Increasing Usage at Oilfields to Drive Offshore Mooring Market Growth
Offshore field exploration is being enticed by rising energy demand and the maturity of onshore gas and oil assets. Offshore oil and gas fields have been explored and drilled for centuries, resulting in dwindling reserves around the world. 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.
North America hosts the most oil and gas rigs worldwide. As of April 2022, there were 779 land rigs were present, with a further 15 rigs located offshore. These numbers are lower than in previous years, although sanctions on Russian exports have slowly led to greater exploration activity in North America. The average number of global oil rigs has net declined since 2018.
Offshore mooring market is driven due to considerable emphasis on the installation of offshore wind energy farms to provide clean, and cost-effective energy sources around the world. A set of devices and fittings used to warp and secure a ship tied at a dock, to buoys, at the wall of a lock, or alongside another vessel is referred to as mooring equipment. This technology is also utilized to keep FPSO (floating production storage and offloading) boat stable in the face of wind, waves, currents, and storms. The rapid shift to a low-carbon economy, as well as the development of renewable energy to generate power, are driving market trends for offshore mooring systems.
Increased Use of Offshore Mooring in the Oil and Gas Industry to Propel the Market Growth
The floating production, storage, and offloading (FPSO) vessels is expected to be the fastest-growing segment for application of the offshore mooring market over the forecast period. Based on rising global energy demand and increased investments from operators in deep-water drilling activities. The key factor influencing the segment in the current situation is the crude oil prices. Political turmoil in the Middle East, conflict in Ukraine, and the opening of the Mexican market are just a few of the geopolitical challenges now affecting the sector.
For the Shell Prelude FLNG, which is presently being integrated in Korea, SBM Offshore designed and built the world's largest internal turret mooring system. The turret, which weighs roughly 12,000 tonnes, was built to allow the FLNG plant to withstand the most severe weather conditions, allowing it to remain on-site safely. For oil and gas offshore exploration, production, and storage, FPSO is in great demand. Gulf star FPS, created by Williams Partners L.P., is a novel example of an offshore platform with a mooring system. It's a versatile 21,500-ton oil and gas production option for Gulf of Mexico Deepwater companies. The Gulf star’s 9-point mooring system, which included chain jacks, underwater fairleads, and an electro-hydraulic power unit for its mooring operation, was also delivered by "Timberland."
Increased Drilling for Onshore and Offshore Oil and Gas Fields to Drive Growth of Asia Pacific Offshore Mooring Market
Asia Pacific offshore mooring systems market will dominate the global industry. Offshore activities, particularly in the South China Sea (which spans China, Vietnam, Thailand, the Philippines, and Myanmar), accounted for only about 11% of the worldwide sector. Furthermore, countries including Australia, Vietnam, China, and Indonesia have emerged as the world's top FPSO markets. The regional market is expected to develop dramatically over the next eight years, owing to increased oil and gas exploration and production (E&P) to raise domestic production and reduce reliance on imports. The growth of offshore fields in the South China Sea, Australia, and other locations is to blame for this. Moreover, increased investment in oil and gas exploration and production, as well as a reduction in reliance on imports, are expected to drive the expansion of the offshore mooring market in the region throughout the forecast period. Over the next few years, high technological improvements affecting maximal exploitation of wind and wave energy are expected to boost the entire market. Strict environmental rules and HSE standards, on the other hand, may have a negative impact on the market.
Global Offshore Mooring Market: Competitive Landscape
Key companies in offshore mooring market are launching new goods as well as forming new collaborations, alliances, and partnerships. For instance, in May 2021, The Vryhof group, which includes Vryhof Anchors and Deep-Sea Mooring, was acquired by Delmar Systems. The goal of this agreement was to provide the offshore energy industry with unequalled mooring solutions, engineering, manpower, equipment, and project management. On the other hand, in November 2021, CNOOC Energy Technology & Services (CenerTech) has awarded Bluewater Energy Services a contract for the designing, procurement, and construction of turret mooring systems, including a new mooring system for an FPSO to be located off the coast of China. This is part of the South China Sea's Lufeng 12-3 project. The project is managed by SK Innovation in South Korea, with CenerTech leasing and managing the Lufeng 12-3 FPSO vessel for a ten-year period. A new wellhead platform (WHP) with a modular drilling rig connected to the FPSO through a three-kilometer subsea cable and pipeline is part of the field's development plan.
Few of the players in the Offshore Mooring market include SOFEC, Inc., Offspring International, Blue Water Energy, LLP, Delmar Systems Inc, Vryhof group, Moorsure Mooring Systems Solutions Pty Ltd, Mampaey Offshore Industries B.V., Lamprell Energy, Rigzone Mooring Systems, Balltec Ltd., and SBM Offshore N.V.
Global Offshore Mooring Market is Segmented as Below:
By Mooring Type
Key Elements Included In The Study: Global Offshore Mooring Market
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