Mooring Systems Market: Exploration and Production Activities in the Deep & Ultra-Deep Water across the Globe will Boost the Market

The mooring systems market is estimated to be USD 1.58 billion in 2015 and is expected reach a market size of USD 1.89 billion by 2020. The market is projected to grow at a CAGR of 3.7% from 2015 to 2020. Decrease in oil & gas production in shallow water basins, untapped potential for large hydrocarbon reserves in deep-water, improvement in technology, and economic viability of projects are major drivers for rising investments in deepwater drilling. On-going discoveries of deepwater hydrocarbon reserves create several opportunities for the oil & gas producers as well as service providers along the value chain, are the major driving factors for the market.

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Application:

· Floating Production Storage & Offloading (FPSO)

· Tension Leg Platform (TLP)

· SPAR, Semi-Submersible

· Floating Liquefied Natural Gas (FLNG)

The Market for mooring systems has also been classified on the basis of applications such as shallow water, deepwater, and ultra-deepwater based operations. Nearly half of the mooring systems market is covered by shallow water applications, but with the advent of advanced technology, the operators are entering into deepwater and ultra-deepwater zones. Moreover, decreasing production in shallow water basins and large potential of untapped subsea hydrocarbon reserves are contributing in the increasing focus in deepwater drilling. There has been increasing deepwater oil discoveries in India, Africa, Australia, the U.S., Russia, and Norway. Oil discoveries in African region especially Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where market players are trying to focus on enhancing their revenue.

Asia-Pacific to lead the global mooring systems market in terms of growth rate

In regions, Asia-Pacific has taken the lead with the fastest growth rate among all other regions followed by the Middle East & Africa. Rapid technological developments are improving the drilling and production capability of rigs and vessels which aids exploration and production activities in the deep-water and ultra-deep-water areas across the globe. This has given a boost to the mooring systems market. 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.

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Some of the leading players in the mooring systems market include SBM Offshore (Netherlands), BW Offshore Ltd. (Norway), Modec Inc.(Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada), Usha Martin Ltd. (India), Volkerwessels (Netherlands), Delmar Systems Inc. (U.S.), Mampaey Offshore Industries (Netherlands), Grup Servicii Petroliere S.A. (Luxembourg), and others.

Exploration and Production Activities in the Deep & Ultra-Deep Water across the Globe will Boost the Growth of Mooring Systems Market

The global mooring systems market is expected to grow from USD 1.58 Billion in 2015 to USD 1.89 Billion by 2020, at a CAGR of 3.7%. 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.

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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.