Mooring Systems Market Revenue To Reach 1.89 Billion By 2020

The mooring systems market is estimated to be USD 1.58 billion in 2015 and is expected reach a market size of USD 1.89 billion by 2020. The market is projected to grow at a CAGR of 3.7% from 2015 to 2020. Decrease in oil & gas production in shallow water basins, untapped potential for large hydrocarbon reserves in deep-water, improvement in technology, and economic viability of projects are major drivers for rising investments in deepwater drilling. On-going discoveries of deepwater hydrocarbon reserves create several opportunities for the oil & gas producers as well as service providers along the value chain, are the major driving factors for the market.



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Application:


Floating Production Storage & Offloading (FPSO)

Tension Leg Platform (TLP)

SPAR, Semi-Submersible

Floating Liquefied Natural Gas (FLNG)


The Market for mooring systems has also been classified on the basis of applications such as shallow water, deepwater, and lam visa my ultra-deepwater based operations. Nearly half of the mooring systems market is covered by shallow water applications, but with the advent of advanced technology, the operators are entering into deepwater and ultra-deepwater zones. Moreover, decreasing production in shallow water basins and large potential of untapped subsea hydrocarbon reserves are contributing in the increasing focus in deepwater drilling. There has been increasing deepwater oil discoveries in India, Africa, Australia, the U.S., Russia, and Norway. Oil discoveries in African region especially Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where market players are trying to focus on enhancing their revenue.



Asia-Pacific to lead the global mooring systems market in terms of growth rate

In regions, Asia-Pacific has taken the lead with the fastest growth rate among all other regions followed by the Middle East & Africa. Rapid technological developments are improving the drilling and production capability of rigs and vessels which aids exploration and production activities in the deep-water and ultra-deep-water areas across the globe. This has given a boost to the mooring systems market. Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the exploration and production activities in the region, thereby pushing the mooring systems in this region. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. However, Africa is estimated to attract more investments due to liberal regulatory policies and is expected to witness the highest growth.



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Some of the leading players in the mooring systems market include SBM Offshore (Netherlands), BW Offshore Ltd. (Norway), Modec Inc.(Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada), Usha Martin Ltd. (India), Volkerwessels (Netherlands), Delmar Systems Inc. (U.S.), Mampaey Offshore Industries (Netherlands), Grup Servicii Petroliere S.A. (Luxembourg), and others.



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