Mooring Systems Market size to grow by USD 440.84 million from 2022 to 2027, Increase in global offshore oil and gas exploration activities boosts the market, Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The mooring systems market size is expected to grow by USD 440.84 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of  4.17% during the forecast period. The surge in global offshore oil and gas exploration activities is a significant catalyst propelling market expansion. Numerous governments worldwide are implementing strategic measures to boost oil and gas production. For instance, Russia's adoption of The Energy Strategy up to 2035 aims to reinforce its position in the global energy market while promoting LNG and gas engine fuel adoption. Similarly, India's Ministry of Petroleum and Natural Gas greenlit oil and gas projects worth USD 13.51 billion for Northeast India, signaling a favorable market trajectory. These initiatives underscore a promising outlook, driving market growth in the forecast period.

Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free  sample report is available in PDF format 

Key Segment Analysis

The market share growth of the spread mooring segment is significant during the forecast period. This segment facilitates an oil and gas vessel to moor at a fixed location at a fixed heading by utilizing its own anchors. In addition, the spread mooring segment provides improved stability as its bow typically heads into the direction while the vessel is in a fixed heading relative to the seabed. Hence, such factors are fuelling the growth of this segment, which in turn will drive the market growth during the forecast period.

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Geographical Market Analysis 

• APAC accounts for 33% of the growth of the global market during the forecast period. The main country which are significantly contributing to the global mooring systems market in APAC is China which dominates the largest share of the global offshore wind power installed capacity. As a result, it leads to an increase in the adoption of mooring systems in offshore wind power in China which is expected to drive the growth of the global mooring systems market in the region.

Key Companies
The mooring systems market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Acteon Group Ltd., Anchor Industries PTY Ltd., Bluewater Energy Services BV, BW Offshore Ltd., Cargotec Corp., Grup Servicii Petroliere SA, Hazelett Marine, Kobelt Manufacturing Co. Ltd., Mampaey Offshore Industries B.V., MODEC Inc., Mooring Systems Inc., NOV Inc., Offspring International Ltd., Qingdao Waysail Ocean Technology Co. Ltd., SBM Offshore NV, SOFEC Inc., Timberland Equipment Ltd., Trelleborg AB, Vryhof, and Whittaker Engineering Stonehaven Ltd.

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Analyst Review

The mooring systems market encompasses both offshore and onshore fields, playing a crucial role in supporting various industries such as oil and gas exploration, wind energy, and subsea exploration. A recent global mooring systems market report highlights the increasing importance of these systems in facilitating shale gas activities and addressing the complexities inherent in offshore operations.

Mooring systems are integral for ensuring the stability and safety of vessels and offshore platforms. They involve a combination of grapples, mooring lines, connectors, chains, and manufactured fiber ropes anchored to the seafloor or ocean floor. These components provide the necessary profundity and burrow to secure vessels in place, especially in deepwater environments.

The VMR (vessel mooring and release) systems play a critical role in transport and offloading operations, facilitating the efficient transfer of goods and resources between vessels and offshore platforms. However, despite advancements in technological and automation solutions, mooring accidents can still occur, necessitating regulations and security measures to mitigate risks.

The market is driven by factors such as the surge in global energy demands, which have led to increased research activities and investment in offshore platforms and subsea exploration. Additionally, the adoption of technological advancements in fluidized fluid common gas and drifting has expanded the scope of generation and production capabilities.

Market development initiatives focus on enhancing data technology for assessment and support, as well as improving recuperation readiness and tracking systems. Furthermore, there's a growing emphasis on advancing common met ocean and soil sort data sets to better understand and address offshore complexities.

In terms of business plans and presentations, companies are strategically positioning themselves to capitalize on market growth opportunities, leveraging segmentation analysis and competitive landscapes to identify key players and market attractiveness. Porter's Five Forces framework aids in evaluating industry dynamics, while geographical representation helps in targeting specific regions for expansion.

In conclusion, the mooring systems market is poised for significant growth driven by the rise in exploration and production activities, with a focus on innovation, safety, and efficiency to overcome limitations and maintenance challenges while optimizing replacement costs and controls.

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Market Overview

The global mooring systems market report presents a holistic evaluation of both offshore fields and onshore activities, with a particular focus on shale gas activities. This comprehensive analysis includes a detailed examination of mooring lines, connectors, and other essential components crucial for transport and stability in sea floor installations. As grapple demands increase, innovative solutions in mooring systems emerge to meet industry needs efficiently. The report underscores the significance of robust mooring systems in supporting various offshore operations, ensuring safety, reliability, and optimal performance. Amidst evolving global energy dynamics, the mooring systems market remains pivotal in facilitating secure and efficient operations across offshore sectors.

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio