Offshore Mooring Systems Market Size, Share And Global Trend By Type(Single Point Mooring, Taut Leg System, Semi-taut Leg System), By Anchorage(Suction Anchors,Vertical Load Anchors, Drag Embedment Anchors), By Depth Of Operation(Shallow Water, Deepwater), By Application(Floating Production Storage and Offloading,Floating Liquefied Natural Gas, Semi-Submersible Platforms), And Regional Forecast, 2024-2032

The depletion of the onshore oil and gas reserves has triggered the investments made in the FPSO, FLNG, SPAR, etc. to explore offshore areas. Mooring systems provide the much-needed anchorage and help in the movement of ships, floating vessels, and platforms over water. The anchors define the strength of the mooring system. Mooring system comprises of anchors, steel/synthetic, shackles, mooring lines, wires, and chains. Environmental conditions and vessel type like drifting forces/wave swell, wind & current forces determine element and equipment to be utilized in a particular mooring system.

On the basis of type, global offshore mooring systems market can be segmented into single point mooring, taut leg system, semi-taut leg system, spread mooring, dynamic positioning mooring, and others. Single point mooring occupies the major share, which is due to its application in the FPSO’s. Single point mooring allows the vessels to weathervane and are capable of utilization in the mild to extreme offshore conditions. On the basis of anchorage, global offshore mooring systems market can be segmented into suction anchors, vertical load anchors, drag embedment anchors, and others. A drag embedment anchor (DEA) is the most utilized anchor for mooring. The dragged anchor is dragged along the seabed until it reaches the required depth. As it penetrates the seabed, it uses soil resistance to hold the anchor in place.

On the basis of depth of operation global offshore mooring systems market can be segmented into shallow water and deep water. The increased exploration activities in deep water locations have seen mooring systems to be more used in deep waters over shallow waters. On the basis of application, the global offshore mooring systems market can be segmented into FPSO, SPAR, FLNG, TLP, semi-submersible platforms, and others. There has been the rise in deployed and planned FPSO which has seen mooring systems to have a larger share in FPSO application.

The major market driver for the global offshore mooring systems market is the increasing per capita energy consumption and depletion in the onshore oil and gas reserves which has forced these onshore activities to go down. This has led to companies exploring offshore in harsh conditions and at more depth than earlier.

Key market restraint for the global offshore mooring systems market is the high initial cost involved in deploying mooring systems. The unpredictable harsh conditions in the deep sea and lack of technical knowledge are also the factors hampering the growth of the offshore mooring systems market.

Key Players Covered

Some of the notable companies in the offshore mooring systems market are SBM Offshore NV, Grup Servicii Petroliere SA, BW Offshore Ltd, FMC Technologies Inc, Trelleborg Marine Systems, Mooring Systems Inc, Mampaey Offshore Industries BV, Timberland Equipment Ltd, Delmar Systems, Viking Sea Tech, Intermoor, Inc, Baltec Systems Pvt. Ltd, KTL Offshore Pte Ltd, and MODEC.

SEGMENTATION

Regional Analysis

The offshore mooring systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The increasing demand for energy has increased the demand for exploration activities. Owing to the increased drilling activities, the Asia Pacific region accounts for more than half of the global market share for the offshore mooring systems market. Similarly, the increasing exploration activities in the Europe region and new investments made by the companies in shallow and deep waters will help the offshore mooring systems market

to grow in this region. The rise in the subsea activities mainly in Brazil in Latin America and the USA in North America will see the offshore mooring systems market growth in these regions.

Key Industry Developments

• In May 2019, DNV GL announced about its newly developed technique which lessens the risk of missing a line failure in offshore floating vessel mooring. This new system involves replacing physical sensors with a machine learning algorithm which accurately detects line failure.
• In February 2019, Rystad a Norwegian oil and gas intelligence firm has stated that it expects 33 FPSOs to be sanctioned from 2019 till 2021 following a pick-up in oil and gas activity in the offshore sector. This will also help in more deployment of mooring systems.
• In January 2019, TechnipFMC awarded Lankhorst Offshore a contract to provide mooring systems for Energean Power FPSO which would be working in Karish and Tanin Gas Fields.