Industry News

Report: Offshore Mooring Market Expected to Exceed $1.4 Billion by 2022

According to a new report published by Allied Market Research, titled, “Offshore Mooring Market by mooring type, application and anchorage - Global Opportunity Analysis and Industry Forecast, 2014–2022,” the global offshore mooring market was valued at $1,037 million in 2015, and is projected to reach $1,408 million by 2022, growing at a CAGR of 5.0% from 2016 to 2022.

The spread segment dominated this market, occupying more than one-fourth of the total share of the market revenue in 2015.

Summary of the Offshore Mooring Market

The offshore mooring market is expected to witness significant growth over next six years, owing to increased demand for energy due to extensive subsea exploration and production. The other factors driving the 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 heavy investments from the Middle East and Latin America to develop infrastructure. However, factors such as high initial CAPEX and harsh deep sea environmental conditions hamper the growth of the market.

According to Eswara Prasad (Team Lead, Chemical & Materials) at Allied Market Research, “The taut leg segment is expected to witness the highest growth during the forecast period, owing to increasing need for taut and catenary lines both for offshore mooring across the globe.”

The report segments the world offshore mooring market on the basis of application, anchorage, mooring type, and geography. By application, the market is subsegmented into floating production storage & offloading (FPSO) vessels, floating drilling production storage & offloading (FDPSO) vessels, floating liquefied natural gas (FLNG) vessels, tension leg platform (TLP), SPAR platforms, semi-submersibles, and others (conductor support systems, fixed platform and compliant towers). Based on anchor, the market is divided into drag embedment anchors, suction anchors, and vertical load anchors. On the basis of mooring type segment, the market is subsegmented into catenary mooring, taut leg mooring, semi-taut mooring, spread mooring, single point mooring, and dynamic positioning mooring system. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key findings of the study

  • The FPSO segment is anticipated to grow at the fastest rate during the forecast period.
  • North America is estimated to grow at a CAGR of 5.4%, in terms of revenue.
  • The U.S. occupied for more than two-thirds share of the North American offshore mooring market in 2015.
  • The Rest of Asia-Pacific region is estimated to grow at the highest CAGR of 5.3%, in terms of revenue.
  • The FLNG segment is expected to witness significant growth in the Asia-Pacific region.

The Asia-Pacific region accounted for the largest share in the global market, while the European region is expected to account for the second largest share due to increasing investments in ports as well as increasing innovations in offshore mooring technologies.

The key players operating in the global offshore mooring market have focused on acquiring local players to strengthen their market outreach and expand their customer base. The prominent players profiled in the report are 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., and BW Offshore Ltd.

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