A mooring system comprises mooring line, anchor, and connectors installed on the vessels to facilitate the station keeping away from the floatation platforms. The emergence of this technology has addressed the soaring needs for Floating Production Storage & Offloading (FPSOs) and production facilities in deep water and ultra-deep water projects. It has outpaced the conventional technology of temporary anchors by use of synthetic mud ropes, which has now become a standard in oil & gas industry. Moreover, it helps in extracting oil from sea beds, has more holding power, causes less damage to the marine environment and is convenient.
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World offshore mooring market is expected to witness a significant growth over next six years. This growth is attributed to increased demand for energy across the globe that has resulted in increased subsea exploration and production. Other factors that drive offshore mooring market are maturity of onshore oil & gas fields, rise in offshore field exploration, emergence of FPSO technology, growing importance of new clean electricity, and high investments from Middle East and Latin America.
Key Players:
Viking Sea Tech,Intermoor, Inc.,Baltec Systems Pvt. Ltd.,Delmar Systems,KTL Offshore Pte Ltd.,MODEC, Inc.,Mampaey Offshore Industries B.V.,Mooring Systems Inc.,SBM Offshore N.V.,BW Offshore Ltd.
However, high initial CAPEX, harsh deep sea environmental conditions could limit the growth of the market. The world offshore mooring market is anticipated to reach a market value of $1,408 million by 2022, registering a CAGR of 5.0% between 2016 and 2022.
Sustained growth in offshore mooring technology is a significant factor in ensuring a favourable commercial environment for oil and gas related offshore projects. Moreover, the rise in offshore field exploration has boosted the offshore mooring market. Approximately, one third portion of the oil and gas extraction worldwide is drawn out from offshore sources.
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The study conducts SWOT analysis to assess the strengths and weaknesses of the key players engaged in the Offshore Mooring market. Moreover, the report undertakes an elaborate examination of drivers and constraints operating in the market. The report also evaluated the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Offshore Mooring market segments and regions.
Competitive scenario:
The study assesses factors such as segmentation, description, and applications of Offshore Mooring industries. It derives accurate insights to give a holistic view of the dynamic features of the business, including shares, profit generation, thereby directing focus on the critical aspects of the business.
Major highlights of the report:
- An all-inclusive evaluation of the parent market
- The evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of the market value and volume in the past, present, and forecast years
- Market share evaluation
- Study of niche industrial sectors
- Tactical approaches of the market leaders
- Lucrative strategies to help companies strengthen their position in the market.
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