Global offshore mooring market is expected to reach $1,562.7 million by 2022, growing at a CAGR of 5.2% during the forecast period, i.e., 2020 - 2027. Increasing applications of offshore mooring in floating production storage and offloading (FPSOs) and semi-submersibles are expected to fuel the mooring market growth. Moreover, growth in demand for energy and surge in offshore exploration and production further drive the offshore mooring market. These factors are expected to have a positive impact on the offshore mooring market owing to increase in maturity of onshore oil and gas fields that could lead to offshore exploration and production. Some of the restraints associated with the offshore mooring market are high initial CAPEX and harsh environmental conditions in the sea.
Advent of shale oil & gas in North America and growth of NGLs (Natural Gas Liquids) along with decreasing profitability of upstream companies due to low crude oil prices in past years have resulted in reduction of offshore activities. These are the factors that will hinder the growth of product market in near future. Rapid expansion of oil and gas E&P from the offshore fields along with the rising development of high-temperature gas hydrate basins for sustainable future growth is expected to drive the industry over the forecast period.
Constantly increasing requirements for subsea explorations, commercialization of wind & hydro-energy farms in the U.S. coastal regions especially in the Gulf of Mexico have led to large deployment of advanced mooring system installations. Growing energy demand across North America coupled with a shift towards clean electricity is expected to steer the market expansion in the region.
The growing offshore complexities and many of the adverse mooring accidents in the past have influenced the newly framed regulations. The new regulations framed have strict directions for some specific areas, which include mooring system of design, installation assurance & methodology, operations, inspection & maintenance, recovery preparedness & tracking, and development of common met ocean & soil type data sets.
Rising population and increase in per capita energy consumption is also expected to benefit the overall market growth. High technological developments concerning maximum utilization of wind energy and wave energy is anticipated to boost the overall market. However, lack of basic technical knowledge among the business players may emerge as a major concern for the overall market growth.
Crude oil price slump over the past three years has tremendously impacted the profitability of the industry participants across the upstream petroleum value chain, thereby, leading to discontinuation of various offshore activities. Discontinuation of offshore activities worldwide along with growing pressure on operating companies by organizations such as OPEC to reduce daily production rates are the key challenges faced by the offshore mooring systems industry participants.
Spread mooring systems can be used in applications requiring long service life, in any water depth, and on any size of the vessel. Spread mooring systems are most commonly used in unidirectional environments on floating offshore structures that are insensitive to the direction of environmental loads.
Single point mooring (SPM) systems are generally used on ships that allow them to weathervane into environmental conditions. The ship is often free to rotate through 360 degrees. Most of the SPM are turret based which are mostly used in floating, production, storage & offloading (FPSO) platforms, FLNG ships, and service vessels.
The tendons & tension systems are used for horizontal movement with wave turbulence and bobbing, owing to this it is used for stability, such as in the hurricane-prone Gulf of Mexico. Dynamic positioning is also estimated to witness above-average growth over the next nine years with significant deployment of the CALM and SALM systems, especially for the ships. The market is driven by the development of vessels, which include floating, production, storage and offloading (FPSO), floating, drilling, production, storage and offloading (FDPSO) and fluidized liquid natural gas (FLNG).
Constantly increasing requirements for subsea explorations, commercialization of wind & hydro-energy farms in the U.S. coastal regions especially in the Gulf of Mexico have led to large deployment of advanced mooring system installations. Growing energy demand across North America coupled with a shift towards clean electricity is expected to steer the market expansion in the region.
The growing offshore complexities and many of the adverse mooring accidents in the past have influenced the newly framed regulations. The new regulations framed have strict directions for some specific areas, which include mooring system of design, installation assurance & methodology, operations, inspection & maintenance, recovery preparedness & tracking, and development of common met ocean & soil type data sets.
Rising population and increase in per capita energy consumption is also expected to benefit the overall market growth. High technological developments concerning maximum utilization of wind energy and wave energy is anticipated to boost the overall market. However, lack of basic technical knowledge among the business players may emerge as a major concern for the overall market growth.
Crude oil price slump over the past three years has tremendously impacted the profitability of the industry participants across the upstream petroleum value chain, thereby, leading to discontinuation of various offshore activities. North America offshore rig count fell around 30% as compared to the previous year (2016). Discontinuation of offshore activities worldwide along with growing pressure on operating companies by organizations such as OPEC to reduce daily production rates are the key challenges faced by the offshore mooring systems industry participants.
