Offshore Mooring Market Top Contenders
The key players operating and profiled in the offshore mooring market 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.
The other players operating in the offshore mooring market are De Haan Mussel Kanaal, Scana Industrier ASA, Advanced Production and Loading, Multinational Craig Energy Services, Lamprell Energy, and LHR Services & Equipment.
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.
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North America is expected to grow at the fastest rate, registering a CAGR of 4.2%, during the forecast period.
In 2020, Asia-Pacific dominated the global offshore mooring market with more than 33.7% of the share, in terms of revenue.
In 2020, the catenary mooring segment accounted for about 29.5% of the share in the global offshore mooring market, and is expected to maintain its dominance during the forecast period.
In 2020, the spread mooring segment accounted for 13.8% market share, and is anticipated to grow at a rate of 4.5% in terms of revenue.
In 2020, the drag embedment anchors segment accounted for 44.7% market share, and is anticipated to grow at a rate of 3.9% in terms of revenue.
Floating liquefied natural gas (FLNG) vessels is the rapidly growing segment in the global offshore mooring market, and is expected to grow at a CAGR of 4.6% during 2021–2030.
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.
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.
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.
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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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