Mooring Systems Market - Global Trends & Forecast to 2020 - New Market Research Report
New Energy market report from Markets and Markets: "Mooring Systems Market - Global Trends & Forecast to 2020"
[USPRwire, Tue Feb 02 2016] Mooring Systems Market by Application (FPSO, TLP, SPAR, Semi-submersible and FLNG), by Anchorage (DEA, VLA, and Suction), by Mooring type (Spread, SPM, DP, and Tendon), by Depth (Shallow & Deep/Ultra-deep), & by Region - Global Trends & Forecast to 2020
Increasing focus in deep & ultra-deep-water exploration and production activities to drive mooring systems market at a CAGR of 3.7%
The mooring systems market is estimated to be USD 1.58 billion in 2015 and is expected reach a market size of USD 1.89 billion by 2020. The market is projected to grow at a CAGR of 3.7% from 2015 to 2020. Decrease in oil & gas production in shallow water basins, untapped potential for large hydrocarbon reserves in deep-water, improvement in technology, and economic viability of projects are major drivers for rising investments in deepwater drilling. On-going discoveries of deepwater hydrocarbon reserves create several opportunities for the oil & gas producers as well as service providers along the value chain, are the major driving factors for the market.
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TLP type is expected to witness highest growth in the mooring systems market
The Tension Leg Platforms (TLP) segment expected to be the third-largest in the mooring systems market in 2015 and is expected to be the highest growing application during the forecast period. There is a continuous increase in TLP installations and capex in the past few years supporting the growth of the market. The TLPs are best suited for the harsh ocean conditions and so are mostly installed in the GOM region giving boost to the application.
Asia-Pacific to lead the global mooring systems market in terms of growth rate
In regions, Asia-Pacific has taken the lead with the fastest growth rate among all other regions followed by the Middle East & Africa. Rapid technological developments are improving the drilling and production capability of rigs and vessels which aids exploration and production activities in the deep-water and ultra-deep-water areas across the globe. This has given a boost to the mooring systems market.
The data have been collected through several primary and secondary sources. A comprehensive discussion guide was sent to several experts in the field of mooring systems and offshore exploration & production services experts for the verification of the market findings.
* By Company type - Tier 1 - 45%, Tier 2 - 30% and Tier 3 - 25%.
* By Designation - C level - 20%, Managerial level - 25%, Others - 55%
* By Region - North America - 35%, Europe - 25%, APAC - 20%, Middle East - 15%, RoW - 5%
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