The mooring systems refers to the equipment that secures FPSOs (floating production storage and offloading unit) against the forces of waves, wind, and currents. The primary purpose of mooring system lines is to secure a ship to its berth against the forces of the wind, current, and other forces.
Sizing and Forecast
The mooring systems market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to offshore exploration expansion, renewable energy development, market entry of new players, global economic cycles, environmental awareness.
The mooring systems market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to offshore energy demand, global energy transition, infrastructure development, market competition, environmental considerations. Major trends in the forecast period include deepwater exploration, floating renewable energy, technological advancements, environmental regulations.
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Segmentation & Regional Insights
The mooring systems market covered in this report is segmented –
1) By Type: Taut Leg, Spread Mooring, Semi Taut, Dynamic Positioning, Catenary, Single Point Mooring
2) By Anchorage: Drag Embedment Anchors (DEA), Vertical Load Anchors (VLA), Suction Anchors
3) By Depth Type: Shallow Water, Deepwater
4) By Application Type: Floating Production Storage and Offloading (FPSO), Tension Leg Platform (TLP), SPAR, Semi-Submersible, Floating Liquefied Natural Gas (FLNG)
North America was the largest region in the mooring market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mooring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the exploration and production of oil and gas in offshore fields is expected to propel the mooring systems market going forward. Offshore fields oil and gas exploration and production refers to the techniques and methods involved in identifying possible spots for oil and gas exploration and extraction. The offshore industry is primarily responsible for designing multi-dependent mooring systems for the open sea, mainly when offshore oil and gas installations are done in unstable and harsh deep-water environments. Mooring systems are required to keep them in place from waves, water currents, and wind. For instance, in May 2021, a report published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas, India), petroleum product production increased by 15.5% in May 2021, compared to a 30.9% increase in April 2021. Therefore, a rise in the exploration and production of oil and gas in offshore fields will drive the mooring systems market.
Key Industry Players
Major companies operating in the mooring systems market report are FMC Technologies, National Oilwell Varco, Timm AS, Cargotec Corporation, SBM Offshore, Trellborg India Private Limited, BW Offshore Limited, MacGregor, Lamprell ENERGY LIMITED, Usha Martin Limited, BMT Group Ltd, InterMoor, Cavotec S.A., Delmar Systems Inc, Lankhorst Ropes, Grup Servicii Petroliere, Oil Companies International Marine Forum, Bluewater Holding BV, Alfred Cheyne Engineering, Cortland Limited, Viking SeaTech, Offspring International Limited, Maritime International, Balltec Limited, First Marine International, Balmoral Group, Mampaey Offshore Industries, Timberland Equipment, Mooring System Inc, Rigzone Mooring Systems, Vryhof, Wilhelmsen, Wärtsilä, Bridon-Bekaert, TEHO Ropes, Jiangsu Jinguang Industrial Group Co Ltd.
The mooring systems market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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