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Global Offshore Mooring Systems Market to Reach US$ 1.9 Billion by 2027, Facilitated by Significant Expansion in the Oil and Gas Sector

Published on Nov 08, 2022

The latest report by IMARC Group, titled “Offshore Mooring Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global offshore mooring systems market reached US$ 1.5 Billion in 2021. Offshore mooring systems refer to equipment designed to perform the station-keeping of ships or floating platforms in all water depths. They mainly consist of three parts, namely the anchor system, mooring line, and connectors. They also have a specific mooring layout, depending on the local environmental conditions and purpose of the offshore unit. They provide permanent or temporary berthing for ships and a range of floating structures, such as dry docks, piers, bridges, and oil drilling or production facilities. As a result, offshore mooring systems form an essential component of numerous floating facilities in the oil, gas, and renewable energy industries.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.                                              

Global Offshore Mooring Systems Market Trends:

Significant expansion in the oil and gas sector represents the primary factor driving the market growth. Moreover, there has been a shift in oil and gas extraction activities to deep-water areas due to the depleting shallow and onshore gas reserves and the escalating energy demand across the globe. This, in turn, has augmented the demand for offshore mooring systems to support oil exploration in deeper water. Besides this, the introduction of stringent policies and regulations by governments of various countries owing to the increasing offshore complexities and instances of adverse mooring accidents is positively influencing the market growth. Furthermore, the leading players are developing next-gen deep-water mooring and anchoring vessels and systems that offer solutions for problems arising due to vessel anchoring capabilities, seabed conditions, and higher weights and tensions. In line with this, the widespread integration of innovative features, such as high-temperature gas hydrate basins, to facilitate precise operations and maximize safety measures while reducing human efforts has accelerated product adoption rates. In addition, the shifting preferences toward clean electricity and renewable energy sources owing to rising environmental concerns have catalyzed market growth. Other factors, including the emerging floating production storage and offloading (FPSO) technology, heavy investments in deep-water drilling activities, and the surging need for subsea explorations, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1.9 Billion by 2027, growing at a CAGR of 4.3% during 2022-2027.  

Market Summary:

  • Based on the product type, the market has been classified into spread mooring, single point mooring, dynamic positioning, tendons and tension mooring, and others.
  • On the basis of the anchorage, the market has been segmented into drag embedment anchors, suction anchors, vertical load anchors, driven pile, and others.
  • The market has been divided based on the application into tension leg platforms, semi-submersible platforms, SPAR platforms, FPSO, drill ships, and others.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.        
  • The competitive landscape of the market has also been examined, with some of the key players being Balltec Ltd., Balmoral Group Holdings Limited, Bluewater Energy Services B.V. (Aurelia Energy N.V.), BW Offshore Group, Delmar Systems Inc, Lamprell plc, Mampaey Offshore Industries B.V, MODEC Inc., NOV Inc., Offspring International Limited, and SBM Offshore N.V.
     

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