NEW YORK, Oct. 16, 2023 /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. An increase in global offshore oil and gas exploration activities is notably driving the mooring systems market. However, factors such as environmental concerns associated with offshore E&P activities may impede market growth. The market is segmented by type (single point, spread mooring, dynamic positioning, and others), application (tension leg platform, FPSO, semi-submersible, SPAR, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. 

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.

Company Insights 

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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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

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.

SOURCE Technavio