The mounting demand for energy and ripeness of onshore gas and oil fields is enticing offshore field exploration. The oil and gas field that are onshore have been reconnoitered and bored for centuries now, which has led in the continuing lessening of the reserves around the globe and the drawbacks such as contamination, harm to land, and negative impact on wildlife among others associated with mooring facilities have impelled man to start exploration activities in the under-ocean reserves. Additionally, subsea dispensation systems save human efforts and time. Profitable and high-investment areas such as the Middle East & Africa and Latin America are the primary driving factors for the considerable growth for the offshore mooring systems market. Swelling funds in the subsea market largely disturbs the progress of the offshore mooring systems market in the global level. Furthermore, fluid flow declaration in the deep water manufacture also delivers a noteworthy push to the global offshore mooring systems market.
The global market for offshore mooring systems is expected to rise at a moderate 3.60% CAGR between 2015 and 2021. The market is expected to rise to US$1.1 bn by the end of 2021 from a valuation of US$0.93 bn in 2014.
FPSO to Witness High Demand Globally
Based on application, the global market for offshore mooring systems has been segmented into floating liquefied natural gas (FLNG) vessels, floating production, storage, and offloading (FPSO) vessels, FDSPO, semi-submersible platforms, tension led platforms, and spar platforms. Amongst these, FPSOs are being extremely demanded due to them being inexpensive in comparison to permanent platforms. Moreover, other welfares related to the employment of FPSOs such as storage and quick offloading are further propelling their demand in the global offshore gas and oil mooring systems market. Based on anchorage, the global market for offshore mooring systems is classified into vertical load anchors, drag embedment anchors, and suction anchors. Amid these, in order to carry out ultra-deep water drilling, the most economical and safe option have been proven to be suction anchors.
Asia Pacific to lead in terms of Deployment
Region-wise, the global market for offshore mooring systems has been segmented into the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Among these region, Asia Pacific emerged as the leading region in terms of the deployment of offshore mooring systems in 2015. This dominance can be attributed to the market’s promising performance in nations such as Australia, China, Indonesia, and Japan. North America is also expected to exhibit a healthy scope for the growth of the market in the coming years owing to the rising oil and gas exploration activities in the region and a rise in offshore production activities as well.
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The leading companies operating in the market are BW Offshore Ltd., Mampaey Offshore Industries B.V., Delmar Systems Inc., SBM Offshore N.V., and MODEC Inc., among others.