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The mooring systems market size is forecast to increase by USD 479.9 billion at a CAGR of 4.36% between 2023 and 2028. The market is experiencing significant growth due to the expansion of energy production in offshore environments, particularly in tidal energy platforms. The increasing demand for energy and the exploration of new deep sea habitats are driving market growth. The initial cost and capital expenditure for offshore exploration and production operations necessitate the use of advanced mooring systems, such as spread mooring systems, SPARs (Single Point Anchoring Systems), semisubmersibles, and floating constructions. These systems utilize anchor lines and radial patterns to secure offshore structures, ensuring stability in harsh ocean conditions. Offshore vessels play a crucial role in the installation and maintenance of these systems. However, the technical understanding required for their implementation presents a challenge. As the market continues to evolve, the focus on reducing initial costs and improving efficiency will remain key trends.
The offshore market caters to the requirements of floating production, storage, and offloading (FPSO) and spar platforms used in independent oil and gas exploration and production. These systems ensure the stable positioning of floating structures in harsh environmental conditions, enabling efficient offshore drilling and rig activity. Mooring systems consist of various components, including anchors, mooring lines, shackles, wires, and chains. Anchors serve to secure the floating structures to the seabed, while mooring lines, wires, and chains connect the floating structures to the anchors.
Synthetic and steel mooring lines are commonly used, with the choice between them depending on the specific environmental conditions and vessel type. Offshore mooring systems are essential for FPSOs and spar platforms, which are used in deep water and harsh environments. Single point mooring (SPM) and taut leg systems are two popular mooring types for these floating structures. SPMs use a single anchor and a buoy to moor the FPSO, while taut leg systems use multiple mooring lines to keep the FPSO taut and prevent it from swaying excessively in response to waves, currents, and winds. Floating structures, such as FPSOs and spar platforms, are subjected to challenging environmental conditions, including waves, currents, and winds.
Mooring systems play a crucial role in ensuring the stability and safety of these structures. The water depth and anchorage requirements vary depending on the specific offshore location and vessel type. The market growth is driven by the increasing demand for offshore oil and gas production, particularly in deep water and harsh environments. The market is expected to experience steady growth due to the continued investment in offshore drilling and the expanding use of floating structures for oil and gas production. Key components of mooring systems include anchors, mooring lines, shackles, wires, and chains. Anchors are available in various types, including gravity anchors, suction anchors, and drag anchors.
Mooring lines are available in synthetic and steel varieties, with the choice between them depending on the specific environmental conditions and vessel type. Shackles, wires, and chains are used to connect the mooring lines to the floating structure and the anchor. In conclusion, the market plays a vital role in enabling the efficient and safe operation of offshore floating production, storage, and offloading (FPSO) and spar platforms. The market is expected to experience steady growth due to the increasing demand for offshore oil and gas production and the expanding use of floating structures for oil and gas production in deep water and harsh environments.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2017-2022 for the following segments.
The single point segment is estimated to witness significant growth during the forecast period.Mooring systems play a crucial role in Floating Production, Storage, and Offloading (FPSO) operations, particularly in the offshore oil and gas industry. Single point mooring systems are a type of offshore mooring system that utilizes a single floating buoy or jetty, permanently anchored offshore. These systems function as a mooring point for tankers, enabling them to load or offload cargo. The single point mooring segment is poised for growth during the forecast period due to increasing adoption by crude oil refineries, particularly in the Asia Pacific region. For instance, Kochi Refineries Ltd (BPCl-KRL) established a single point mooring system in February 2022, serving as a captive reception for crude oil imports.
This system is connected to the refinery via a pipeline of 19 kilometers. Environmental conditions and vessel type are essential considerations when designing and implementing mooring systems. Mooring components, such as anchors, shackles, mooring lines, wires, and chains, are engineered to withstand the unique challenges posed by offshore conditions. Single point mooring systems offer flexibility and efficiency, making them a preferred choice for offloading operations in the oil and gas sector.
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The Single point segment accounted for USD 583.4 million in 2017 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 45% 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.
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Mooring systems play a crucial role in securing offshore structures, including Floating, Liquefied Natural Gas (FLNG) platforms, Spar vessels, Submersibles, and Deepwater oil and gas production facilities. In the realm of renewable energy, mooring systems are increasingly being utilized in Offshore Wind farms and Floating Solar plants. The global energy landscape is undergoing significant shifts, with the ongoing global energy crisis driving the need for sustainable energy solutions. China, in particular, has been making strides in offshore wind power, accounting for the largest share of the global installed capacity in 2023. In 2021, the country installed a record-breaking 16.9
GW of offshore wind capacity, marking a substantial increase from the previous year. With continued government commitment and investments, annual installations in Asia could reach 5 GW or more. Consequently, the demand for mooring systems in China's offshore wind sector is poised for substantial growth during the forecast period. Notably, in October 2022, the government of Chaozhou announced plans to construct the world's largest offshore wind farm, with a capacity of 43 GW. This ambitious project underscores China's commitment to renewable energy and the expanding role of mooring systems in securing these large-scale offshore installations.
