Offshore Mooring Market to Reach $1,408 Million, by 2022 with Top key players like Viking Sea Tech, Intermoor, Inc., Baltec Systems Pvt. Ltd., Delmar Systems, KTL Offshore Pte Ltd., MODEC, Inc., Mampaey Offshore Industries B.V., Mooring Systems Inc., SBM

Offshore Mooring Market report, published by Allied Market Research, forecasts that the global market is expected to garner $1,408 Million by 2022, growing at a CAGR of 5.0% during the period 2016 - 2022. The spread segment dominated this market, occupying more than one-fourth of the total share of the market revenue in 2015.

The offshore mooring market is expected to witness significant growth over next six years, owing to increased demand for energy due to extensive subsea exploration and production. The other factors driving the offshore mooring market are maturity of onshore oil & gas fields, rise in offshore field exploration, emergence of FPSO technology, growing importance of new clean electricity, and heavy investments from the Middle East and Latin America to develop infrastructure. However, factors such as high initial CAPEX and harsh deep sea environmental conditions hamper the growth of the market.

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A mooring system comprises mooring line, anchor, and connectors, which are installed on the vessels to facilitate the station keeping away from the floatation platforms. The emergence of this technology has addressed the need for floating production storage & offloading (FPSOs) and production facilities in deep-water and ultra-deep-water projects. It has outpaced the conventional technology of temporary anchors by use of synthetic mud ropes, which have now become a standard in oil & gas industry. Mooring system manufacturers stress variation of mooring systems’ size, as well as functionality to cater to different segments, trends, and market needs. Since, the demand for energy is driven by increasing population and purchasing power of individuals in developing economies, it is anticipated to increase at a significant rate over the forecast period. These strategies stretch beyond only the renewability aspect and emphasize a differentiated offer to satisfy varying functional and sustainability performance needs in different market segments.

The taut leg segment is expected to witness the highest growth during the forecast period, owing to increasing need for taut and catenary lines both for offshore mooring across the globe.

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Strategic practice among the world’s largest multinational mooring enterprises interprets into a trend that they tend to adopt a regional, rather than a global, approach to product offering. The important interplay between corporate standards and local conditions is emphasized not only in products but also adopted business models essential to be successful in emerging markets.

Geographically, the Asia-Pacific offshore mooring market presents promising opportunities for mooring system manufacturers as there exists a high rate of onshore oil and gas fields, owing to the rise in disposable income demographic. North America and Europe are also anticipated to tender promising opportunities for the global offshore mooring market over the forecast period.

The Asia-Pacific region accounted for the largest share in the global market, while the European region is expected to account for the second largest share due to increasing investments in ports as well as increasing innovations in offshore mooring technologies.
The key players operating in the global offshore mooring market have focused on acquiring local players to strengthen their market outreach and expand their customer base. The prominent players profiled in the report are Viking Sea Tech, Intermoor, Inc., Baltec Systems Pvt. Ltd., Delmar Systems, KTL Offshore Pte Ltd., MODEC, Inc., Mampaey Offshore Industries B.V., Mooring Systems Inc., SBM Offshore N.V., and BW Offshore Ltd.

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