Global Mooring Systems Market 2017-2021
About Mooring Systems
Mooring systems consist of connectors, risers, synthetic ropes, buoys, shackles, and anchors. These devices help in the anchorage of ships, platforms, and floating vessels across all water depths. A mooring anchor or line attaches the ship or vessel to the sea floor and is important for sub-sea oil and gas production facilities. Various synthetic fiber wires, ropes, and chains together are used for manufacturing mooring lines. Chains are mainly used for permanent moorings in shallow water up to 100 m, whereas steel wire ropes are used for water depths of more than 300 m. However, synthetic fiber ropes are lightest among all mooring system ropes.
Technavio’s analysts forecast the global mooring systems market to grow at a CAGR of 3.64% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mooring systems market for 2017-2021. To calculate the market size, the report considers the revenue generated by different mooring systems vendors through the sales of mooring systems devices to various applications which are FPSO, TLP, SPAR, and others. The others consist of FLNG and semi-submersible.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mooring Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global mooring systems market: Balltec, Delmar Systems, MODEC, Offspring International, and SBM Offshore
Other Prominent Vendors in the market are: BW Offshore, Bluewater, Cavotec, Lamprell, Mampaey Offshore Industries, Timberland Equipment, National Oilwell Varco, and Usha Martin.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Surge in LNG trade worldwide. In 2016, the worldwide LNG trade reached a new record of more than 256 MT from 244 MT in 2015, which is the third consecutive year of incremental growth. The supply growth was mainly supported by the commercial production of LNG at multiple new liquefaction plants, such as in East and West Australia, and commissioning LNG production train in Malaysia.”
According to the report, one of the major drivers for this market is Integration of mooring systems with IT and automation. Integration of mooring systems with IT and automation is required to reduce human efforts, providing better precision of operations, and maximizing the data collection and safety measures. Mooring analysis of a vessel alongside a pier involves several non-linear mooring lines, which extend at different vectors in both the vertical and horizontal planes with elastic fenders. These systems are acted upon by current, wind, and other forces that vary in direction and time.
Further, the report states that one of the major factors hindering the growth of this market is Reduction in crude oil prices. Crude oil prices have reduced drastically since 2013 from more than $100 per barrel to less than $50 per barrel in 2017. Due to the cut-down in the crude oil prices, the operating cost of oil and gas logistics ship carriers has reduced, and the demand for oil tankers has increased. For instance, the operating cost of tri-fuel diesel electric (TFDE) LNG tankers was averaged at more than $32,000/day during 2016, compared with more than $36,000/day during 2015, which was more than a 6% price decline.
Balltec, Delmar Systems, MODEC, Offspring International, SBM Offshore, BW Offshore, Bluewater, Cavotec, Lamprell, Mampaey Offshore Industries, Timberland Equipment, National Oilwell Varco, Usha Martin