The global offshore mooring market was valued at $1.2 billion in 2020, and is projected to reach $1.7 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
Offshore mooring system forms a predominant part of subsea production facilities. It comprises mooring line, anchor, and connectors installed on the vessels to facilitate the station keeping off the floatation platforms. The emergence of this technology has addressed the soaring needs for floating production, storage, & offloading (FPSOs), and production facilities in deep water and ultra-deep-water projects. It has outpaced the conventional technology of temporary anchors by use of synthetic mud ropes, which has now become a standard in the oil & gas industry. Moreover, it not only helps in extraction of oil from seabed but also has more holding power, causes less damage to the marine environment, and is convenient.
Increase in demand for energy across the globe results in increase in subsea exploration and production, which in turn is expected to drive the growth of the market during the forecast period. In addition, maturity of onshore oil & gas fields, thereby rising offshore field exploration & production is anticipated to be the driving factor during the forecast period. However, high initial capital cost associated with offshore mooring is expected to hamper the growth of the market during the forecast period. On the contrary, rise in investment towards exploration and production of offshore fields is projected to create opportunity for key players in the offshore mooring market in the coming years.
The offshore mooring market is segmented on the basis of mooring type, anchors, application, and region. On the basis of mooring type, it is categorized into catenary, taut, semi-taut, spread, single point, and dynamic positioning. By anchors, it is classified into drag embedment anchors, gravity anchors, and vertical load anchors. On the basis of application, it is classified into floating production, storage and offloading (FPSO) vessels, floating drilling, production, storage and offloading (FDPSO) vessels, floating liquefied natural gas (FLNG) vessels, tension leg platform, semi-submersibles, spar platforms, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Offshore mooring system forms a predominant part of subsea production facilities. It comprises mooring line, anchor, and connectors installed on the vessels to facilitate the station keeping off the floatation platforms. The emergence of this technology has addressed the soaring needs for floating production, storage, & offloading (FPSOs), and production facilities in deep water and ultra-deep-water projects. It has outpaced the conventional technology of temporary anchors by use of synthetic mud ropes, which has now become a standard in the oil & gas industry. Moreover, it not only helps in extraction of oil from seabed but also has more holding power, causes less damage to the marine environment, and is convenient.
Increase in demand for energy across the globe results in increase in subsea exploration and production, which in turn is expected to drive the growth of the market during the forecast period. In addition, maturity of onshore oil & gas fields, thereby rising offshore field exploration & production is anticipated to be the driving factor during the forecast period. However, high initial capital cost associated with offshore mooring is expected to hamper the growth of the market during the forecast period. On the contrary, rise in investment towards exploration and production of offshore fields is projected to create opportunity for key players in the offshore mooring market in the coming years.
The offshore mooring market is segmented on the basis of mooring type, anchors, application, and region. On the basis of mooring type, it is categorized into catenary, taut, semi-taut, spread, single point, and dynamic positioning. By anchors, it is classified into drag embedment anchors, gravity anchors, and vertical load anchors. On the basis of application, it is classified into floating production, storage and offloading (FPSO) vessels, floating drilling, production, storage and offloading (FDPSO) vessels, floating liquefied natural gas (FLNG) vessels, tension leg platform, semi-submersibles, spar platforms, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the global offshore mooring market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global offshore mooring market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
Key Market Segments
By Mooring Type
- Catenary
- Taut
- Semi Taut
- Spread
- Single Point
- Dynamic Positioning
By Anchors
- Gravity Anchors
- Drag Embedment Anchors
- Vertical Load Anchors
By Application
- Floating Production, Storage and Offloading (FPSO) Vessels
- Floating Drilling, Production, Storage and Offloading (FDPSO) Vessels
- Floating Liquefied Natural Gas (FLNG) Vessels
- Tension Leg Platform
- Semi Submersibles
- Spar Platforms
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- China
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- SOFEC, Inc.
- SBM Offshore N.V.
- Offspring International
- Blue Water Energy, LLP
- Mampaey Offshore Industries B.V.
- Rigzone Mooring Systems
- Delmar Systems Inc
- Lamprell Energy
- Moorsure Mooring Systems Solutions Pty Ltd
- Balltec Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OFFSHORE MOORING MARKET, BY MOORING TYPE
CHAPTER 5: OFFSHORE MOORING MARKET, BY ANCHORS
CHAPTER 6: OFFSHORE MOORING MARKET, BY APPLICATION
CHAPTER 7: OFFSHORE MOORING MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Offshore Mooring Market,' the offshore mooring market size was valued at $1.2 billion in 2020, and is estimated to reach $1.7 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.Offshore mooring is the process or act of tying a floating structure or ships to a submerged anchoring point. Offshore mooring system is made up of a mooring line, anchor & connectors, and mooring layout, and is used for station keeping of a ship or floating platform in all water depths.
