Albany, NY, June 4, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Offshore Mooring Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" the offshore mooring systems market was valued at USD 928.3 million in 2014, which is expected to reach USD 1,159.6 million by 2021, growing at a CAGR of 3.6% from 2015 to 2021.
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The market is primarily driven by increasing demand for energy worldwide, technologically enhanced product developments and increasing subsea exploration and production. New generation offshore mooring systems are expected to witness high growth in the next few years compared to old and outdated technology due to their advanced features and safety measures. Moreover, deepwater and ultra deepwater production facilities for oil and gas are driving market growth. Growing initiatives for deepwater drilling, production and storage without the construction of a permanent platform is improving the demand for FDPSO vessels globally. FDPSOs are estimated to be the second most attractive segment after FLNGs in the offshore mooring systems market.
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FPSO vessels hold the largest market share as the key application segment in the global offshore mooring systems market. The FPSO segment is expected to witness robust growth in the forecast period due to exponential growth of deepwater oil and gas production facilities in harsh oceanic environments. Floating Production Storage and Offloading vessels, or FPSOs, are offshore production vessels, which include both processing equipment and storage for produced hydrocarbons. Post processing, FPSOs store oil or gas prior to its periodic offloading to shuttle tankers or transferring to onshore through pipelines.
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Asia Pacific offshore mooring systems market is currently being driven by developing economy such as China, Japan, Australia and Malaysia among others offers immense opportunities for the offshore mooring systems market during the forecast period. Major oil and liquid natural gas production facilities are set up in these countries. India and Singapore are yet to explore their offshore reserves.
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Key players in the offshore mooring systems market are SBM Offshore N.V., MODEC Inc., Delmar Systems Inc., BW Offshore Ltd. and Mampaey Offshore Industries B.V. among others.
The market has been segmented as follows:
Offshore Mooring Systems Market, by Types
- Taut Leg
- Semi Taut
- Single Point mooring
- Spread mooring
- Dynamic positioning
Offshore Mooring Systems Market, by Application
- Tension Leg platforms
- Semi Submersible platforms
- SPAR platforms
Offshore Mooring Systems Market, by Anchorage
- Drag Embedment Anchors
- Suction Anchors
- Vertical Load Anchors
Offshore Mooring Systems Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Browse Article on Offshore Mooring Systems: http://www.transparencymarketresearch.com/article/offshore-mooring-system-market.htm
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research