Offshore Mooring Systems Market To Reach US$470.2 Mn by 2024 | CAGR 4.90%

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Offshore Mooring Systems Market To Reach US$470.2 Mn by 2024 | CAGR 4.90%

June 28
22:25 2021
Offshore Mooring Systems Market To Reach US$470.2 Mn by 2024 | CAGR 4.90%
With abundant offshore reserves of oil and gas, the West African region has been registering a substantial demand for energy for the exploration and production procedures, creating a significant need for offshore mooring systems that can monitor and control marine fuel consumption in this region

Apart from this, the trend of shallow water exploration is now shifting to deep-water and ultra-deep waters for the western offshore of Africa due to the current market scenario and fluctuating crude oil prices is also reflecting positively on the West Africa offshore mooring systems market.

Over the coming years, the presence of ample untapped areas for oil and gas exploration and production and the introduction of technologically-enhanced mooring products are expected to increase the demand for offshore mooring systems, influencing this market greatly. In 2015, the market stood at US$169.70 mn. Progressing at a CAGR of 4.90% from 2015 to 2024, the market is expected to rise to US$470.2 mn by the end of 2024.

west africa offshore mooring systems market

FPSO Vessels to Continue as Leading Application Area for Offshore Mooring Systems

Catenary systems, semi taut-leg systems, taut-leg systems, spread mooring systems, single point mooring systems, and dynamic positioning are the key types of offshore mooring systems available in West Africa. Currently, spread mooring systems have been witnessing a greater demand than other systems. Researchers project this scenario to remain so over the forthcoming years.

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Floating drilling, production, storage and offloading (FDPSO) vessels, floating production, storage and offloading (FPSO) vessels, floating liquefied natural gas (FLNG) vessels, semi-submersibles, tension leg platform, and SPAR platforms have surfaced as the main application areas of offshore mooring systems.

With a share of 43.55%, the FPSO vessels segment led the West Africa market in 2015 and is anticipated to remain doing so in the years to come, owing to the increasing requirement for storage and refining of crude oil and natural gas in West Africa. Offshore mooring systems are also anticipated to witness a significant rise in the demand from SPAR platforms and semi-submersibles for deep and ultra-deep waters over the next few years.

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Angola to Retain Leading Position

Mauritania, Senegal, Guinea, Ivory Coast, Ghana, Cameroon, Equatorial Guinea, Gabon, D.R. Congo, Angola, and Congo Brazzaville are the primary domestic markets for offshore mooring systems in West Africa. With a contribution of US$45.1 mn, Angola led the overall market in 2015 and is projected to retain its position in the near future. Apart from Angola, Ghana, Gabon, and Ivory Coast are also expected to emerge as lucrative markets for offshore mooring systems in West Africa over the next few years. The increasing emphasis on energy security, ongoing exploration and production activities, and the rise in investments are likely to boost the markets for offshore mooring systems in these countries in the years to come.

The multiple initiatives taken by the governments in various West African countries, in partnership with leading global players, to expedite ‘bright prospects’ and to increase exploration and production of oil and gas are projected to influence this market further in the near future. As mooring systems are entering into more advanced stage with automation and satellite governing techniques for better and safer mooring analysis, their demand in anticipated to increase phenomenally in West Africa.

SBM Offshore N.V., MDEC Inc., Grup Servicii Petroliere S.A., Mampaey Offshore Industries B.V., FMC Technologies Inc., BW Offshore Ltd., Trelleborg Marine Systems, Timberland Equipment Ltd., Mooring Systems Inc., and Delmar Systems Inc. are some of the leading players in the West Africa offshore mooring system market.

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