SAN FRANCISCO, May 11, 2017 /PRNewswire/ --
The global offshore mooring systems market is expected to reach USD 1.32 billion by 2025, according to a new report by Grand View Research, Inc. Increasing oil and gas production and exploration from the offshore fields rather than the onshore and the rising development of shale drilling regions for sustainable growth in future is expected to drive the demand for offshore mooring market.
Innovation of new technologies for development of new systems in order to cater to the increasing complexity of offshore platforms along with maximum cost cutting is the major trend in the industry. The industry players are focusing on developing driverless latching systems in order to increase safety level during operations.
Spread systems were the largest product type while accounting for over 32% market revenue in 2016. These systems are majorly utilized in a wide range of applications such as mobile offshore drilling units (MODU) to the ships with catenary type being the major product category.
Single buoy moors consist of a loading/floating substance anchored offshore, which serves as an anchorage point and an interconnection for tankers stocking or offloading oil or gas or any other liquid products. The segment is anticipated to witness the fastest growth over the next eight years at a CAGR of 2.6% from 2016 to 2025.
Browse full research report with TOC on "Offshore Mooring Systems Market Analysis By Type (Spread, SPM, Dynamic Positioning, Tendons), By Application (TLP, Semi-Submersible, SPAR, FPSO, Drill Ships), By Anchorage, And Segment Forecasts, 2014 - 2025"at: http://www.grandviewresearch.com/industry-analysis/offshore-mooring-systems-market
Further key findings from the report suggest:
- Tension leg platform (TLP) dominated the global offshore mooring systems industry and was valued at over USD 350.0 million in 2015
- The drag embedment anchors (DEA) are anticipated to witness the highest growth, growing at a CAGR of over 2.6% from 2016 to 2025
- North America market is projected to witness a steady growth rate over the forecast period and is estimated to generate revenue exceeding USD 320 million by 2025
- The U.S. dominated the North America market with a market share of 81.4% in 2015, and anticipated to observe the fastest growth in the region over the forecast period
- The offshore mooring demand for FPSO in the U.S. is projected to grow at a high CAGR of 1.9% over the forecast period
- Middle East is anticipated to emerge as the fastest growing regional market with a CAGR of 3.1% from 2016 to 2025, in spite of challenges faced in deep-water drilling worldwide. Key players including BP and Total are investing in the region and have become the leading stakeholders.
- Some of the major prominent equipment suppliers to mooring service providers include Offspring International, Mampaey Offshore Industries B.V., Single Point Mooring Systems, Rigzone Mooring Systems, Fossen Shipping, and Scana Industrier ASA
Browse related reports by Grand View Research:
- Copper Mining Market - http://www.grandviewresearch.com/industry-analysis/copper-mining-market
- Barite Market - http://www.grandviewresearch.com/industry-analysis/barite-market
- Andalusite Market - http://www.grandviewresearch.com/industry-analysis/global-andalusite-market
- Drill Bit Market - http://www.grandviewresearch.com/industry-analysis/drill-bit-market
Grand View Research has segmented the global offshore mooring systems market on the basis of product, end-use and region:
- Offshore Mooring Product Type Outlook (USD Million, 2014 - 2025)
- Spread Mooring
- Single Point Mooring (SPM)
- Dynamic Positioning
- Tendons & Tension Mooring
- Offshore Mooring Anchorage Outlook (USD Million, 2014 - 2025)
- Drag Embedment Anchors
- Suction Anchors
- Vertical Load Anchors
- Driven pile
- Offshore Mooring Application Outlook (USD Million, 2014 - 2025)
- Tension Leg Platforms
- Semi-Submersible Platforms
- SPAR Platforms
- Drill Ships
- Offshore Mooring Regional Outlook (USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Middle East
- Saudi Arabia
- Central & South America
- North America
Read Our Blog: http://www.grandviewresearch.com/blogs/energy-and-power
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: +1-888-202-9519
SOURCE Grand View Research, Inc.