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The mooring systems market size is estimated to grow at a CAGR of 4.17% between 2022 and 2027. The market size is forecast to increase by USD 440.84 million. The growth of the market depends on several factors such as an increase in global offshore oil and gas exploration activities, rising government support for offshore wind energy, and an increase in demand for energy consumption is driving the adoption in the oil industry.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increase in global offshore oil and gas exploration activities. Governments in many countries are undertaking several measures to increase their oil and gas production. For example, in June 2020, the Russian government adopted The Energy Strategy of Russia up to 2035, which replaced the 2009 strategy for energy development up to 2030.
Moreover, the main purpose of this strategy is to maintain and strengthen Russia's role in the global energy market and achieve growth in the use of LNG and gas engine fuel. Similarly, in India, the Ministry of Petroleum and Natural Gas approved oil and gas projects worth approximately USD 13.51 billion for Northeast India in September 2021. Hence, such projects and initiatives are positively impacting the market which in turn will drive the market growth during the forecast period.
A key factor shaping the market growth is the rise in deepwater and ultra-deep-water E&P activities. As several offshore rigs are attaining maturity and in their initial stages of depletion, it is resulting in shifting the focus of several upstream oil and gas companies to deepwater and ultra-deep-water wells due to their large reserves and untapped potential. One of the main requirements of deepwater and ultra-deep-water projects is for the average price of crude oil to be at or above USD 60/barrel in order to have commercial feasibility.
Furthermore, the production of oil, especially in the ultra-deep-water setting, is more expensive than the traditional methods of oil production. But the the potential of deepwater and ultra-deep-water projects is expected to positively impact the market growth. The increase in the global price of crude oil is encouraging upstream oil and gas companies to increase drilling and operations in offshore locations that have large reserves, including the Gulf of Mexico and Brazil. Hence, such factors are driving the market growth during the forecast period.
Fluctuations in raw material pricing are one of the key challenges hindering the growth. The systems essentially include materials that can perform under extreme environments. Stainless steel, hardened steel, and aluminum are some of the key raw materials that are needed for manufacturing mooring systems. The increasing preference for these systems is due to their physical properties, including high melting point and ruggedness, that make them the best option for various applications in the offshore activities of oil and gas and wind energy industry.
However, these materials are subjected to price fluctuations in the market due to various factors such as inflation, availability, and production. Hence, such factors can negatively impact the market which, in turn, can hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bluewater Energy Services BV: The company offers mooring systems such as FPSO and FLNG mooring, and FSRU and FSO mooring.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The spread mooring segment is estimated to witness significant growth during the forecast period. This segment enables an oil and gas vessel to moor at a fixed location at a fixed heading by utilizing its own anchors. The spread mooring segment offers improved stability as its bow typically heads into the direction while the vessel is in a fixed heading relative to the seabed. The main type of spread mooring system is the conventional buoy mooring system which is mainly valuable when no quay sites are available.
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The spread mooring segment was the largest segment and was valued at USD 510.05 million in 2017. There is increasing adoption of FPSO vessels for offshore oil and gas exploration and production activities which is significantly contributing to the growth of this segment. For example, in July 2021, Energean Power FPSO deployed spread moored using 14 mooring lines arranged in 2x4 and 2x3 clusters at 1750 m water depth. Furthermore, FPSO Cidade de Sao Paulo - MV23 of Petrobras, which is deployed in the Guara field in Santos Basin, has been widely utilizing a spread mooring system for the last decade. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main countries that are significantly contributing to the global market in APAC is China accounting for the largest share of the global offshore wind power installed capacity. As per the Global Wind Energy Council, if the government continuously invests in such projects, the annual installations in Asia can reach up to 5 GW or more annually. This can significantly lead to an increase in the adoption of the systems in offshore wind power in China which is expected to fuel the growth of the global market in the region.
Similarly, in February 2021, the South Korean government declared its plans to build an 8.2GW, USD43 billion offshore wind farm by 2030. Thus, such investments and developments are positively impacting the market which in turn will drive the market growth in the region during the forecast period.
The Market caters to offshore fields with a focus on holistic evaluation and technological advancements. It encompasses various components such as grapple, connectors, wire, chain, and manufactured fiber rope for sea floor transport and stability. Challenges include offshore complexities, mooring accidents, and regulatory compliance. Market growth is fueled by rising energy demands, particularly from shale gas activities and offshore exploration and production. Strategic positioning and segmentation analysis drive market attractiveness, while factors like maintenance, replacement costs, and controls impact market dynamics. Porter's Five Forces analysis and geographical representation provide insights into market competitiveness and strategic opportunities for players in the industry.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and market growth and trends opportunities from 2017 to 2027.
Mooring Systems Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.17% |
Market growth 2023-2027 |
USD 440.84 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.52 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acteon Group Ltd., Anchor Industries PTY Ltd., Bluewater Energy Services BV, BW Offshore Ltd., Cargotec Corp., Grup Servicii Petroliere SA, Hazelett Marine, Kobelt Manufacturing Co. Ltd., Mampaey Offshore Industries B.V., MODEC Inc., Mooring Systems Inc., NOV Inc., Offspring International Ltd., Qingdao Waysail Ocean Technology Co. Ltd., SBM Offshore NV, SOFEC Inc., Timberland Equipment Ltd., Trelleborg AB, Vryhof, and Whittaker Engineering Stonehaven Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market analysis and report report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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