Our researchers analyzed the data with 2023 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.
Increase in global offshore oil and gas exploration activities is the key driver of the market. Offshore oil and gas discoveries have witnessed significant growth worldwide, leading to increased exploration activities. Governments globally are making strategic moves to boost their energy production. For example, in 2020, Russia unveiled its Energy Strategy up to 2035, focusing on LNG and gas engine fuel to maintain its position in the global energy market. In India, the Ministry of Petroleum and Natural Gas approved oil and gas projects worth around USD13 billion. Elsewhere, the maritime sector is undergoing a transformation with commercial developments in pre-salt projects, gas exploration, and wind energy. In the Stabroek Block off the coast of Guyana, ExxonMobil made major gas discoveries, leading to the construction of floating production, storage, and offloading (FPSO) vessels.
Similarly, in the Atlantic Ocean, seabed exploration for wind farms is gaining momentum. Floating platforms and turbines are being used to harness wind energy in deep waters. Mooring systems play a crucial role in anchoring vessels and platforms in these water environments. With the increasing number of offshore projects, the demand for mooring systems is expected to rise. Blackridge Research predicts that The market will grow at a steady pace due to the expansion of gas exploration in the sea and the development of floating wind farms. This trend is expected to continue as countries aim to reduce their carbon footprint and meet their energy demands.
Rise in deepwater and ultra-deep-water E and P activities is the upcoming trend in the market. Deepwater and ultra-deep-water oil and gas projects are gaining increasing attention due to the depletion of onshore reserves and the potential for large untapped reserves in these environments. The high cost of crude oil, with an average price of USD60/barrel being necessary for commercial viability, presents a challenge for these projects. The production of oil in deepwater and ultra-deep-water locations is more expensive than conventional methods due to the extreme climates and challenging conditions encountered in offshore drilling. The future of deepwater and ultra-deep-water projects is promising, as offshore wind resources become increasingly valuable. Floating liquefied natural gas vessels, floating production systems, offloading boats, and wind turbines are key components of the offshore energy landscape.
Collaborations, mergers, acquisitions, and strategic plans are essential for companies to remain competitive in the marine territories of the wind energy business. Political support and clean energy initiatives are crucial for the growth of this industry. Bottom conditions and marine territories with favorable wind resources will continue to be of great interest to companies in the energy sector.
Environmental concerns associated with offshore E and P activities is a key challenge affecting the market growth. Mooring systems play a crucial role in the operation of tidal energy platforms, which are becoming increasingly important as the world seeks to expand its energy sources to meet rising demand. Tidal energy platforms, including SPARs (Single Point Anchor) and semisubmersibles, are often located in deep sea habitats, requiring advanced technical understanding for their installation and maintenance. The initial cost of these floating constructions, including the anchor lines and radial pattern mooring systems, can be significant due to the capital expenditure required for offshore exploration, production operations, and offshore vessel support. As the market for tidal energy continues to grow, the demand for reliable mooring systems will increase, ensuring continued investment in this area of offshore energy production.
The market forecasting 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 also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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.
Acteon Group Ltd. - The company provides mooring solutions for various applications, including Floating Production, Storage, and Offloading (FPSO) and Floating Liquefied Natural Gas (FLNG) systems, as well as Floating Storage and Regasification Units (FSRU) and Floating Storage and Offloading (FSO) vessels. Our offerings ensure secure and reliable mooring for these floating structures, enabling efficient energy production and distribution. With a focus on safety, durability, and performance, our mooring systems cater to the demands of the North American energy market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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.
Mooring systems play a crucial role in the offshore energy industry, enabling the secure anchoring of floating production, storage, and offloading (FPSO) vessels, spars, semisubmersibles, and other floating structures in deep and shallow water environments. These systems consist of various components, including anchors, mooring lines, shackles, wires, chains, and connectors. The choice of mooring system depends on environmental conditions, vessel type, and water depth. Single point mooring, taut leg system, and semitaut leg system are common mooring types used in deep water. Spar buoys, vertical load anchors, and drag embedment anchors are commonly used anchoring options. Offshore wind farms and floating solar plants are emerging areas of growth in the market.
The market expansion is driven by the global energy crisis, increasing offshore oil and gas production, and the growth of renewable energy projects. The design and installation of mooring systems require a deep technical understanding of the seabed, waves, currents, and winds. DNV GL, a leading classification society, provides certification and advisory services for mooring systems. The initial cost of mooring systems can be high due to capital expenditure on materials such as steel and synthetic components. However, the long-term benefits of reliable mooring systems outweigh the upfront costs. The market is witnessing strategic collaborations, mergers, and acquisitions to enhance product offerings and expand market presence.
Political support and regulatory frameworks also play a crucial role in the growth of the market. In summary, mooring systems are essential components of offshore energy production and exploration, enabling the secure anchoring of floating structures in various environmental conditions. The market is driven by the growing demand for clean energy and the expansion of offshore oil, gas, and renewable energy projects.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2017-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 479.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
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 growth inducers and obstacles, market forecast, 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 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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