The Mooring Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mooring Systems Global Market Report 2024, The mooring systems market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to offshore exploration expansion, renewable energy development, market entry of new players, global economic cycles, environmental awareness.
The mooring systems market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to offshore energy demand, global energy transition, infrastructure development, market competition, environmental considerations. Major trends in the forecast period include deepwater exploration, floating renewable energy, technological advancements, environmental regulations.
The rise in the exploration and production of oil and gas in offshore fields is expected to propel the mooring systems market going forward. Offshore fields oil and gas exploration and production refers to the techniques and methods involved in identifying possible spots for oil and gas exploration and extraction. The offshore industry is primarily responsible for designing multi-dependent mooring systems for the open sea, mainly when offshore oil and gas installations are done in unstable and harsh deep-water environments. Mooring systems are required to keep them in place from waves, water currents, and wind. For instance, in May 2021, a report published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas, India), petroleum product production increased by 15.5% in May 2021, compared to a 30.9% increase in April 2021. Therefore, a rise in the exploration and production of oil and gas in offshore fields will drive the mooring systems market.
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The mooring systems market covered in this report is segmented –
1) By Type: Taut Leg, Spread Mooring, Semi Taut, Dynamic Positioning, Catenary, Single Point Mooring
2) By Anchorage: Drag Embedment Anchors (DEA), Vertical Load Anchors (VLA), Suction Anchors
3) By Depth Type: Shallow Water, Deepwater
4) By Application Type: Floating Production Storage and Offloading (FPSO), Tension Leg Platform (TLP), SPAR, Semi-Submersible, Floating Liquefied Natural Gas (FLNG)
Major companies operating in the mooring system market are focused on adopting strategic partnerships to gain a competitive edge in the market. Strategic partnerships refer to collaborative alliances formed between two or more organizations with the aim of achieving mutual benefits and pursuing common goals. For instance, in June 2023, Seaflex, a Sweden-based company that provides elastic mooring solutions, partnered with Blue Parameters, a UK-based environmental and sustainability company. With this partnership, Seaflex aims to provide the elastic mooring component in the Mermaid K mooring system, an evolution in Advanced Sustainable Mooring Systems. This partnership reflects the importance and value of long-term sustainability in the marine environment.
The mooring systems market report table of contents includes:
- Executive Summary
- Mooring Systems Market Characteristics
- Mooring Systems Market Trends And Strategies
- Mooring Systems Market - Macro Economic Scenario
- Global Mooring Systems Market Size and Growth
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- Global Mooring Systems Market Competitive Benchmarking
- Global Mooring Systems Market Competitive Dashboard
- Key Mergers And Acquisitions In Mooring Systems Market
- Mooring Systems Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- FMC Technologies
- National Oilwell Varco
- Timm AS
- Cargotec Corporation
- SBM Offshore
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The global offshore mooring systems market size is expected to reach USD 2.66 Billion by 2028 and register a CAGR of 4.1% over the forecast period, according to the latest report by Reports and Data.
Rising demand for energy globally and maturity of a number of onshore gas and oilfields has resulted in increased offshore field exploration activities, which are major factors driving market revenue growth.
Rapidly increasing global population and rising demand for energy are major factors expected to continue to drive market growth over the forecast period.Get Free Sample of this report : https://www.reportsanddata.com/sample-enquiry-form/4090Mooring systems are composed of mooring lines, anchors, wires, and chains and provide anchorage to ships, floating vessels, and platforms over water.
Rapid depletion of onshore oil and gas reserves has result in increasing investment in FLNG, FPSO, and SPAR among others for expanding offshore exploration activities.
Some Key Highlights From the Report:Spread mooring type segment is expected to register significant growth rate over the forecast period due to its use in any water depth, on vessels of different sizes, and in applications that necessitate high service life and quality.
Growth can also be attributed to its increasing use in unidirectional environment on floating offshore platforms that can endure severe environmental factors.Major companies operating in the market include Offspring International, Mampaey Offshore Industries B.V., Single Point Mooring Systems, Rigzone Mooring Systems, ScanaIndustrier ASA, Delmar Systems, Inc., Sofec, Moorsure Mooring Systems Solutions Pty Ltd, and Blue Water Energy, among others.In March 2021, Jebb Smith Ltd. formed Oasis Marine Power as a subsidiary to build on company’s expertise in marine mooring systems.
The global offshore mooring systems market size is expected to reach USD 2.66 Billion by 2028 and register a CAGR of 4.1% over the forecast period, according to the latest report by Reports and Data.
Rapidly increasing global population and rising demand for energy are major factors expected to continue to drive market growth over the forecast period.Mooring systems are composed of mooring lines, anchors, wires, and chains and provide anchorage to ships, floating vessels, and platforms over water.
Rapid depletion of onshore oil and gas reserves has result in increasing investment in FLNG, FPSO, and SPAR among others for expanding offshore exploration activities.
Mooring lines or anchors attach the ship or floating structure to sea floor and is imperative in subsea production facilities.
Increasing investment in Floating Liquefied Natural Gas (FLNG), Floating Production Storage Offloading (FPSO), and Single Point Anchor Reservoir (SPAR) among others, for expanding offshore exploration activities has been increasing significantly due to rapid depletion of onshore oil and gas reserves.
Increasing number of mature onshore oil and gas fields have also been boosting offshore exploration and production, and this is expected to fuel revenue growth of the market over the forecast period.Request A Free Sample Of Offshore Mooring Systems Market Report : https://www.reportsanddata.com/sample-enquiry-form/4090Some Key Highlights From the Report:Spread mooring type segment is expected to register significant growth rate over the forecast period due to its use in any water depth, on vessels of different sizes, and in applications that necessitate high service life and quality.
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 2023Offshore 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 ProspectsThe global offshore mooring systems market is projected to expand at 4.7% CAGR from 2017 to 2023, as per MRFR.
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.SegmentationThe 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.
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.
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 2023Market Synopsis: Global Offshore Mooring Systems MarketMooring Systems support the anchorage of the ships or floating vessels and platforms across all sorts of water depths.
The market of offshore mooring systems has seen a huge growth from the last few years.
The factors which affect the market of offshore mooring systems are growth in oil and gas production and growing demand for energy.
Along with this, purchasing power of consumers are also increasing, which leads the high demand of transportation fuels.
However, lack of technological knowledge among the players may be a major challenge for the growth of the market.Get Free Report Sample : https://www.marketresearchfuture.com/sample_request/7505 Global Offshore Mooring Systems Market: Regional AnalysisThe global offshore mooring systems market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW).
Asia-pacific held the largest share in the offshore mooring systems market, followed by North America and Europe.
