Offshore Mooring Systems Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Mooring Type (Catenary, Taut Leg, Single Point, Spread, Dynamic Positioning, and Semi Taut), By Application (Floating, Production, Storage & Offloading (FPSO), Floating Liquefied Natural Gas, Tension Leg Platform, SPAR Platforms, Others), By Anchor Type (Drag Embedm

The global offshore mooring systems market is anticipated to grow at a significant CAGR in the forecast period, 2023-2027. The surge in energy requirements and the efforts made by market players for maximum utilization of wind and wave energy are the key driving factors influencing the market demand. Implementation of stringent government regulations and the increase in adoption of renewable energy sources are expected to fuel the global offshore mooring systems market growth in the forecast period.

Offshore mooring provides temporary or permanent berthing of ships and several floating structures like oil drilling/production facilities, dry docks, bridges, and piers. Tankers are moored at an offshore mooring during oil transfer operations, and floating dry docks are moored to permanent mooring systems. The mooring system consists of a mooring anchor, mooring lines, and connectors installed on the vessels to prevent the station's movement from moving away from the floatation platforms. It is an advanced method for the temporary anchor which uses synthetic mud ropes and is widely accepted by the oil & gas industry.

Surge in Energy Requirement Boosts the Market Growth

Global oil production stood at 88391 thousand barrels per day in 2020. Rapid industrialization and urbanization in developing countries has increased the demand for more energy generation and distribution around the world. The oil & gas industry plays a vital role and provides the necessary power to run automobiles. Continuous rise in population and increase in spending capacity of consumers in emerging economies like India, China is bolstering the demand for energy as these countries are witnessing robust growth in the forecast period. Moreover, the shift in consumer preference for private vehicle ownership as it offers higher flexibility, comfort, and convenience, and the availability of automobiles in different price ranges, colors, models, fuel mileage, and seating capacity provides a plethora of options to customers. Petrol and diesel are used as power sources in automobiles. The rapid development and expansion of the automotive sector are anticipated to fuel the demand for offshore mooring systems for oil and gas production.

Increase in Offshore Exploration & Production Supports Market Growth

The maturity of the onshore reserves and significant decrease in the shallow and onshore gas reserves is fueling the demand for offshore field exploration which is expected to create lucrative opportunities for the global offshore mooring systems market growth. Emergence of Floating, Production, Storage, and Offloading (FPSOs) is expected to be major driving factor for offshore mooring systems market as these mooring systems use offshore mooring to keep the drilling in position.

Shift towards the generation of clean energy and the huge benefits associated with offshore mooring systems, such as cost-effectives, and their wide availability are expected to fuel the offshore mooring system market growth in the United States. Oil production in the United States stood at 16476 thousand barrels per day. Rise in the requirement for subsea explorations and the growing commercialization of wind and hydro-energy farms in the United States coastal regions is leading to high installation rate of advanced mooring systems, which in turn is expanding the market growth in this region.

Market Segmentation

The global offshore mooring systems market is segmented by mooring type, application, anchor type, regional distribution, and competitional landscape. Based on the mooring type, the market is divided into catenary, taut leg, single point, spread, dynamic positioning, and semi taut. Based on the application, the market is divided into floating, production, storage & offloading (FPSO), floating liquefied natural gas, tension leg platform, SPAR platforms and others. Based on the anchor type, the market is divided into drag embedment, vertical load, and suction. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North American region, Asia-Pacific region, European region, South American region, and Middle East & African region.

Market Players

Aecom, Aquatec Group, Ashland Global Holdings Inc., BASF SE, Dow Chemicals, Evoqua Water Technologies LLC, General Electric, Schlumberger Limited, Suez S.A., DuPont de Nemours, Inc. are among the major market players in the global platform that lead the market growth of the global offshore mooring systems market.