According to a new report published by Allied Market Research, titled, “Offshore Mooring Market,” The offshore mooring market size was valued at $1.2 billion in 2020, and is estimated to reach $1.7 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
Offshore mooring is the process or act of tying a floating structure or ships to a submerged anchoring point. Offshore mooring system is made up of a mooring line, anchor & connectors, and mooring layout, and is used for station keeping of a ship or floating platform in all water depths.
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Increase in applications of offshore mooring in floating production, storage, & offloading (FPSOs) and semisubmersibles is expected to fuel the growth of the market in the near future. Moreover, growth in demand for energy and rise in offshore exploration and production are factors that drive the offshore mooring market trend. Their impact is expected to increase significantly due to increase in maturity of onshore oil & gas fields. Mature onshore oil & gas fields are expected to lead to offshore exploration and production and in turn drive the market. Some of the restraints associated with the market are high initial CAPEX and harsh deep sea environmental conditions.
On the basis of the mooring type, the catenary segment garnered the highest market share of about 29.5% in 2020, and is expected to maintain its dominance during the offshore mooring market forecast period. This is attributed to rise in demand for catenary mooring from deep shallow water fields. In addition, rise in offshore exploration and production activities is further expected to drive the growth of this segment in the coming years.
By anchors, the drag embedment anchors registered highest market share in the year 2020. This is owing to rise in demand for this type of anchors from shallow to deep water applications. In addition, it is mainly used for catenary mooring which is highly used mooring system in offshore applications and hence fuels the growth of the market in the coming years.
On the basis of applications, the floating production, storage and offloading (FPSO) vessels segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 3.8%, owing to rise in demand for offshore mooring systems from FPSO vessels across the globe. In addition, rise in demand for FPSO platforms from oil and gas offshore exploration and production facilities is anticipated to drive the growth of the market in the coming years.
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Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the highest offshore mooring market share in the year 2020. This is attributed to emergence of offshore fields in the South China sea, Australia, and others regions. Moreover, rise in investment towards oil & gas exploration and production and reducing dependence on imports is anticipated to fuel the growth of the offshore mooring market in the region during the forecast period.
The global offshore mooring market analysis covers in-depth information of the major compressed natural gas industry participants. The key players operating and profiled in the report include Offspring International, Blue Water Energy LLP, Mampaey Offshore Industries B.V., Rigzone Mooring Systems, Delmar Systems, Inc., Moorsure Mooring Systems Solutions Pty Ltd., Blue Water Energy LLP, Balltec Ltd., SOFEC, Inc., and SBM Offshore N.V.
COVID-19 Impact on Market
Lockdown imposed, owing to outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for oil & gas from consumers. In addition, halt in exploration & production of new offshore infrastructures and oil & gas fields, halt in trade activities, owing to unavailability of workers, and increase in demand–supply gap hampered the offshore mooring market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the offshore mooring market recovered by the second quarter of 2021, as COVID-19 vaccination was made available in various economies across the globe, which improved the global economy.
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