Spread mooring systems can be used in applications requiring long service life, in any water depth, and on any size of the vessel. Spread mooring systems are most commonly used in unidirectional environments on floating offshore structures that are insensitive to the direction of environmental loads.
Single point mooring (SPM) systems are generally used on ships that allow them to weathervane into environmental conditions. The ship is often free to rotate through 360 degrees. Most of the SPM are turret based which are mostly used in floating, production, storage & offloading (FPSO) platforms, FLNG ships, and service vessels.
The tendons & tension systems are used for horizontal movement with wave turbulence and bobbing, owing to this it is used for stability, such as in the hurricane-prone Gulf of Mexico. Dynamic positioning is also estimated to witness above-average growth over the next nine years with significant deployment of the CALM and SALM systems, especially for the ships. The market is driven by the development of vessels, which include floating, production, storage and offloading (FPSO), floating, drilling, production, storage and offloading (FDPSO) and fluidized liquid natural gas (FLNG). The FPSO market has witnessed decent growth in the past few years, based on the increasing demand for global energy, and the rise in investments from operators for deep-water drilling activities.
The decrease in crude oil prices is the main reason affecting the market in the present scenario. The political unrest in the Middle East, violence in Ukraine, and the opening of the Mexico market are some of the geopolitical issues negatively influencing the industry in the present scenario.
SBM Offshore has designed and constructed the world’s largest internal turret mooring system, for the Shell Prelude FLNG, which is currently under integration in Korea. The turret weighs around 12,000 tons and was designed to enable the FLNG facility to resist the most extreme weather conditions so allowing it to safely remain on location.
FPSO, FLNG, TLP, and semi-submersible platforms are on high demand for oil and gas offshore exploration, production, and storage facilities. One of the new examples of the offshore platform along with the mooring system is Gulfstar FPS, developed by Williams Partners L.P. It is a flexible 21,500-ton oil & gas production solution for deepwater producers in the Gulf of Mexico. Along with it, “Timberland” provided for the Gulfstar’s 9-point mooring system including chain jacks, underwater fairleads, and electro-hydraulic power unit for its mooring operations.
Additionally, countries such as Australia, Vietnam, China, and Indonesia have emerged as the leading FPSO markets globally. The regional market is anticipated to witness overwhelming growth over the next eight years owing to increasing oil and gas E&P to further boost domestic production and reduce the dependence on imports.
In Europe, the market is expected to witness significant growth owing to rising demand in industries such as subsea exploration, renewable energy, and petroleum. Countries including Germany, France, UK, Netherlands, and Italy are anticipated to have brisk progress over the forecast period. High technological developments concerning maximum utilization of wind energy and wave energy is anticipated to boost the overall market over the next few years. However, strict environmental regulations and HSE norms may adversely affect the market
The offshore drilling industry in the Middle East is anticipated to grow over the forecast period in spite of challenges faced in deepwater drilling worldwide. Key players including BP and Total are investing in the region and have become the leading stakeholders. Countries such as Qatar and Saudi Arabia are developing their shallow and deep-sea reserves for offshore drilling.
Some of the major players include Offspring International, Mampaey Offshore Industries B.V., Single Point Mooring Systems, Rigzone Mooring Systems, and ScanaIndustrier ASA. Fossen Shipping is one of the prominent equipment suppliers to mooring service providers.
Companies such as Delmar Systems, Inc., Sofec, Moorsure Mooring Systems Solutions Pty Ltd, Blue Water Energy and AMOG Engineering Services offer analysis, design, and supply of specialist mooring technologies and systems. They cater to the specific requirements of their clients, offering them customized mooring technology and services in accordance with explicit requirements.
Some of the major service providers and fabricators in the industry would include MODEC, Offspring International Ltd., Mampaey Offshore Industries B.V., Lamprell, and BW Offshore Ltd.
There are various end-uses of the mooring systems in the offshore oil and gas industry. Some of these include FPSO, FLNG, tension leg, and semi-submersible platforms.
Companies such as Balltech Engineered Solutions, FMC Technology, Inc., and SBM Offshore are highly integrated into the value chain. They offer mooring system design, planning, technologies, components, and even services to the offshore oil and gas industry.
The study also includes the market share of the key participants operating in the offshore mooring systems market across the globe. Additionally, the report covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations, and joint ventures, and regional growth of the key players within the market on a regional basis.
Scope of Offshore Mooring Market
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