Increasing demand for oil to drive the growth of Global Bow Loading System Market in the forecast period, 2022-2026.
According to TechSci Research report, “Bow Loading System Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, The global bow loading system market has a potential to project an impressive CAGR in the forecast period, 2022-2026, on account of increasing demand for efficient transferring of oil from the offshore reservoirs. Increasing demand from the automotive industry and the requirement to facilitate the functioning of various machinery, equipment, tools, etc. is driving the growth of the global bow loading system market. Moreover, increasing concerns regarding degrading marine life is also expected to support the growth of the global bow loading system market in the next five years. Due to instances of oil spillage, the environmental degradation increases and marine life experiences untimely death since oxygen and sunlight do not reach the sea-beds. This increasing concerns and active steps towards marine lives are aiding the demand and thus growth of the global bow loading system market in the future five years.
Furthermore, decreasing oil levels from the onshore rigs are surging the demand for more offshore reservoirs. Increasing demand for oil consumption is further supporting the growth of the global bow loading system market such that efficient transfer can be carried out.
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The global bow loading system market is segmented on the basis of type, facility, component, competitional landscape, and regional distribution. Based on type, the market is further fragmented into hose-handling system, and hawser-handling system. Hose handling system is usually attached at the frontline of the ship. The coupler system receives the hose from the offloading vessel or ship and attached to the onloading ship. The coupler follows the hose movements thus maintaining the integrity of the attachments. The system includes a hose winch for pulling in and handling the hose during the connection and disconnection phases. Hawser handling system involves a roller and chain stopper system. The complete equipment is located on the deck of the ship which is together operated with a twin drum traction. This system holds the two vessels together during the tandem loading.
On the basis of facility, the market is bifurcated into floating storage and offloading vessels & oil loading tankers. Floating storage and offloading vessels are anticipated to register largest revenue shares of the market and dominate the segment since excavation of oil and gases from the oil rigs is increasing. Surge in demand for oil is further driving the growth of the global bow loading system market in the upcoming five years. Oil loading tankers are also anticipated to register significant growth in the market in next five years due to increasing offshore excavations.
Some of the market players, dominating the global market are :
- National Oilwell Varco
- MacGregor
- Aker Solutions
- ABS Group
- OneSubSea Company
These market players along with new market entrants, are focused on extensive research and bringing innovative and advanced products. Technologically advanced manufacturing of the bow loading systems would aid in decreasing the cost of production and aid the players in managing their investments. Moreover, initiatives from the government and private fundings would support the global bow loading system market growth indirectly.
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“Middle East and Africa region has been dominating the market in the last five years. The region is anticipated to continue its dominance in the upcoming five years due to multiple number of offshore rigs. Also, the offshore rigs are continuously increasing since the oil demands are rising and onshore rigs are not enough to replenish the increasing demands. Moreover, the demand for avoiding oil spillage is further driving the growth of the global bow loading system market in the next five years. Presence of multiple market players in the region is also aiding the growth of the global bow loading system market in the future five years. Europe region is also anticipated to register significant growth in the forecast period on account of expanding automotive industry in the countries like Germany, France, etc.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Bow Loading System Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Type (Hose-Handling System, Hawser-Handling System), By Facility (Floating Storage and Offloading Vessels & Oil Loading Tankers), By Component (Coupler, Hose Winch, Chain Stopper, Bow Roller, Bow Door, Others), By Region”, has evaluated the future growth potential of global bow loading system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global bow loading system market.
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