Offshore Mooring Systems Global Market Report 2024

The global offshore mooring systems market has grown steadily in recent years. It will grow from $1.72 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historic period can be attributed to several factors, including deepwater exploration and production activities, an increase in offshore wind energy projects, the rise of floating production systems, a heightened focus on safety and environmental protection, government initiatives supporting offshore development, the globalization of offshore exploration efforts, and the rapid development of offshore infrastructure. These factors collectively contributed to the expansion and development of offshore industries during the specified historical period.

The global offshore mooring systems market is expected to see steady growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to factors such as the emergence of floating solar farms, a heightened focus on reducing carbon footprint, advancements in monitoring and control systems, an increased emphasis on predictive maintenance practices, the dominance of floating production storage and offloading (FPSO) systems, and the expansion of floating liquefied natural gas (LNG) facilities. Major trends expected in the forecast period include technological advancements in mooring designs, the implementation of dynamic positioning systems, innovations in offshore drilling technologies, the adoption of pre-laid mooring systems, the integration of automation and robotics, and the formation of strategic partnerships and collaborations. These trends reflect the ongoing evolution and advancements in offshore industries to address emerging challenges and opportunities.

The offshore mooring systems market is expected to witness growth owing to the escalating demand for energy. These systems play a crucial role in floating wind systems, maximizing energy production and facilitating efficient power transmission through cables and umbilical systems. As global energy demand is projected to surge by 47% by 2050, as reported by the International Energy Agency in 2021, the need for offshore mooring systems is set to rise correspondingly.

Depleting oil reserves are poised to drive the growth of the offshore mooring systems market. As oil reserves diminish gradually, offshore mooring systems become increasingly integral in maintaining operational efficiency on oil platforms. For example, the Oil & Gas Journal reported a decline in proved oil reserves globally and particularly in Western Europe by 2021, reflecting a substantial decrease in reserves. This depletion of oil reserves reinforces the importance of offshore mooring systems in the industry.

Technological advancements represent a significant trend shaping the offshore mooring systems market. Key industry players are dedicated to developing innovative technological solutions to solidify their market positions. Imenco AS, in September 2021, introduced 'Pacu', a cutting-edge cathodic protection technology specifically designed for mooring systems used in floating wind platforms and offshore aquaculture installations. Pacu aims to extend the lifespan of mooring chains by reducing corrosion rates, providing a cost-effective solution applicable to various maritime sectors.

Major players in the offshore mooring systems market are launching innovative systems like automatic actuation systems, focusing on safety measures during emergencies. For instance, in April 2022, Gall Thomson introduced PODx, an automatic actuation system designed to enhance safety in FPSO tandem offloading and offshore operations. This system remotely releases mooring hawser chains under full load within milliseconds, reducing risks to personnel and equipment. Its design allows for easy reset and reusability after activation, contributing to cost-effectiveness and safety for operators.

In May 2021, Delmar Systems, Inc., a US-based provider of mooring solutions for the oil and gas industry, completed the acquisition of Vryhof, a Netherlands-based provider of offshore anchors and mooring solutions. This acquisition expanded their combined resources and strengthened their global footprint, enhancing their asset portfolios within the industry.

Major companies operating in the offshore mooring systems market report are Blue Water Energy LLP, MODEC Inc., Lamprell Plc., SBM Offshore NV, Baltec System Pvt Ltd., FMC Technologies Inc., Rigzone Mooring Systems, Mooring Systems Inc., Offspring International Limited, Mampaey Offshore Industries, Delmar Systems Inc., Trelleborg Marine Systems India Pvt. Ltd., Viking SeaTech, Balmoral Comtec Ltd., Grup Servicii Petroliere, SOFEC INC., Intermoor Inc., NOV Inc., Timberland Equipment Ltd., KTL Offshore Pte Ltd., Scana Industrier ASA, Moorsure Mooring Systems Solutions Pty Ltd., De Haan Mussel Kanaal, Advanced Production and Loading, Multinational Craig Energy Services, Lamprell Energy, LHR Services & Equipment Inc., Ocean Power Technologies Inc., Other Lab Inc., Triton Systems

Asia-Pacific was the largest region in the offshore mooring systems market share in 2023. The regions covered in the offshore mooring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the offshore mooring systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore mooring systems domain include various types such as single-point mooring, taut leg system, semi-taut leg system, spread mooring, dynamic positioning, and others. Single point mooring involves a floating buoy anchored offshore, facilitating the handling of liquid cargo. Anchoring methods encompass suction anchors, vertical load anchors, drag embedment anchors, among others, catering to operations in shallow and deep water. These mooring systems find applications across floating production storage and offloading, floating liquefied natural gas, spar platforms, tension leg platforms, semi-submersible platforms, and various other offshore setups.

This report provides offshore mooring systems statistics, including offshore mooring systems industry global market size, regional shares, competitors with an offshore mooring systems market share, detailed offshore mooring systems market segments, market trends, and opportunities, and any further data you may need to thrive in the offshore mooring systems industry. This offshore mooring systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The offshore mooring systems market consists of sales of internal turret mooring, external turret mooring, and disconnectable turret mooring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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