Offshore Mooring Market Trends: Supporting the Blue Economy

According to a new report published by Allied Market Research, the offshore mooring market size was valued at $1.2 billion in 2021, and is projected to reach $1.8 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.

Offshore mooring is the process or act of tying a floating structure or ships to a submerged anchoring point. Offshore mooring system is made up of a mooring line, anchor & connectors, and mooring layout, and is used for station keeping of a ship or floating platform in all water depths.

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North America is expected to grow at the fastest rate, registering a CAGR of 4.2%, during the forecast period.

Asia-Pacific dominated the market in 2021, and is anticipated to maintain this offshore mooring market trend during the forecast period. This is attributed to rise in investment towards offshore oil & gas exploration & production and reducing dependence on imports from other countries.

Emergence of offshore fields in the South China sea, Australia, and others regions is further anticipated to fuel the growth of the market in the coming years.

The key players operating and profiled in the report include Offspring International, Blue Water Energy LLP, Mampaey Offshore Industries B.V., Rigzone Mooring Systems, Delmar Systems, Inc., Moorsure Mooring Systems Solutions Pty Ltd., Blue Water Energy LLP, Balltec Ltd., SOFEC, Inc., and SBM Offshore N.V.

The other players operating in the offshore mooring market are De Haan Mussel Kanaal, Scana Industrier ASA, Advanced Production and Loading, Multinational Craig Energy Services, Lamprell Energy, and LHR Services & Equipment.

Floating liquefied natural gas (FLNG) vessels is the rapidly growing segment in the global offshore mooring market, and is expected to grow at a CAGR of 4.6% during 2022-2031.

Increase in applications of offshore mooring in floating production, storage, & offloading (FPSOs) and semisubmersibles is expected to fuel the growth of the market in the near future.

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Growth in demand for energy and rise in offshore exploration and production are factors that drive the market. Their impact is expected to increase significantly due to increase in maturity of onshore oil & gas fields.

Mature onshore oil & gas fields are expected to lead to offshore exploration and production and in turn drive the market. Some of the restraints associated with the market are high initial CAPEX and harsh deep sea environmental conditions.

The Offshore Mooring Market refers to the industry and technologies involved in the development, deployment, and maintenance of mooring systems for offshore oil and gas platforms, floating production storage and offloading (FPSO) units, and other offshore structures.

The market offers a variety of mooring technologies, including:

Catenary mooring systems: Using chains or cables to create a catenary curve to hold the structure in place.

Taut-leg mooring systems: Using tensioned mooring lines to keep the structure stable.

Spread mooring systems: Using multiple mooring lines attached to the structure.

Dynamic positioning systems: Using thrusters to maintain the position of the structure.

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The offshore mooring market is expected to grow in the coming years, driven by the increasing offshore exploration and production activities, particularly in deepwater and ultra-deepwater regions.

Technological advancements, such as the development of more efficient and cost-effective mooring systems, are expected to drive market growth.

Increasing focus on renewable energy, such as offshore wind farms, is also expected to create new opportunities in the offshore mooring market.

Stringent environmental regulations and the need for improved safety and reliability are also shaping the market, driving the adoption of advanced mooring technologies.

In 2021, the spread mooring segment accounted for about 29.5% of the share in the global offshore mooring market, and is expected to maintain its dominance during the forecast period.

In 2021, the taut mooring segment accounted for 13.8% market share, and is anticipated to grow at a rate of 4.5% in terms of revenue.

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In 2021, the Drag Embedment anchors segment accounted for 44.8% market share, and is anticipated to grow at a rate of 3.9% in terms of revenue.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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