Strategic Analysis of Offshore Mooring Systems Market | 2016 – 2024

According to the market study, the overall opportunity in the was worth US$169.70 mn in 2015. Analysts expect it to rise at a CAGR of 4.90% during the period from 2015 to 2024 and reach a value of US$470.2 mn by the end of the period of the forecast. The demand for spread mooring systems is much higher than other products available in this market. The scenario is anticipated to remain same throughout the forecast period.

“The increase in the demand for energy in West Africa despite fluctuating prices of oil has been the most prominent factor behind the growth of the offshore mooring systems market in this region,” says an analyst in TMR. As marine fuel cost accounts for a heavy portion of the vessel operating cost, the need for an efficient management of marine fuel has increased considerably. With offshore mooring systems being highly effective in monitoring, controlling, and reporting of marine fuel consumption, their demand is likely to augment remarkably in the oil and gas industry of West Africa in the near future, reflecting positively on this market.

The technological advancement in mooring products is also projected to boost this market over the forecast period. However, the high cost of investments needed for exploration and production activities may hamper the market’s growth in the coming years, states the report.

The West Africa offshore mooring market is highly competitive, thanks to the presence of a large pool of players, finds a new research report by Transparency Market Research (TMR). Innovation and technological advancements in mooring systems is the key strategy adopted by the leading companies looking to strengthen their position in this market. A shift in their focus towards mergers, acquisitions, and partnerships can also be observed over the next few years.

Grup Servicii Petroliere S.A., Mampaey Offshore Industries B.V., FMC Technologies Inc., BW Offshore Ltd., and Trelleborg Marine Systems are some of the prominent vendors of offshore mooring systems in West Africa, states the research report.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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