Offshore Mooring Market Research - 2031
The global 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 system that provides temporary or permanent berth structure for ships or floating platforms in offshore fields. Floating structures in which mooring systems are used include, dry docks, piers, bridges, and oil drilling/production facilities. Emergence of FPSO technology, which is more economical as compared to permanent platforms, growth in importance of new clean electricity, and high investments from Middle East as well as Latin America are expected to be the key factors that drive the growth of the market during the forecast period. In addition, rise in demand for oil & gas across the globe is anticipated to drive the offshore market growth during the forecast period.
However, variations in oil prices and high cost associated with deep water projects are expected to restrain the growth of the market in the coming years. On the contrary, discoveries of oil & gas fields in the African and Asia-Pacific regions are projected to create opportunities for key players operating in the market from 2022 to 2030.
The offshore mooring market is segmented on the basis of Mooring type, anchor, application, and region. On the basis of Mooring type, it is categorized into catenary, taut, semi-taut, spread, single point, and dynamic positioning. On the basis of anchor, it is classified into drag embedment anchor, gravity anchor, and vertical load anchor.
On the basis of application, it is classified into floating production, storage, and offloading (FPSO) vessels, floating drilling, production, storage, and offloading (FDPSO) vessels, floating liquefied natural gas (FLNG) vessels, tension leg platform, semi-submersibles, spar platforms, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global offshore mooring market are 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.
These players adopt numerous strategies, including partnership, agreement, and collaboration to stay competitive in the offshore mooring market.
For instance, in November 2021, Blue Water Energy Services signed an agreement with CNOOC Energy Technology & Services. This agreement aimed at engineering, procurement, and construction of turret mooring systems, including a new mooring system for an FPSO to be located off China. This has strengthened the presence of company in the Asia-Pacific region.
The offshore mooring market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the Offshore mooring market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the compressed natural gas industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
In addition, rise in exploration and production activities in offshore fields are anticipated to fuel the growth of the global offshore mooring market in the future. By anchor, the gravity anchor segment dominated the global market in 2020, in terms of share, owing to rise in demand for gravity anchor from deep water drilling applications across the globe. In addition, advantages associated with gravity anchor, including cost effectiveness, efficiency, and resistance towards both, horizontal and vertical surfaces are expected to fuel the growth of the market during the forecast period.
By application, the floating production, storage, and offloading (FPSO) vessels segment dominated the global market in 2020, in terms of share, owing to rise in demand for offshore mooring systems from FPSO vessels across the globe. In addition, rise in demand for FPSO platforms from oil & gas offshore exploration and production facilities is anticipated to drive the growth of the market in the coming years.
Asia-Pacific garnered the highest offshore mooring market share in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to emergence of offshore fields in the South China sea, Australia, and other regions. Moreover, rise in investment towards oil & gas exploration and production and reducing dependence on imports is anticipated to fuel the growth of the offshore mooring market in the region during the forecast period.
Lockdown imposed, owing to outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for oil & gas from consumers. In addition, halt in exploration & production of new offshore infrastructures and oil & gas fields, halt in trade activities, owing to unavailability of workers, and increase in demand–supply gap hampered the offshore mooring market growth during the pandemic period.
This declined the market growth in the second, third, and fourth quarters of 2020. However, the offshore mooring market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.
By Mooring Type Polyethylene
Catenary mooring type is the most lucrative segment
Global Offshore Mooring Market, by Mooring Type
On the basis of mooring type, the spread segment dominated the market in 2021, owing to rise in demand for spread mooring systems from various applications, including offshore drilling applications, floating LNG structures, and others. In addition, rise in exploration and production activities in offshore fields are anticipated to fuel the growth of the global offshore mooring market in the future.
By Anchors Polyethylene
Drag Embedment type of Anchors is the most lucrative segment
Global Offshore Mooring Market, by Anchor
By anchor, the Drag Embedment Anchors segment dominated the global market in 2021, in terms of share, owing to rise in demand for Drag Embedment Anchors from deep water drilling applications across the globe. In addition, advantages associated with Drag Embedment Anchors, including cost effectiveness, efficiency, and resistance towards both, horizontal and vertical surfaces are expected to fuel the growth of the market during the forecast period.
