Market Size –
The offshore mooring systems market size has grown steadily in recent years. It will grow from <b>$1.72 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. </b> 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 <b>$2.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. </b> 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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Scope Of Offshore Mooring Systems Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Offshore Mooring Systems Market Overview
Market Drivers –
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.
Market Trends –
Technological developments are a key trend gaining popularity in the offshore mooring systems market. Major companies operating in the offshore mooring systems market are focused on developing new technological solutions to strengthen their market position. For instance, in September 2021, Imenco AS, a Norway-based engineering company engaged in various subsea projects, launched ‘Pacu’, its innovative and transformational cathodic protection technology for mooring systems used in floating wind platforms or offshore aquaculture installations. Pacu is designed to be attached to the mooring chains to extend their lifespan by slowing down the rate of corrosion reducing the risk of mooring system failures to provide a cost-effective solution that can be retrofitted to existing chains. As a result, operations require less handling, shipping, and installation equipment, which lowers their overall carbon footprint. Additionally, numerous maritime sectors, such as offshore wind, as well as the oil and gas sector, including near-shore moorings and permanently anchored offshore buildings, can use Pacu.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Offshore Mooring Systems Market Report Structure
3. Offshore Mooring Systems Market Trends And Strategies
4. Offshore Mooring Systems Market – Macro Economic Scenario
5. Offshore Mooring Systems Market Size And Growth
…..
27. Offshore Mooring Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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