Albany, NY -- (SBWIRE) -- 08/21/2015 -- The global offshore mooring system market is expected to reach a valuation of US$1,159.6 million by 2021. The report, titled "Offshore Mooring Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021", estimates the overall market to grow at a CAGR of 3.6% during the period between 2015 and 2021. The global offshore mooring system market was worth US$928.3 million in 2014.An offshore mooring system facilitates the anchorage of a ship or other floating vessels and platforms across all water depths. Offshore mooring systems are indispensable for subsea production facilities. The report points out that the increasing subsea exploration and production is the primary factor driving the demand from the global offshore mooring system market.

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Increasing energy demand across the globe, allied to the volatile prices of oil and gas and technological enhancement of offshore mooring systems, has helped the market's growth. However, the report states that the high initial investment required in offshore mooring infrastructure will restrain the growth of the overall market during the forecast horizon. New-generation offshore mooring systems with advanced features and safety measures are expected to open new opportunities for the global offshore mooring system market.

Depending on the types of offshore mooring systems, the global offshore mooring system market has been segmented into taut leg systems, catenary systems, single point mooring systems, dynamic positioning, spread mooring systems, and semi-taut leg systems. Catenary system is the most common mooring system used in shallow water. However, conventional catenary systems are not economically viable in deepwater facilities. Advancement in technology has led to the innovation of mooring systems that generate clean electricity through wind and wave currents. In terms of application, the global offshore mooring system market has been categorized into semi-submersible platforms; tension leg platforms; SPAR platforms; floating, production, storage, offloading (FPSO) vessels; floating liquid natural gas (FLNG) vessels; floating, drilling, production, storage, offloading (FDPSO) vessels. FPSO vessels account for the largest share in the global offshore mooring system market. Due to an increase in deepwater oil and gas production facilities, FPSO vessels are expected to dominate the market in the near future.

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On the basis of anchorage, the global offshore mooring system market has been divided into suction anchors, vertical load anchors, and drag embedment anchors. For ultra-deepwater drilling, suction anchors are particularly safe and cost-effective, and have the ability to target an exact location. The report studies the offshore mooring system market across five key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Owing to the presence of developing economies such as China, Australia, Japan, and Indonesia, Asia Pacific has emerged as the leading market for offshore mooring systems.

The report profiles some of the key players in the global offshore mooring system market, such as Timberland Equipment Ltd., FMC Technologies Inc., Mooring Systems Inc., Delmar Systems, MODEC Inc., and SBM Offshore N.V.

The research study has been segmented as below:

Offshore Mooring Systems Market, by Types

Catenary
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
FPSO
FDPSO
FLNG

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Offshore Mooring Systems Market, by Anchorage

Drag Embedment Anchors
Suction Anchors
Vertical Load Anchors

Offshore Mooring Systems Market, by Geography:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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