The rising demand for crude oil is creating lucrative growth opportunities for the global offshore mooring systems market, says Fortune Business Insights in their new study. The study is titled, “Offshore Mooring Systems Market Size, Share and Global Trend by Type (Single Point Mooring, Taut Leg System, Semi-taut Leg System), By Anchorage (Suction Anchors, Vertical Load Anchors, Drag Embedment Anchors), By Depth of Operation (Shallow Water, Deepwater), by Application (Floating Production Storage and Offloading, Floating Liquefied Natural Gas, Semi-Submersible Platforms), And Geography Forecast till 2026”. The report studies in detail various factors promoting and challenging growth of the market.
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The global offshore mooring systems market is segmented into deep water and shallow water on the basis of depth of operation. Fortune Business Insights predicts deepwater exploration operations to witness higher demand than the shallow ones, and thus the deep explorations are dominant in the market and anticipated to remain the same in the forthcoming years as well. Based on application, the market is expected to generate more revenue from the planned and deployed FPSO wherein this segment has witnessed larger demand as compared to their other platform counterparts such as SPAR, TLP, FLNG, and others.
Key Industry Developments
- In May 2019, DNV GL announced about its newly developed technique which lessens the risk of missing a line failure in offshore floating vessel mooring. This new system involves replacing physical sensors with a machine learning algorithm which accurately detects line failure.
- In February 2019, Rystad a Norwegian oil and gas intelligence firm has stated that it expects 33 FPSOs to be sanctioned from 2019 till 2021 following a pick-up in oil and gas activity in the offshore sector. This will also help in more deployment of mooring systems.
- In January 2019, TechnipFMC awarded Lankhorst Offshore a contract to provide mooring systems for Energean Power FPSO which would be working in Karish and Tanin Gas Fields.
Key Market Driver – Increasing energy consumption and decline in onshore oil and gas reserves
Key Market Restraint – High initial cost required for systems and unpredictable deep sea conditions
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Some of the companies functioning in the global market are
- Delmar Systems
- BW Offshore Ltd
- FMC Technologies Inc
- Viking Sea Tech
- Mampaey Offshore Industries BV
- Group Servicii Petroliere SA
- KTL Offshore Pte Ltd
- Trelleborg Marine Systems
- Timberland Equipment Ltd
- Mooring Systems Inc
- Baltec Systems Pvt. Ltd
- Intermoor Inc
- SBM Offshore NV
Rise in Demand for Power Generation to Boost Market
Rise in demand for energy has increased the need for energy extraction. Energy extraction is carried out by the process of drilling and this is a major factor boosting the market. Rapid technological advancement in field of machinery, coupled with the rise in population and purchasing capacity of people especially in developed nations are expected to help augmentation of the market.
However, high machinery cost of machinery for wastewater treatment, and lack of skilled professionals may restrict the growth of the market. Nevertheless, the increasing awareness about water conservation and treatment, and its advantages are anticipated to bring growth opportunities to the market. Furthermore, the rise in need for recycling and reusing waste will help the market grow in the coming years.
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Increasing Investments in Shallow and Deep Water Mooring to Help Europe Witness Remarkable Growth
Asia Pacific is anticipated to witness increasing drilling. This is attributable to the rise in drilling operations in and around the region, especially the developing nations such as India. The presence of numerous unexplored drilling sites in this regions is anticipated to boost the market in the coming years. On the other side, the market in Europe is expected to show strong growth in the forecast period on account of the increasing investments in both shallow and deep water mooring by key market players. Furthermore, the market in Latin America and North America will show steady growth because of the increase in subsea activities in places such as the USA in North America, and Brazil of Latin America.
Contract Awards and Other Innovations to Help Companies Gain Competitive Edge
The rate of progress in the global offshore mooring systems market is accelerated by the fruitful efforts of vendors. TechnipFMC, awarded a contract to Lankhorst Offshore in January 2019, for providing mooring systems for Energean Power FPSO. This system is designed for working in Tanin and Karish Gas Fields. Such type of progress clearly indicates the brighter future for the global offshore mooring systems market.
Key Segmental Overview:
1. By Type
- Single Point Mooring
- Taut Leg System
- Semi-taut Leg System
- Spread Mooring
- Dynamic Positioning Mooring
2. By Anchorage
- Suction Anchors
- Vertical Load Anchors
- Drag Embedment Anchors
3. By Depth Of Operation
- Shallow Water
4. By Application
- Floating Production Storage and Offloading (FPSO)
- Floating Liquefied Natural Gas (FLNG)
- SPAR Platform
- Tension Leg Platform (TLP)
- Semi-Submersible Platforms
5. By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Major Table of Content For Offshore Mooring Systems Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- North America Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- Europe Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- Asia Pacific Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- Latin America Offshore Mooring Systems Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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