Offshore Mooring Systems Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Overview and Scope

Offshore mooring systems refer to a system designed for the act of mooring or tying up a boat to a submerged anchoring point that is not close to the dock or shoreline. They are used to position and stabilize floating production and storage.

Sizing and Forecast

The offshore mooring systems market size has grown steadily in recent years. It will grow from $1.72 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to deepwater exploration and production, rise in offshore wind energy projects, increase in floating production systems, focus on safety and environmental protection, government initiatives for offshore development, globalization of offshore exploration, rapid development of offshore infrastructure.

The offshore mooring systems market size is expected to see steady growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to emergence of floating solar farms, focus on reducing carbon footprint, enhanced monitoring and control systems, focus on predictive maintenance, floating production storage and offloading (fpso) dominance, expansion of floating lng facilities.. Major trends in the forecast period include technological advancements in mooring designs, dynamic positioning systems, advancements in offshore drilling technologies, pre-laid mooring systems, integration of automation and robotics, strategic partnerships and collaborations..

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Segmentation & Regional Insights

The offshore mooring systems market covered in this report is segmented –

1) By Type: Single Point Mooring, Taut Leg System, Semi-taut Leg System, Spread Mooring, Dynamic Positioning, Other Types

2) By Anchorage: Suction Anchors, Vertical Load Anchors, Drag Embedment Anchors, Other Anchors

3) By Depth of Operation: Shallow Water, Deepwater

4) By Application: Floating Production Storage and Offloading (FPSO), Floating Liquefied Natural Gas (FLNG), SPAR Platform, Tension Leg Platform (TLP), Semi-Submersible Platforms, Other Applications

Asia-Pacific was the largest region in the offshore mooring systems market share in 2023. The regions covered in the offshore 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 escalating demand for energy is expected to propel the offshore mooring systems market growth going forward. Energy refers to the electricity and power that is generated by using natural resources. Offshore mooring systems are used in the floating wind systems for efficient extraction of energy by facilitating and maximizing energy production and transmission of power using cables and umbilical, as a result, escalating demand for energy increases the demand for offshore mooring systems. For instance, in 2021, According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, the global energy demand is expected to increase by 47% in 2050. Therefore, the escalating demand for energy is driving the growth of the offshore mooring systems market.

Key Industry Players

Major companies operating in the offshore mooring systems market report are Blue Water Energy LLP, MODEC Inc., Lamprell Plc., SBM Offshore NV, Baltec System Pvt Ltd., FMC Technologies Inc., Rigzone Mooring Systems, Mooring Systems Inc., Offspring International Limited, Mampaey Offshore Industries, Delmar Systems Inc., Trelleborg Marine Systems India Pvt. Ltd., Viking SeaTech, Balmoral Comtec Ltd., Grup Servicii Petroliere, SOFEC INC., Intermoor Inc., NOV Inc., Timberland Equipment Ltd., KTL Offshore Pte Ltd., Scana Industrier ASA, Moorsure Mooring Systems Solutions Pty Ltd., De Haan Mussel Kanaal, Advanced Production and Loading, Multinational Craig Energy Services, Lamprell Energy, LHR Services & Equipment Inc., Ocean Power Technologies Inc., Other Lab Inc., Triton Systems

The offshore mooring systems market report table of contents includes: