Offshore Mooring Market Forecasts to 2030 – Global Analysis By Mooring Type (Catenary Mooring, Dynamic Positioning, Single Point Mooring and Other Mooring Types), By Anchor Type (Suction Anchors, Drag Embedment Anchors, Gravity Anchors and Other Anchor Ty

Offshore Mooring Market Forecasts to 2030 – Global Analysis By Mooring Type (Catenary Mooring, Dynamic Positioning, Single Point Mooring and Other Mooring Types), By Anchor Type (Suction Anchors, Drag Embedment Anchors, Gravity Anchors and Other Anchor Types), Depth, Application and By Geography

According to Stratistics MRC, the Global Offshore Mooring Market is accounted for $1.32 billion in 2023 and is expected to reach $1.89 billion by 2030 growing at a CAGR of 5.2% during the forecast period. Offshore mooring refers to the systems and equipment used to anchor vessels, platforms, and structures in offshore environments, such as seas and oceans. These systems ensure stability and safety by securely holding floating structures in place, allowing for various activities like oil and gas exploration, offshore wind energy production, and marine transportation.

According to world population review.com, in 2020, 88.6 million barrels of oil per day was consumed all over the world, accounting for 30.1 percent of global primary energy. Proliferating adoption at oilfields is likely to accelerate offshore mooring market expansion.

Market Dynamics:

Driver:

Increasing offshore exploration and production activities

As global energy demand rises, particularly for oil and gas, there's a growing need to access offshore reserves. Offshore mooring systems play a vital role in anchoring drilling rigs, production platforms, and floating vessels, ensuring stability and safety during operations. This demand surge fuels the market, prompting investments in advanced mooring technologies to support the expansion of offshore exploration and production activities in deeper waters and harsh environments.

Restraint:

High initial investment costs

Implementing offshore mooring systems involves substantial upfront expenditures for equipment procurement, installation, and ongoing maintenance. These costs can deter potential investors and operators, especially in times of economic uncertainty or when project financing is limited. Additionally, the complexity and specialized nature of offshore operations contribute to the high cost barrier, making it challenging for companies to justify investments and delaying the development of offshore projects.

Opportunity:

Ecosystem development

Due to the growing demand for offshore energy production and maritime transportation, there's a need for a robust ecosystem of suppliers, service providers, technology developers, and regulatory bodies. Building such an ecosystem fosters innovation, collaboration, and efficiency across the value chain. It enables the development of integrated solutions, standardized practices, and best-in-class services, ultimately enhancing the reliability, safety, and sustainability of offshore mooring operations while driving market growth.

Threat:

Environmental concerns

Offshore operations can lead to environmental risks such as oil spills, habitat disruption, and marine life disturbance. Stricter regulations and permitting challenges imposed by governing bodies in response to these concerns can increase operational costs and project delays. Additionally, negative public perception and potential legal liabilities associated with environmental damage can tarnish the reputation of companies involved in offshore mooring projects, impacting their profitability and long-term sustainability in the market.

Covid-19 Impact:

The COVID-19 pandemic has adversely affected the offshore mooring market, leading to project delays and cancellations due to supply chain disruptions, travel restrictions, and reduced investment in energy projects. Decreased oil prices and economic uncertainty have further dampened demand for offshore exploration and production activities, impacting the need for mooring systems. However, the market is expected to recover gradually as economic conditions stabilize.

The spread mooring segment is expected to be the largest during the forecast period

The spread mooring segment is anticipated to dominate the offshore mooring market during the forecast period due to its widespread adoption in various offshore applications. Spread mooring systems offer cost-effective and reliable anchoring solutions for floating production platforms, FPSOs, and other offshore structures. Additionally, advancements in spread mooring technology, such as innovative designs and materials, enhance system efficiency and safety. The segment's versatility and suitability for different water depths and environmental conditions further contribute to its projected growth trajectory.

