzes these key players in the global offshore mooring market. These players have taken recourse to various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their foothold in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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