Offshore Mooring Market to Reach $1.7 Bn, Globally, by 2030 at 3.9% CAGR: Allied Market Research
Emergence of FPSO technology, which is more economical as compared to permanent platforms, growth in importance of new clean electricity, and high investments from Middle East as well as Latin America drive the growth of the global offsite mooring market.
PORTLAND, Ore., May 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Offshore Mooring Market by Mooring Type (Catenary, Taut, Semi Taut, Spread, Single Point, Dynamic Positioning), by Anchors (Gravity Anchors, Drag Embedment Anchors, Vertical Load Anchors), by Application (Floating Production, Storage and Offloading (FPSO) Vessels, Floating Drilling, Production, Storage and Offloading (FDPSO) Vessels, Floating Liquefied Natural Gas (FLNG) Vessels, Tension Leg Platform, Semi Submersibles, Spar Platforms, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report published by Allied Market Research, the global offshore mooring market was estimated at $1.2 billion in 2020 and is expected to hit $1.7 billion by 2030, registering a CAGR of 3.9% from 2021 to 2030.
Emergence of FPSO technology, which is more economical as compared to permanent platforms, growth in importance of new clean electricity, and high investments from Middle East as well as Latin America drive the growth of the global offsite mooring market. On the other hand, variations in oil prices and high cost associated with deep water projects restrain the growth to some extent. However, discoveries of oil & gas fields in the African and Asia-Pacific regions are projected to create lucrative opportunities in the industry.
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- The outbreak of the pandemic gave way to a steep decline in demand for oil & gas fuel, which impacted the global offshore mooring market negatively.
- Logistics disruptions across the world aggravated the situation even more. However, the market is expected to recoup soon.
On the basis of mooring type, the catenary segment held the major share in 2020, garnering more than one-fourth of the global offshore mooring market. This is due to rise in demand for catenary mooring from deep shallow water fields. The spread segment, on the other hand, is projected to cite the fastest CAGR of 4.5% throughout the forecast period, owing to increase in demand for spread mooring systems from various applications including offshore drilling applications, floating LNG structures, and others.
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By anchors, the drag embedment anchors segment contributed to the lion's share in 2020, holding more than two-fifths of the global offsite mooring market. It is mainly used in catenary mooring which is the highly used mooring system in offshore applications, thus driving the segment growth. However, the gravity anchors segment is projected to manifest the fastest CAGR of 4.1% from 2021 to 2030. Increase in installation of gravity anchors in mooring foundation for drifting offshore wind turbines in shallow waters drives the segment growth.
By region, the market across Asia-Pacific dominated in 2020, garnering around one-third of the global offsite mooring market. This is attributed to the emergence of offshore fields in the South China sea, Australia, and others regions. North America, simultaneously, is expected to cite the fastest CAGR of 4.2% throughout the forecast period. Surge in demand for energy and transportation fuel propels the market growth.
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- Blue Water Energy LLP
- Mampaey Offshore Industries B.V.
- Rigzone Mooring Systems
- SBM Offshore N.V.
- Delmar Systems, Inc.
- Moorsure Mooring Systems Solutions Pty Ltd.
- Offspring International
- Blue Water Energy LLP
- Balltec Ltd.
- SOFEC, Inc.
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