Market Overview
In 2015, the worldwide offshore mooring systems market was projected to expand by approximately USD 1.58 Billion. Further, the global market is anticipated to achieve the market value at a CAGR of 3.7% during the research period of 2020 to 2028.
The global market for offshore mooring systems is expanding because of the high utilization of wind and wave energy and high development in technology. Also, the growing purchasing power of the people has increased the demand for offshore mooring systems. Moreover, the rising demand for transportation fuel prices is projected to drive the global market growth during the forecast period. Further, this market has lucrative growth opportunities because of the development of off-shale activities across different parts of the world.
However, the lack of professionalism towards offshore mooring systems is projected to hamper the global offshore mooring systems market growth in the review period. Also, the worldwide market might get affected due to the rising demand for offshore mooring systems and the high demand for energy growth.
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Market Segmentation
As per the worldwide offshore mooring systems market report, the current market has been classified based on types, depth, application, and anchorage.
Based on the type segment, the global market for offshore mooring systems has been categorized into tendons, dynamic positioning, spread, SPM (Single Point Mooring), and others. In terms of the application segment, the worldwide market for offshore mooring systems has been segregated into FPSO, SPAR, Drill Ships, semi-submersible, Tension Leg Platform (TLP), and others.
Based on depth segment, the worldwide market has been classified into Deep/Ultra-deep (>1000 m) and Shallow (<1000 m). Depending on the anchorage segment, the global offshore mooring systems market has been segmented into DEA(Drag Embedment, Anchors), Vertical Load Anchors, Suction Anchors, Driven Pile, and others. The Suction Anchors sector is considered to generate the largest market share during the forecast timeframe.
Regional Analysis
According to the global offshore mooring systems marketreport, the market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
Out of all, the Asia Pacific market is estimated to generate the largest market share throughout the predicted period due to the rising population in the countries like India and China, leading to growth in energy. Moreover, this region is expanding because of the increasing growth in environment-friendly energy and the high growth of the public. This region, the Chinese region, will lead the global market share in 2018. A country like India has also contributed majorly to the market growth during the research period. Further, the second largest market share was held by the regional market of North America, and the European market held the third-largest market share.
Key Market Players:
DELMAR SYSTEMS INC (US), SBM Offshore (Netherlands), MODEC, Inc. (Japan), Offspring International Limited (UK), Mampaey Offshore Industries B.V. (Netherlands), Balltec Ltd. (UK), BW Offshore (Norway), Bluewater (Netherlands), Trelleborg Marine Systems (UAE), and Timberland Equipment Limited (Canada)
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Industry News
In August 2019, the prominent player MODEC Inc. manufactured a new product, M350, and MODEC NOAH. The company has become well known for offering supplies for offshoring platform systems by developing this product.
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