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Global Demand for Energy Fueling Offshore Mooring Systems Market

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Forming an essential part of subsea production facilities, offshore mooring systems facilitate the anchorage of floating vessels and platforms and ships in all water depths. Growing demand for energy and rise in subsea exploration, drilling, and production has resulted in the development of advanced and varied offshore mooring systems.

Browse the full Global Offshore Mooring Systems Market Report:

Modest Growth Ahead for Global Offshore Mooring Systems Market

The global offshore mooring systems market is projected to witness a tepid growth over the next six years, according to a report by Transparency Market Research. Between 2015 and 2021, the market is estimated to develop at a 3.60% CAGR, rising from a value of US$928.3 mn in 2014 to US$1,159.6 mn in 2021.

There are a number of factors that work in favor of the offshore mooring systems market and those that restrict its growth. Here’s a look at some of the major trends and factors governing the global market:

  • The soaring demand for energy from across the globe has resulted in increased subsea exploration and production, thereby fueling the demand for offshore mooring systems.
  • Offshore field exploration in under-ocean reserves has increased in recent times owing to the maturity of onshore oil and gas fields, gradual reduction of onshore reserves owing to pollution, and damaging impact on land as well as wildlife from onshore production facilities. Rise in offshore field exploration has lent a boost to the offshore mooring systems market.
  • Lucrative areas such as the Middle East and Africa as well as Latin America have been attracting high investments, leading to substantial growth in offshore production. This in turn, drives the offshore mooring systems market.
  • The offshore mooring systems market has received a significant push owing to fluid flow assurance in deepwater production.
  • The demand for offshore mooring systems is highest from floating production, storage, and offloading (FPSO) vessels, which prove to be a more economical solution compared to permanent platforms and also possess the ability to be disconnected from mooring systems during extreme weather conditions.
  • Offshore mooring systems have become faster, smarter, and more secure owing to advancement in technology.
  • The growing importance of new clean electricity has resulted in increased demand for offshore mooring systems for the generation of electricity from wave and wind power.
  • West Africa, Latin America, and the Middle East are home to some of the leading offshore production facilities and the demand for offshore mooring systems is anticipated to be rather high in these regions.
  • Offshore mooring system companies in Europe and North America dominate the global market.
  • Asia Pacific is a strong contender in the offshore mooring systems market owing to surge of new projects and entry of new players from Japan, China, and Australia.

Browse the full Press Release of Global Offshore Mooring Systems Market

Some of the major companies competing in the global offshore mooring systems market are Delmar Systems, Inc., Timberland Equipment Ltd., Trelleborg Marine Systems, Grup Servicii Petroliere S.A., Mooring Systems Inc., Mampaey Offshore Industries B.V., MODEC Inc., FMC Technologies Inc., BW Offshore Ltd., and SBM Offshore N.V.