- The Asia-Pacific region will be the leading market for mooring systems.
- Single point mooring segment expected to grow faster than other mooring types in the mooring systems market.
- FPSO segment estimated to be largest segment of the mooring systems.
The mooring systems market is projected to reach $1.89 billion by 2020, growing at a CAGR of 3.7% from 2015 to 2020. 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.
Mooring systems are combined package that includes mooring lines, anchors, connectors, winches, fairleads, which is installed onto the vessels for the station keeping of the floating platforms. Mooring systems includes applications related to type of production vessels such as FPSO’s, SPAR’s, semi-submersibles, tension leg platforms, and to depth like shallow and deep/ultra-deep. Rapid technological developments improving the drilling and production capability of rigs and vessels aid exploration and production activities in the deep-water and ultra-deep-water areas across the globe. These provide the boost for the mooring systems market.
Asia-Pacific: The leading market for mooring systems
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.
Single point mooring segment expected to grow faster than other mooring types in the mooring systems market
The mooring system has been classified on the basis of mooring type into single point mooring, spread mooring, tendon mooring, and dynamic positioning. Single point mooring occupies the major share among mooring types and is expected to grow at a steady rate during the forecast period. It finds its major application in the vessel type FPSO and FLNG. Single point mooring allows the vessels to weathervane, requirement of less mooring legs, easy offloading and is 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. The single point mooring market is expected to grow from an estimated size of $680 million in 2015 to $830 million by 2020. Various drivers pushing the market are rapid technological advancements in drilling and exploration techniques, which in turn help increasing focus on deepwater & ultra-deepwater locations.
FPSO segment estimated to be largest segment of the mooring systems
The mooring systems applications segmented 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.
The 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.
The major players in mooring systems market include Modec Inc. (Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada).