Transparency Market Research (TMR) finds that the global offshore mooring systems market for healthcare application is experiencing fragmented landscape. 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.
TMR anticipated that the West Africa offshore mooring system market 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.
Exploration and Production Procedures of Oil and Gas in the Region to Drive Growth
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.
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.
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.
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Emphasis on Energy Security to Create Lucrative Opportunities
Additionally, 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.