By Application
Floating Production, Storage and Offloading (FPSO) Vessels is the fastest growing segment during 2022-2031.
Global Offshore Mooring Market, by Application
By application, the floating production, storage, and offloading (FPSO) vessels segment dominated the global market in 2021, in terms of share, owing to rise in demand for offshore mooring systems from FPSO vessels across the globe. In addition, rise in demand for FPSO platforms from oil & gas offshore exploration and production facilities is anticipated to drive the growth of the market in the coming years.
By Region
Asia-Pacific would exhibit highest CAGR of 3.5% during 2022-2031.
Offshore Mooring Market, by Region
Asia-Pacific garnered the highest offshore mooring market share in 2021, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to emergence of offshore fields in the South China sea, Australia, and others regions. Moreover, rise in investment towards oil & gas exploration and production and reducing dependence on imports is anticipated to fuel the growth of the offshore mooring market in the region during the forecast period.
COVID-19 Impact on Market
Lockdown imposed, owing to outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for oil & gas from consumers. In addition, halt in exploration & production of new offshore infrastructures and oil & gas fields, halt in trade activities, owing to unavailability of workers, and increase in demand–supply gap hampered the offshore mooring market growth during the pandemic period. This declined the market growth in the second, third, and fourth quarters of 2021. However, the offshore mooring market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.
Report Key Highlighters
- The report provides an extensive qualitative and quantitative offshore mooring market analysis of the current offshore mooring market trends and future estimations of the global offshore mooring market from 2021 to 2030 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the Offshore mooring market growth is provided.
- Estimations and forecast are based on factors impacting the offshore mooring market growth, in terms of value.
- Profiles of leading players operating in the offshore mooring market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable Offshore mooring market growth.
Offshore Mooring Market Report Highlights
| Aspects | Details |
 By Mooring Type |
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 By Anchors |
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 By Application |
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 By Region |
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Analyst Review
Urbanization and growth of the transportation sector are the key factors attributed to the leading position of Asia-Pacific in the offshore mooring market. Huge potential in Asia-Pacific in exploration and production from the newly developed offshore oilfields are expected to provide lucrative growth opportunities to leading offshore mooring systems manufacturers.
The offshore mooring market holds a substantial scope for growth globally. The market is in its growth stage; however, its contribution to the global market is expected to increase significantly in the coming years. High initial capital expenditure associated with offshore mooring systems is a major limitation for the market growth. However, hike in oil & gas prices is expected to drive the market growth as oil & gas companies are projected to invest in offshore exploration and production. In addition, diversification of the retail sector of oil & gas is expected to hamper the market growth but reduced diversification and proper investment in the oil & gas sector are expected to flourish the market growth.
In addition, increase in social & environmental pressures on many oil & gas companies rises complex questions about the role of these fuels in a changing energy economy, and the position of these companies in the societies in which they operate, which in turn is expected to hamper the market growth in the coming years. Among the analyzed regions, Asia-Pacific is likely to account for the highest revenue in the market during the forecast period, followed by Europe, LAMEA, and North America.
The Catenary segment was the largest revenue generator in 2021, and is anticipated to grow at a CAGR of 3.8% during the forecast period.
The Asia-Pacific is the largest regional market in the global offshore mooring market, followed by Europe region.
The global offshore mooring market was valued at $1.2 billion in 2021, and is projected to reach $1.8 billion by 2031, expanding at a CAGR of 3.7% from 2022 to 2031.
Discoveries of oil & gas fields in the African and Asia-Pacific regions is expected to offer lucrative opportunity to global offshore mooring market due to discoveries of oil and gas fields in the African and Asia-Pacific region specially is sub-Saharan Africa.
The leading players operating in the global offshore mooring market 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., and others.
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