Offshore Mooring Systems Market to be Dominated by Catenary Mooring Systems through 2027
Rapid growth of energy industry and increasing focus on clean
electricity are driving the growth of global offshore mooring systems market in
the forecast period, 2023-2027.
According
to TechSci Research report, “Offshore Mooring Systems Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2017-2027”,
the global offshore
mooring systems market is anticipated to grow at a robust CAGR in the forecast
period, 2023-2027. An offshore mooring system comprises mainly of three parts:
an anchor system, a specific mooring layout, and a mooring line. The mooring
system layout depends on several conditions, such as the purpose of the
offshore unit and local environmental conditions. The most important mooring
layout types are the catenary mooring system, taut leg mooring system, ‘tension
leg’ mooring system, single point mooring system, spread mooring systems, and
dynamic positioning.
Offshore mooring systems address the need for
production facilities and floating production storage & offloading (FPSOs)
in deep-water and ultra-deep-water projects. The rise in offshore mooring
applications in semi-submersibles and floating production storage and
offloading is projected to accelerate the global offshore mooring systems
market growth.
Several major manufacturers are introducing new
generation deep-water mooring and anchoring vessels and systems to address the
issues relating to higher weights and tensions, vessel anchoring capabilities,
and seabed conditions.
However, harsh environmental conditions in the sea
and high initial capital expenditure may restrain the growth of the global
offshore mooring systems market.
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Offshore Mooring Systems Market"
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The global offshore mooring systems
market is segmented on the basis of mooring type, application, anchor type, regional
distribution, and company.
On the basis of mooring type, the global
offshore mooring systems market is divided into catenary, taut leg, single
point, spread, dynamic positioning, and semi taut. The catenary mooring type is
expected to dominate the market during the forecast period, 2023-2027. They are
commonly used for shallow waters. Catenary mooring is the least expensive
method to moor an FPSO. Catenary refers to the shape that a free-hanging line
assumes under the influence of gravity. The restoring forces in the catenary
system are provided by the suspended weight of the mooring line and its
configuration change due to vessel motion. With the increase in depth, the cost
of catenary mooring decreases.
On the basis of application, the global
offshore mooring systems market is divided into floating, production, storage
& offloading (FPSO), floating liquefied natural gas, tension leg platform,
SPAR platforms, and others. The floating, production, storage & offloading
(FPSO) segment is expected to hold the largest market share in the forecast
period. An increase in investment from operators for deep-water drilling
operations and the rising demand for global energy is expected to contribute to
the market growth.
On the basis of anchor type, the global
offshore mooring systems market is divided into drag embedment, vertical load,
and suction. The suction anchor type is expected to hold a substantial market
share in the predicted period. Suction anchor types are cost-effective and safe
to carry on ultra-deep-water drilling. They offer several advantages over the
traditional offshore foundations, such as they need less time for installation
and are easier to move during decommissioning. Suction anchors are widely used
to anchor large offshore installations like offshore drilling, oil platforms,
and accommodation platforms to the seafloor at greater depths.
On the basis of regional analysis, the
Asia-pacific region is expected to account for a significant market share in
the forecast period. Increasing expenditure capacity of consumers and the
continuous rise in population are driving the energy demand in the region. Ongoing
exploration activities and the newly discovered oil reserves in the region are
expected to create growth opportunities for the market.
Major companies operating in global offshore
mooring systems market are:
·
Aecom
·
Aquatec
Group
·
Ashland
Global Holdings Inc.
·
BASF
SE
·
Dow
Chemicals
·
Evoqua
Water Technologies LLC
·
General
Electric
·
Schlumberger
Limited
·
Suez
SA
·
DuPont
de Nemours, Inc.
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“Investment in technology by the major
market players that manufacture advanced mooring systems to ensure safe and
secure oil and gas exploration and production in harsh environmental conditions
are expected to create tremendous growth opportunities for the offshore mooring
systems market. Integration and development of advanced features to increase
the accuracy in operations, lower human efforts, and maximization of safety
measures is expected to play a significant role in the market growth. Ongoing
technological advancements and the efforts made for the expansion of the oil
& gas industry by leading authorities are expected to propel the global
offshore mooring systems market growth till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Offshore Mooring Systems
Market - Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2017-2027
Segmented By Mooring
Type (Catenary, Taut Leg, Single Point, Spread, Dynamic Positioning, and Semi
Taut), By Application (Floating, Production, Storage & Offloading (FPSO),
Floating Liquefied Natural Gas, Tension Leg Platform, SPAR Platforms, Others),
By Anchor Type (Drag Embedment, Vertical Load, Suction), and By Region”, has evaluated the future
growth potential of global offshore mooring systems 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 offshore mooring systems market.
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