Mooring Systems Global Market Report 2024

Mooring systems encompass the equipment designed to anchor and secure FPSOs (floating production storage and offloading units) against the impactful forces exerted by waves, wind, and currents. These essential systems are pivotal in effectively mooring a ship to its berth, ensuring stability and resistance against external factors such as wind, currents, and other relevant forces. The primary function of mooring system lines is to provide a robust and reliable means of tethering the FPSO, safeguarding it from the dynamic environmental conditions it may encounter during its operational activities.

The primary types of mooring systems include taut leg, spread mooring, semi-taut, dynamic positioning, catenary, and single-point mooring. A taut leg system involves pre-tensioned mooring lines, with the mooring line terminated at an angle at the seabed through the taut leg mechanism. Typically set at an angle of 30 to 45 degrees, this system is particularly employed in deep-water environments and facilitates load sharing among adjacent mooring lines. Various anchorage options, such as drag embedment anchors (DEA), vertical load anchors (VLA), and suction anchors, are utilized, accommodating both shallow and deep-water applications. This mooring approach finds application in diverse maritime structures, including floating production storage and offloading (FPSO), tension leg platform (TLP), spar semi-submersible, and floating liquefied natural gas (FLNG) installations.

The mooring systems market research report is one of a series of new reports from The Business Research Company that provides mooring systems market statistics, including mooring systems industry global market size, regional shares, competitors with a mooring systems market share, detailed mooring systems market segments, market trends and opportunities, and any further data you may need to thrive in the mooring systems industry. This 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 mooring systems market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed during the historical period can be attributed to the expansion of offshore exploration, development in renewable energy, the entry of new players into the market, global economic cycles, and increasing environmental awareness.

The mooring systems market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to the demand for offshore energy, the global transition in energy sources, infrastructure development, market competition, and environmental considerations. Key trends expected during this period include deepwater exploration, advancements in floating renewable energy, technological innovations, and compliance with environmental regulations.

The anticipated surge in offshore oil and gas exploration and production is expected to significantly boost the mooring systems market. Exploration and production activities in offshore fields involve the identification of potential locations for oil and gas extraction. In the offshore industry, the development of robust mooring systems is crucial, especially when conducting installations in challenging deep-water environments. These systems play a vital role in securing offshore oil and gas installations against the impacts of waves, water currents, and wind. As evidenced by a May 2021 report from the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas, India), there was a notable 15.5% increase in petroleum product production compared to the preceding month's 30.9% surge in April 2021. This data underscores the correlation between the rise in offshore oil and gas exploration and production and the growth of the mooring systems market.

The growing popularity of cruises is poised to drive the expansion of the mooring system market in the foreseeable future. Cruises, defined as vacations or journeys on cruise ships or liners, are large passenger vessels designed to provide a distinctive and enjoyable means of exploring diverse destinations. Mooring systems play a crucial role in safely anchoring cruise ships at ports and terminals. These systems, comprising a combination of ropes, lines, winches, and bollards, secure the vessel to the dock, preventing excessive movement and ensuring passenger safety during embarkation and disembarkation. As exemplified by data from April 2023, reported by the Cruise Lines International Association, a US-based trade association, the number of cruises taken by British and Irish holidaymakers surged to approximately 1.7 million, a substantial increase from the previous year's 479,000. This notable uptick underscores the correlation between the rising demand for cruises and the flourishing growth of the mooring system market.

Prominent players in the mooring system market are strategically concentrating on the introduction of advanced solutions, including automatic actuation systems, to gain a competitive advantage. Automatic actuation systems, integral components of machinery, generate controlled force, torque, or displacement in response to electrical, pneumatic, or hydraulic input. In April 2022, Gall Thomson, a UK-based oil field equipment company, unveiled PODx. This emergency mooring release system is tailored for diverse offshore applications such as FPSO (Floating Production Storage and Offloading) vessels and anchor handling vessels. PODx is engineered to swiftly and safely release mooring hawser chains under full tension, mitigating the risk of personnel injury and equipment damage. The system utilizes automatic actuation systems featuring release bolt technology, facilitating the automatic separation of mooring lines at a predetermined parting point.

Key players in the mooring system market are actively engaging in strategic partnerships as a focal point for gaining a competitive advantage. Strategic partnerships involve collaborative alliances between two or more organizations, with the shared objective of realizing mutual benefits and pursuing common goals. A notable example occurred in June 2023 when Seaflex, a Sweden-based provider of elastic mooring solutions, entered into a partnership with Blue Parameters, a UK-based environmental and sustainability firm. This collaboration aims to integrate Seaflex's elastic mooring component into the Mermaid K mooring system, representing a significant advancement in Advanced Sustainable Mooring Systems. The partnership underscores the growing significance and emphasis on long-term sustainability within the marine environment.

In May 2021, Delmar Systems Inc., a mooring service provider based in the United States serving the offshore oil and gas industry, completed the acquisition of Vryhof for an undisclosed sum. This strategic move enabled Delmar Systems Inc. to augment its mooring product portfolio, thereby strengthening its global presence. Vryhof, headquartered in the Netherlands, is a specialized company renowned for its expertise in designing and manufacturing mooring equipment. The acquisition has positioned Delmar Systems Inc. to leverage Vryhof's capabilities and expand its offerings in the offshore industry on a broader international scale.

Major companies operating in the mooring systems market report are FMC Technologies, National Oilwell Varco, Timm AS, Cargotec Corporation, SBM Offshore, Trellborg India Private Limited, BW Offshore Limited, MacGregor, Lamprell ENERGY LIMITED, Usha Martin Limited, BMT Group Ltd., InterMoor, Cavotec S.A., Delmar Systems Inc., Lankhorst Ropes, Grup Servicii Petroliere, Oil Companies International Marine Forum, Bluewater Holding BV, Alfred Cheyne Engineering, Cortland Limited, Viking SeaTech, Offspring International Limited, Maritime International, Balltec Limited, First Marine International, Balmoral Group, Mampaey Offshore Industries, Timberland Equipment, Mooring System Inc., Rigzone Mooring Systems, Vryhof, Wilhelmsen, Wartsila, Bridon-Bekaert, TEHO Ropes, Jiangsu Jinguang Industrial Group Co. Ltd.

North America was the largest region in the mooring market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mooring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the mooring systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mooring system market consists of sales of mooring lines, fenders, wire rope, fiber rope, and chain. 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.

Mooring Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on mooring systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for mooring systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mooring systems market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Taut Leg; Spread Mooring; Semi Taut; Dynamic Positioning; Catenary; Single Point Mooring
• 2) By Anchorage: Drag Embedment Anchors (DEA); Vertical Load Anchors (VLA); Suction Anchors
• 3) By Depth Type: Shallow Water; Deepwater
• 4) By Application Type: Floating Production Storage and Offloading (FPSO); Tension Leg Platform (TLP); SPAR, Semi-Submersible; Floating Liquefied Natural Gas (FLNG)
• Companies Mentioned: FMC Technologies; National Oilwell Varco; Timm AS; Cargotec Corporation; SBM Offshore
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.