NEW YORK, Feb. 8, 2016 /PRNewswire/ -- The offshore Mooring Systems market is expected to grow at 3.7% CAGR and the market is estimated to grow up to 1.2 Billion USD by 2020.
The offshore Mooring systems market is expected to grow over the forecast period. North America accounts for more than the half of the global market share. With the increase in the demand for the energy, the demand for the subsea exploration and drilling activities got increased and created development in the market growth. Europe market is expected to see the growth, with the increase in the new companies and investments in shallow, deep and ultra-deep water explorations. Asia pacific is expected to have decent growth. Middle East with it availability of crude oil wells is expected to benefit. The increase in the subsea activity in South America gives an advantage for the growth of mooring systems.
The mooring system facilitates the anchorage of a ship or other floating vessels and platforms across all kinds of water depths and are considered as important for the subsea production facilities. On the other hand, the high initial investments, lack of technical knowledge and harsh deep sea environmental conditions will affect the growth in the short run, but with the technology advancement, training and the safety measures, the market is expected to grow gradually. Catenary system is the most used mooring system for the shallow waters.
The mooring systems are classified on the basis of their types, which includes taut leg, spread mooring, semi taut, dynamic positioning, catenary and single point mooring. The market can be classified on the basis of the anchorage, which includes drag embedment anchors, vertical load anchors and suction anchors. Finally, it can be classified by application, which includes tension leg, semi-submersible, FPSO, PDPSO, SPAR and FLNG platforms.
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