Categories: Market Research

Mooring Systems Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|FMC Technologies, National Oilwell Varco, Timm AS, Cargotec Corporation, SBM Offshore

The Mooring Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Mooring Systems Market:
https://www.thebusinessresearchcompany.com/report/mooring-systems-global-market-report

According to The Business Research Company’s Mooring Systems Global Market Report 2024, 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.

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.

Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=8594&type=smp

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)

Major companies operating in the mooring system market are focused on adopting strategic partnerships to gain a competitive edge in the market. Strategic partnerships refer to collaborative alliances formed between two or more organizations with the aim of achieving mutual benefits and pursuing common goals. For instance, in June 2023, Seaflex, a Sweden-based company that provides elastic mooring solutions, partnered with Blue Parameters, a UK-based environmental and sustainability company. With this partnership, Seaflex aims to provide the elastic mooring component in the Mermaid K mooring system, an evolution in Advanced Sustainable Mooring Systems. This partnership reflects the importance and value of long-term sustainability in the marine environment.

The mooring systems market report table of contents includes: