The Global Mooring Systems Market is expected to grow from USD 1.58 Billion in 2015 to USD 1.89 Billion by 2020, at a CAGR of 3.7%. Asia-Pacific accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period. The increase in the energy demand has resulted in the rise in oil & gas production from the regions such as North America and the Middle East. Due to the maturing onshore oil & gas fields there has been a shift of exploration & production activities towards offshore reserves.
Browse 68 market tables and 63 figures spread through 140 pages and in-depth TOC on "Mooring Systems Market by Application (FPSO, TLP, SPAR, Semi-submersible and FLNG), by Anchorage (DEA, VLA, and Suction), by Mooring type (Spread, SPM, DP, and Tendon), by Depth (Shallow & Deep/Ultra-deep), & by Region - Global Trends & Forecast to 2020"
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In the Mooring Systems Market by application, FPSO occupies the lions share and TLP is expected to grow at the highest pace. The applications market is subsegmented into FPSO’s, TLP, SPAR, semi-submersible, and the upcoming technologies such as FLNGs. The application FPSO occupies the major share of the market and the TLP is estimated to see high growth rate during the forecast period. The harsh, rigid, and hurricane prone area in the Gulf of Mexico makes TLP a popular choice for the installation on the tension leg platforms.
The mooring systems market, in terms of developments was dominated by Modec Inc. (Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada) in 2014.
On the basis of mooring types the following are the subsegments namely single point mooring, spread mooring systems, tendon mooring, and dynamic positioning. Out of the mentioned, single point mooring occupies the major share, which is due to the applications in the FPSO’s. Single point mooring allow the vessels to weathervane and are capable of utilization in the mild to extreme offshore conditions. Dynamic positioning is utilized in semi-submersibles and FPSOs, but is comparatively in their nascent stage of developments.
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Asia-Pacific is estimated to be the global leader in the Mooring Systems Market by value for the next five years. Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the exploration and production activities in the region, thereby pushing the mooring systems in this region. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. However, Africa is estimated to attract more investments due to liberal regulatory policies and is expected to witness the highest growth.
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