Offshore Mooring Systems Market Outlook
According to the report by Expert Market Research (EMR), the global offshore mooring systems market size is projected to grow at a CAGR of 5.0% between 2023 and 2028. Aided by the escalating demand for oil and gas products and the increasing offshore exploration and production activities, the market is expected to grow significantly by 2028.
Offshore mooring systems comprise a collection of anchors, connectors, and mooring lines, providing essential station-keeping for floating offshore structures like production platforms, drilling rigs, and wind turbines. These systems minimise the risk of environmental contaminating agents and equipment damage, ensuring the stability and effectiveness of operations in offshore settings.
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The global offshore mooring systems market growth is primarily driven by the increasing global demand for oil and gas products. With the world’s growing population and rising living standards, the consumption of energy, especially petroleum and natural gas, has escalated significantly. As a result, offshore exploration and production activities have experienced a boost, thereby enhancing the demand for offshore mooring systems.
Moreover, the increasing focus on renewable energy sources, especially offshore wind farms, contributes to the offshore mooring systems market development. As nations worldwide aim to reduce carbon emissions and transition to greener energy alternatives, offshore wind farms are being viewed as a viable and potent source of renewable energy. Consequently, the need for reliable and robust mooring systems to secure these offshore wind turbines has escalated.
In addition to oil, gas, and wind industries, offshore mooring systems find applications in various other fields. They are instrumental in the aquaculture industry, keeping cages and net pens stable for fish farming. Similarly, in the field of oceanographic research, mooring systems provide reliable platforms for monitoring and data collection. These diverse applications further underscore the importance of offshore mooring systems and drive market growth.
Looking ahead, the continued growth in the offshore oil and gas sector and the rapid expansion of offshore wind energy projects are expected to propel the offshore mooring systems market further. More effective and affordable mooring systems that can manage the harsh offshore environment are being developed as a result of technological and engineering advancements. It is projected that these developments would accelerate market expansion even more.
Additionally, it is anticipated that the global shift towards decarbonising energy sources would increase demand for offshore mooring systems, particularly for applications involving renewable energy. The need to ensure the safety and efficiency of offshore operations, whether oil and gas extraction or wind energy production, will remain the primary driver of the offshore mooring systems market expansion.
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Offshore Mooring Systems Market Segmentation
The market can be divided based on product, anchorage, depth, application, and region.
Market Breakup by Product
- Spread Mooring
- Single Point Mooring (SPM)
- Dynamic Positioning
- Tendons and Tension Mooring
- Others
Market Breakup by Anchorage
- Drag Embedment Anchors (DEA)
- Suction Anchors
- Vertical Load Anchors
- Driven Pile
- Others
Market Breakup by Depth
- Shallow Water Depth (<1,000 M)
- Deep and Ultra-Deep-Water Depth (>1000 M)
Market Breakup by Application
- Tension Leg Platforms (TLP)
- Semi-Submersible Platforms
- SPAR Platform
- Floating Production Storage and Offloading (FPSO)
- Drill Ships
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global offshore mooring systems companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Offspring International Limited
- Mampaey Offshore Industries B.V.
- Trelleborg AB
- Scana ASA
- Cargotec Corporation (MacGregor)
- Acteon Group Ltd.
- Others
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