Offshore Mooring Systems Market Will Touch a Value of Nearly US$470.2 mn in the year 2022

Market Research Reports Search Engine (MRRSE) has been serving as an active source to cater intelligent research report to enlighten both readers and investors. This research study titled “Offshore Mooring Systems Market - West Africa Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024

View Free Sample Report @ https://www.mrrse.com/sample/2869

With abundant offshore reserves of oil and gas, the West African region has been registering a substantial demand for energy for the exploration and production procedures, creating a significant need for offshore mooring systems that can monitor and control marine fuel consumption in this region. Apart from this, the trend of shallow water exploration is now shifting to deep-water and ultra-deep waters for the western offshore of Africa due to the current market scenario and fluctuating crude oil prices is also reflecting positively on the West Africa offshore mooring systems market.

Over the coming years, the presence of ample untapped areas for oil and gas exploration and production and the introduction of technologically-enhanced mooring products are expected to increase the demand for offshore mooring systems, influencing this market greatly. In 2015, the market stood at US$169.70 mn. Progressing at a CAGR of 4.90% from 2015 to 2024, the market is expected to rise to US$470.2 mn by the end of 2024.

FPSO Vessels to Continue as Leading Application Area for Offshore Mooring Systems

Catenary systems, semi taut-leg systems, taut-leg systems, spread mooring systems, single point mooring systems, and dynamic positioning are the key types of offshore mooring systems available in West Africa. Currently, spread mooring systems have been witnessing a greater demand than other systems. Researchers project this scenario to remain so over the forthcoming years.

Floating drilling, production, storage and offloading (FDPSO) vessels, floating production, storage and offloading (FPSO) vessels, floating liquefied natural gas (FLNG) vessels, semi-submersibles, tension leg platform, and SPAR platforms have surfaced as the main application areas of offshore mooring systems.

View Full Report With Table of Content @ https://www.mrrse.com/west-africa-offshore-mooring-systems-market

With a share of 43.55%, the FPSO vessels segment led the West Africa market in 2015 and is anticipated to remain doing so in the years to come, owing to the increasing requirement for storage and refining of crude oil and natural gas in West Africa. Offshore mooring systems are also anticipated to witness a significant rise in the demand from SPAR platforms and semi-submersibles for deep and ultra-deep waters over the next few years.

Angola to Retain Leading Position

Mauritania, Senegal, Guinea, Ivory Coast, Ghana, Cameroon, Equatorial Guinea, Gabon, D.R. Congo, Angola, and Congo Brazzaville are the primary domestic markets for offshore mooring systems in West Africa. With a contribution of US$45.1 mn, Angola led the overall market in 2015 and is projected to retain its position in the near future. Apart from Angola, Ghana, Gabon, and Ivory Coast are also expected to emerge as lucrative markets for offshore mooring systems in West Africa over the next few years. The increasing emphasis on energy security, ongoing exploration and production activities, and the rise in investments are likely to boost the markets for offshore mooring systems in these countries in the years to come.

The multiple initiatives taken by the governments in various West African countries, in partnership with leading global players, to expedite ‘bright prospects’ and to increase exploration and production of oil and gas are projected to influence this market further in the near future. As mooring systems are entering into more advanced stage with automation and satellite governing techniques for better and safer mooring analysis, their demand in anticipated to increase phenomenally in West Africa.

Send An Enquire @ https://www.mrrse.com/enquiry/2869

About Market Research Reports Search Engine (MRRSE)

Market Research Reports Search Engine (MRRSE) is an industry-leading database of Market Research Reports. MRRSE is driven by a stellar team of research experts and advisors trained to offer objective advice. Our sophisticated search algorithm returns results based on the report title, geographical region, publisher, or other keywords.

MRRSE partners exclusively with leading global publishers to provide clients single-point access to top-of-the-line market research. MRRSE’s repository is updated every day to keep its clients ahead of the next new trend in market research, be it competitive intelligence, product or service trends or strategic consulting.

Contact Us

State Tower
90, State Street
Suite 700
Albany, NY - 12207
United States Telephone: +1-518-730-0559
Email: sales@mrrse.com
Website: https://www.mrrse.com/
Read More Industry News At: https://www.industrynewsanalysis.com/

This release was published on openPR.