Offshore Mooring Market To Reach USD 2.96 Billion By 2032; Rising Offshore Exploration Services To Propel Growth

(MENAFN- GlobeNewsWire - Nasdaq) The global offshore mooring market size is anticipated to grow from USD 2 billion to USD 2.96 billion in 10 years. The market will experience rapid growth due to technological advancements in offshore mooring during the forecast period. Asia Pacific region emerged as the most significant global offshore mooring market, with a 50% market revenue share in 2023.

Newark, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2023 global offshore mooring market will reach USD 2.96 billion in 2033. An offshore mooring technique is used in open waters to anchor and secure floating platforms, ships, or constructions. The intricate and vital offshore mooring system uses anchors, chains, ropes, and other parts to secure the structure, boat, or platform. It is made to withstand currents, waves, and wind. Single-point mooring (SPM), Spread Mooring, and Dynamic Positioning (DP) are common forms of offshore mooring. Another type of offshore mooring with a revolving turret for stability is turret mooring. In the oil and gas industry, offshore mooring is used to secure oil platforms, FPSOs, and vessels for transportation, production, and exploration. Additionally, ports, ships, marine research vessels, and the renewable energy industry use it. In difficult marine conditions, offshore mooring guarantees stability, safety, and operational effectiveness. It keeps things from wandering, colliding, and happening, protecting people and property. Mooring systems facilitate operating continuity in dynamic environments or weather systems. Additionally, they safeguard the environment by reducing the possibility of spills and harm to marine ecosystems. They improve economics, lower maintenance costs, and minimise downtime for operators or other anchoring stakeholders. Because mooring systems may be adjusted to suit various kinds of structures and water levels, they are more applicable to a wider range of offshore operations.

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Key Insight of the Global Offshore Mooring Market

Asia Pacific will dominate the market during the forecast period.

One important aspect of the region's dominance in the industry is the fast economic expansion of its developing economies. Furthermore, the area has large offshore gas and oil reserves, which has boosted production and exploration efforts. The industry is expanding further due to the increasing need for renewable energy, with a focus on offshore wind projects. The region is a central hub for offshore activity, which fundamentally explains its dominance in the industry. Its strategic location and closeness to important shipping routes also contribute to this.

In 2023, the catenary segment dominated the market with the largest market share of 37% and revenue of 0.74 billion.

The mooring type segment is divided into catenary, taut, semi-taut, spread, single point, and dynamic positioning. In 2023, the catenary segment dominated the market with the largest market share of 37% and revenue of 0.74 billion.

In 2023, the drag embedment anchors segment dominated the market with the largest market share of 44% and market revenue of 0.88 billion.

The anchorage segment is divided into drag embedment anchors, suction anchors, and vertical load anchors. In 2023, the drag embedment anchors segment dominated the market with the largest market share of 44% and market revenue of 0.88 billion.

In 2023, the floating production, storage and offloading (FPSO) vessels segment dominated the market with the largest market share of 38% and market revenue of 0.76 billion.

The application segment is divided into floating production, storage and offloading (FPSO) vessels, floating drilling, production, storage and offloading (FDPSO) vessels, floating liquefied natural gas (FLNG) vessels, tension leg platforms, semi-submersibles, spar platforms, and others. In 2023, the floating production, storage and offloading (FPSO) vessels segment dominated the market with the largest market share of 38% and market revenue of 0.76 billion.

Report Scope and Segmentation -

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	4%
2033 Value Projection	USD 2.96 Billion
Market Size in 2023	USD 2 Billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	by Mooring Type, Anchorage, Application
Regions Covered	The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Offshore Mooring Market Growth Drivers	The increasing offshore exploration to meet the rising energy demand

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Advancement in market

For deeper sea wind energy development, FibreMax and Houston-based Entrion Wind inked a Memorandum of Understanding (MoU). To operate in water depths of up to 100 metres, they want to integrate Entrion Wind's FRP (Fully Restrained Platform) wind foundation monopile architecture with FibreMax's fibre tendon technology. It is claimed that high-strength fibre tendons, spiral strand wire, and chains are suitable for anchoring systems based on FRP. As per the terms of the agreement, the two businesses will collaborate to qualify FibreMax's fibre tendons for the FRP design and to develop site-specific ideas for different FRP mooring arrangements.

Market Dynamics

Driver: Growing offshore exploration to supply the growing energy demand.

The necessity to investigate alternative fuel sources, such as offshore oil and gas deposits, has been brought to light by the global spike in energy consumption. Due to technical improvements, the demand for dependable mooring systems will only increase with the sector's ability to access deeper reserves. Tidal energy platforms and floating wind farms have become more popular due to the increased need for renewable energy. This will raise the need for offshore mooring as well. Additionally, the market will expand due to deep-sea exploration missions and marine research. Efficient, safe, and effective cargo transportation via mooring will be essential to global trade and shipping growth. As a result, throughout the projected period, the market will grow and develop due to the growing need for safe, flexible, and effective offshore mooring systems brought on by the expansion and rise of offshore operations.

Restraints: The difficulties of maintaining offshore mooring components and equipment.

Because the underwater parts of mooring systems are prone to corrosion and wear, the environmental vulnerability of offshore mooring components, when exposed to extreme weather conditions, reduces their integrity and puts the stability of offshore installations at risk without proper maintenance. The complexity and high cost of underwater maintenance further impede the market's expansion. The need for specialised components in mooring systems increases with sea depth, driving up maintenance costs.

Opportunities: Technological developments expanding offshore mooring uses.

Incorporating high-strength materials, such as synthetic fibres and sophisticated steel alloys, has enhanced the strength and endurance of mooring components. Real-time environmental condition evaluation is made possible by smart monitoring and control systems, improving maintenance and management. Similarly, developing sensors, remotely operated vehicles, dynamic positioning systems, and submarine technologies has decreased the need for human intervention, increased efficiency, and decreased the chance of accidents. The range of deep-sea water exploration has increased due to these developments. Thus, the worldwide offshore mooring market is projected to grow during the forecast period as technology advances and research and development efforts increase.

Challenges: There are growing concerns about mooring's impacts on marine life and the ecosystem.

The deployment of mooring structures can disrupt marine ecosystems, causing physical damage to seabed habitats and posing risks of entanglement for marine life. The growing awareness about such impact is increasing activism against such exploration activities. Simultaneously, compliance with stringent regulatory frameworks poses a significant challenge. The need to obtain permits for mooring installations, produce acceptable environmental impact assessments, and comply with evolving safety standards demands substantial resources and time, which hinder the market's growth.

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Some of the major players operating in the global offshore mooring market are:

. Balltec Ltd.
. Blue Water Energy LLP
. Delmar Systems, Inc.
. Mampaey Offshore Industries B.V.
. Moorsure Mooring Systems Solutions Pty Ltd.
. Offspring International
. Rigzone Mooring Systems
. SBM Offshore N.V.
. SOFEC, Inc.
. Viking Sea Tech

Key Segments covered in the market:

By Mooring Type

. Catenary
. Taut
. Semi-taut
. Spread
. Single Point
. Dynamic Positioning

By Anchorage

. Drag Embedment Anchors
. Suction Anchors
. Vertical Load Anchors

By Application

. Floating Production, Storage and Offloading (FPSO) Vessels
. Floating Drilling, Production, Storage and Offloading (FDPSO) Vessels
. Floating Liquefied Natural Gas (FLNG) Vessels
. Tension Leg Platform
. Semi-Submersibles
. Spar Platforms
. Others

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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