The suction anchors segment is expected to have the highest CAGR during the forecast period

The suction anchors segment is anticipated to experience the highest CAGR during the forecast period in the offshore mooring market. This growth can be attributed to the increasing adoption of suction anchors due to their superior holding capacity and reliability in various offshore applications. Additionally, advancements in suction anchor technology, such as improved installation techniques and materials, contribute to their rising popularity among offshore operators, driving market demand for this segment.

Region with largest share:

Over the forecast period, North America is expected to dominate the offshore mooring market. This dominance is attributed to the region's extensive offshore oil and gas exploration and production activities, particularly in the Gulf of Mexico. Moreover, technological advancements and government support for offshore energy projects further bolster market growth. Additionally, increasing investments in renewable energy, such as offshore wind farms along the Atlantic coast, contribute to North America's leading position in the offshore mooring market.

Region with highest CAGR:

The Asia Pacific region is poised for rapid expansion in the offshore mooring market during the forecast period. This growth is propelled by increasing offshore exploration and production activities, particularly in emerging economies like China, India, and Southeast Asian countries. Rising energy demand, favorable government policies, and investments in offshore infrastructure contribute to market expansion. Additionally, the region's vast coastline and untapped offshore reserves offer significant opportunities for offshore mooring system providers, driving further growth in the Asia Pacific market.

Key players in the market

Some of the key players in Offshore Mooring Market include Bluewater Energy Services B.V., BW Offshore, Cavotec SA, Cortland Industrial, LLC, Delmar Systems, FibreMax , Grup Servicii Petroliere SA, InterMoor Inc., Jumbo Offshore, Lankhorst Ropes, Mampaey Offshore Industries, Minesto , MODEC, Inc., Mooring Systems Inc., NOV Inc., Offspring International Limited, Rigging International Group, SBM Offshore, Viking SeaTech and Vryhof Anchors.

Key Developments:

In February 2024, Minesto receives funding for next-generation mooring system. The Swedish Energy Agency has awarded Minesto with 2.8M SEK (approximately $267,000) to support the development and testing of a mooring system for ocean energy deployment. The funding will be used to continue the optimization of tethering solutions with the aim of further leveraging the reliability and performance of the system.

In January 2024, Netherlands-based group Jumbo Offshore has been awarded a contract by Japan’s Modec for the pre-installation of the mooring spread of a large floating production, storage and offloading vessel destined to be deployed in Guyana. The Errea Wittu FPSO was ordered by US supermajor ExxonMobil to produce from the Uaru field in the Stabroek block offshore Guyana and Modec was contracted to build and deliver the unit. The floater will have processing capacity of 250,000 barrels per day of oil and 540 million cubic feet per day of natural gas, with operation due to start in 2026.

In September 2023, FibreMax has signed a Memorandum of Understanding (MoU) with Houston-based Entrion Wind for deeper water wind energy developments. They aim to combine FibreMax's fiber tendon technology with Entrion Wind's FRP (Fully Restrained Platform) wind foundation monopile design for operation in water depths of up to 100 m. FRP is said to accommodate mooring solutions based on chain, spiral strand wire, and high strength fiber tendons. Under the MoU, the two companies will jointly work on qualifying FibreMax’s fiber tendons for the FRP design along with site-specific proposals for various FRP mooring configurations.

Mooring Types Covered:
• Catenary Mooring
• Dynamic Positioning
• Single Point Mooring
• Spread Mooring
• Taut Leg Mooring
• Other Mooring Types

Anchor Types Covered:
• Suction Anchors
• Drag Embedment Anchors
• Gravity Anchors
• Vertical Load Anchors
• Other Anchor Types

Depths Covered:
• Shallow Water
• Deep Water
• Ultra-Deep Water

Applications Covered:
• Floating Drilling, Production, Storage and Offloading Systems (FDPSO)
• Floating Liquefied Natural Gas (FLNG)
• Floating Production, Storage, and Offloading Vessels (FPSO)
• Semi-Submersibles
• Tension Leg Platforms (TLPs)
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances