The global offshore mooring systems market 2020 exhibits the potential to achieve a decent CAGR of 4.7% over the forecast period (2018-2023), reveals Market Research Future (MRFR).
Top Growth Boosters and Main Challenges
Brisk growth of oil and gas E&P in offshore fields, combined with the increasing development of high-temperature gas hydrate basins are some chief factors that solidify the market position for offshore mooring systems.
Constantly rising need for subsea explorations and the commercialization of wind & hydro-energy farms, especially in the Gulf of Mexico, have resulted in large-scale deployment of top-quality offshore mooring systems across the globe. Soaring energy demand in North America along with the growing preference for clean electricity can induce market expansion during the appraisal period.
The expanding population across the globe as well as the increasing per capita energy consumption can benefit the market in the near future. In addition, massive demand for transportation can boost the growth of the offshore mooring systems market in the following years.
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The market for offshore mooring systems has been segmented depending on type, anchorage, and application.
The types of mooring systems used in offshore activities are SPM (Single Point Mooring), spread, tendons, dynamic positioning, and others. Spread mooring systems formed the largest part of the market in 2017 and can retain its position throughout the appraisal period. A spread mooring system finds widespread use in various platforms including mobile offshore drilling units (MODU) among others. A single point mooring system, on the other hand, can be used on ships, enabling them to weathervane into adverse environmental conditions. SPMs are generally turret based and are used in production, floating, FLNG ships, service vessels, and storage & offloading (FPSO) platforms.
The anchorage segment can be narrowed down into suction Anchors, Drag Embedment Anchors (DEA), driven pile, vertical Load Anchors, and others. Out of these, the suction anchors segment led the market in the year 2017 and can note maximum growth during the conjectured timeframe. The main reason behind the segment’s strong growth is suction anchors’ cost-effective as well as their safe nature.
Application-wise market segments are tension leg platform (TLP), semi-submersible, SPAR, FPSO, drillships and others.
The offshore mooring systems market is spread across the primary regions of North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
APAC has claimed the top spot in the global offshore mooring systems market, followed by North America and Europe. The region’s prominence in the global market is the result of an expansive population and the mounting demand for energy and clean electricity. Over the years, the region has noted an overwhelming surge in the demand for offshore mooring systems market, with China being the most lucrative country. Further, Vietnam, Australia and Indonesia are few other significant markets for offshore mooring systems in the region. The regional market growth will also be backed by the increasing oil and gas energy and power (E&P) that drive domestic production and also brings down the dependence on imports.
The offshore mooring systems market in Europe can note considerable growth in the upcoming years, on account of the increasing number of activities in industries like renewable energy, petroleum, and subsea exploration. Countries including France, Germany, the United Kingdom (UK), Italy and Netherlands are expected to witness brisk progress in the given timeframe, thanks to the high technological advancements that make heavy use of wind energy as well as wave energy.
Significant players influencing the growth rate of the global offshore mooring systems market are Timberland Equipment Limited (Canada), MODEC, Inc. (Japan), Mampaey Offshore Industries B.V. (Netherlands), SBM Offshore (Netherlands), BW Offshore (Norway), Bluewater (Netherlands), Trelleborg Marine Systems (UAE), Offspring International Limited (UK), DELMAR SYSTEMS INC (US), Balltec Ltd. (UK), to mention a few.
TABLE OF CONTENTS
1. Executive Summary
2. Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3. Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
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