New York, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global offshore mooring systems market size is projected to grow from USD 1.61 billion in 2024 to USD 2.42 billion by 2034, at a CAGR of 4.2%, according to a new report by Polaris Market Research.
Market Introduction:
An offshore mooring system is usually utilized for retaining a ship connected to a floating platform. Mooring systems are also utilized by cranes and bulky heaving gear in the course of platform fixation. Mooring ropes and wire ropes are utilized to steady a ship or offshore platform and ease ventures executed in the offshore ambiance, such as oil and gas investigation and production, wind energy creation, and marine research. Mooring ropes play an important part in ascertaining the steadiness and security of offshore frameworks and vessels as they prohibit them from floating or moving due to wind, waves, and currents.
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Key Insights from Report:
- The market for offshore mooring systems is significantly shaped by these systems utilizing several anchorage procedures involving drag encasement, pump anchors, and vertical load anchors to ascertain steadiness and security in provoking ocean situations.
- The offshore mooring systems market segmentation is based on type, anchorage, application, and region.
- Based on type, the spread mooring system segment is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Offshore Mooring Systems Market Scope:
| Report Attributes | Details |
| Market size value in 2024 | USD 1.61 billion |
| Market size value in 2025 | USD 1.67 billion |
| Revenue forecast in 2034 | USD 2.42 billion |
| CAGR | 4.2% from 2025 to 2034 |
| Base year | 2024 |
| Historical data | 2020-2023 |
| Forecast period | 2025-2034 |
Market’s Growth Drivers:
- Technological Progressions: Progression in mooring technology, such as the advancement of zestful locating systems, is enhancing the productivity and security of offshore functioning. The growing concentration on green energy practices is also motivating funding in the systems that decrease ecological influence. The amalgamation of elevated offshore projects and technological progressions with the growing acquisition of automation in offshore functioning contributes to the offshore mooring systems market growth.
- Growing Subsea Exploration: The growing need for subsea investigations is propelling the market, pushed by the growing demand for oil and gas removal in profound waters. For instance, Equinor’s Johan Castberg project in the Barents Sea portrays the usage of progressive mooring solutions such as chain wire lines and pumping anchors to assure floating production storage and offloading (FPSO) units in a provoking profound water situations.
- Growing Need for Dependable Anchoring: The requirement for dependable anchoring of floating renewable energy platforms is notably driving the market. For instance, the Hywind Scotland project is the globe’s premiere floating offshore wind farm that functions off the coast of Aberdeenshire. The Hywind has a 30 MW potential which furnishes power to approximately 20,000 homes. It utilized advanced mooring technology involving pumping anchors and synthetic fiber mooring lines to steady the turbines in water surpassing 100 meters in depth.
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List of Offshore Mooring Systems Market Key Players:
- Balltec Ltd.
- Balmoral Comtec Ltd
- Bluewater
- BW Offshore
- Delmar
- Jumbo Maritime
- Lamprell Energy Ltd.
- Mampaey Offshore Industries
- MODEC
Geographical Analysis:
Asia Pacific accounted for the largest offshore mooring systems market share. This is primarily because of speedy industrialization and growing funding for offshore energy projects. In August 2023, Inpex Corporation gained a 74% share in AC/RL7 piece off Western Australia via INPEX Cash Maple Pty Ltd., encompassing about 418 square kilometers. This accession targets to enhance the Ichthys LNG Project's determination and throughput. Additionally, the growing concentration on green energy sources, especially offshore wind farms, notably brings about the requirement for progressive mooring solutions.
The Middle East and Africa are also expected to grow at the highest CAGR during the forecast period. This is due to growing funding in oil and gas investigation ventures in profound water regions. Further, the region's magnanimous unexplored hydrocarbon resources for progressive mooring solutions reinforce floating production storage and offloading (FPSO) units.
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Market Segmentation:
By Type Outlook:
- Spread Mooring
- Single Point Mooring
- Dynamic Positioning
- Tendons & Tension Mooring
- Others
By Anchorage Outlook:
- Drag Embedment Anchors
- Suction Anchors
- Vertical Load Anchors
- Driven Pile
- Others
By Application Outlook:
- Tension Leg Platforms
- Semi-Submersible Platforms
- SPAR Platforms
- FPSO
- Drill Ships
- Others
By Region Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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