PUNE, India, January 14, 2016 /PRNewswire/ --
The report "Mooring Systems Market by Application (FPSO, TLP, SPAR, Semi-submersible and FLNG), by Anchorage (DEA, VLA, and Suction), by Mooring type (Spread, SPM, DP, and Tendon), by Depth (Shallow & Deep/Ultra-deep), & by Region - Global Trends & Forecast to 2020", published by MarketsandMarkets, The Mooring Systems Market is estimated to grow at a CAGR of 3.7% from 2015 to 2020 and is expected to reach USD 1.89 Billion by 2020.
Browse 68 market tables and 63 figures spread through 140 pages and in-depth TOC on "Mooring Systems Market"
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The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves preferably in Deepwater & ultra-deepwater locations.
In the Mooring Systems Market by application, FPSO occupies the lions share and TLP is expected to grow at the highest pace.
The applications market is subsegmented into FPSO's, TLP, SPAR, semi-submersible, and the upcoming technologies such as FLNGs. The application FPSO occupies the major share of the market and the TLP is estimated to see high growth rate during the forecast period. The harsh, rigid, and hurricane prone area in the Gulf of Mexico makes TLP a popular choice for the installation on the tension leg platforms. Furthermore, the world's first FLNG, which is expected to enter the market in 2016 would drive the market for mooring systems, particularly in the Asia-Pacific region.
Single point mooring systems estimated to drive the Mooring Systems Market with highest growth rate.
On the basis of mooring types the following are the subsegments namely single point mooring, spread mooring systems, tendon mooring, and dynamic positioning. Out of the mentioned, single point mooring occupies the major share, which is due to the applications in the FPSO's. Single point mooring allow the vessels to weathervane and are capable of utilization in the mild to extreme offshore conditions. Dynamic positioning is utilized in semi-submersibles and FPSOs, but is comparatively in their nascent stage of developments.
Asia-Pacific is estimated to be the global leader in the Mooring Systems Market by value for the next five years.
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.
The Mooring Systems Market, in terms of developments was dominated by Modec Inc. (Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada) in 2014.
This study estimates the global market of mooring systems, in terms of USD, till 2020. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market. The report also covers various important aspects of the market such as value chain, Porter's Five Forces model, competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Mooring Systems Market.
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