Increase in applications of offshore mooring in floating production, storage, & offloading (FPSOs) and semisubmersibles is expected to fuel the growth of the market in the near future. Moreover, growth in demand for energy and rise in offshore exploration and production are factors that drive the offshore mooring market trend. Their impact is expected to increase significantly due to increase in maturity of onshore oil & gas fields. Mature onshore oil & gas fields are expected to lead to offshore exploration and production and in turn drive the market. Some of the restraints associated with the market are high initial CAPEX and harsh deep sea environmental conditions.
On the basis of the mooring type, the catenary segment garnered the highest market share of about 29.5% in 2020, and is expected to maintain its dominance during the offshore mooring market forecast period. This is attributed to rise in demand for catenary mooring from deep shallow water fields. In addition, rise in offshore exploration and production activities is further expected to drive the growth of this segment in the coming years.
By anchors, the drag embedment anchors registered highest market share in the year 2020. This is owing to rise in demand for this type of anchors from shallow to deep water applications. In addition, it is mainly used for catenary mooring which is highly used mooring system in offshore applications and hence fuels the growth of the market in the coming years.
On the basis of applications, the floating production, storage and offloading (FPSO) vessels segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 3.8%, owing to rise in demand for offshore mooring systems from FPSO vessels across the globe. In addition, rise in demand for FPSO platforms from oil and gas offshore exploration and production facilities is anticipated to drive the growth of the market in the coming years.
Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the highest offshore mooring market share in the year 2020. This is attributed to emergence of offshore fields in the South China sea, Australia, and others regions. Moreover, rise in investment towards oil & gas exploration and production and reducing dependence on imports is anticipated to fuel the growth of the offshore mooring market in the region during the forecast period.
The global offshore mooring market analysis covers in-depth information of the major compressed natural gas industry participants. The key players operating and profiled in the report include Offspring International, Blue Water Energy LLP, Mampaey Offshore Industries B.V., Rigzone Mooring Systems, Delmar Systems, Inc., Moorsure Mooring Systems Solutions Pty Ltd., Blue Water Energy LLP, Balltec Ltd., SOFEC, Inc., and SBM Offshore N.V.
The other players operating in the offshore mooring market are De Haan Mussel Kanaal, Scana Industrier ASA, Advanced Production and Loading, Multinational Craig Energy Services, Lamprell Energy, and LHR Services & Equipment.
COVID-19 Impact on Market
Lockdown imposed, owing to outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for oil & gas from consumers. In addition, halt in exploration & production of new offshore infrastructures and oil & gas fields, halt in trade activities, owing to unavailability of workers, and increase in demand-supply gap hampered the offshore mooring market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the offshore mooring market recovered by the second quarter of 2021, as COVID-19 vaccination was made available in various economies across the globe, which improved the global economy.Key findings of the Study
- In 2020, the catenary mooring segment accounted for about 29.5% of the share in the global offshore mooring market, and is expected to maintain its dominance during the forecast period.
- In 2020, the spread mooring segment accounted for 13.8% market share, and is anticipated to grow at a rate of 4.5% in terms of revenue.
- In 2020, the drag embedment anchors segment accounted for 44.7% market share, and is anticipated to grow at a rate of 3.9% in terms of revenue.
- Floating liquefied natural gas (FLNG) vessels is the rapidly growing segment in the global offshore mooring market, and is expected to grow at a CAGR of 4.6% during 2021-2030.
- North America is expected to grow at the fastest rate, registering a CAGR of 4.2%, during the forecast period.
- In 2020, Asia-Pacific dominated the global offshore mooring market with more than 33.7% of the share, in terms of revenue.
Companies Mentioned
- SOFEC, Inc.
- SBM Offshore N.V.
- Offspring International
- Blue Water Energy, LLP
- Mampaey Offshore Industries B.V.
- Rigzone Mooring Systems
- Delmar Systems Inc
- Lamprell Energy
- Moorsure Mooring Systems Solutions Pty Ltd
- Balltec Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 1.2 billion |
| Forecasted Market Value ( USD | $ 1.7 billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
