Offshore Mooring Systems Market : Size, Top Emerging Trends, Growth and Business Opportunities 2025
The global market for offshore mooring systems is expected to flourish in the coming years with the advancements in offshoring undertakings across Western Africa.
San Francisco, CA -- (SBWire) -- 12/28/2017 --West Africa Offshore Mooring System Market: Overview
The global market for offshore mooring systems is expected to flourish in the coming years with the advancements in offshoring undertakings across Western Africa. The rise of offshore reserves for oil and gas has been turning the tables for the offshore mooring market making it an attractive industry for stakeholders and offering a ray of optimism for the various players. The exploration and production undertakings have become the crux of various industries, which has further elevated the demand within the market for offshore mooring systems. The shallow water exploration domain has now advanced towards deeper and more intense exploration activities, which has shifted the focus towards offshore mooring systems. It is prognosticated that the abundant opportunities of growth in the domain of oil and gas exploration is expected to keep bolstering the demand for offshore mooring systems.
West Africa Offshore Mooring System Market: Key Trends and Opportunities
The West African Industry has been experiencing immense demand from the oil and gas sector despite the crises of fluctuating prices prevalent in the market. This has been a major driver for the development of the offshore mooring systems industry in the region, thus, making it a cynosure of opportunities. The marine fuels costs are exorbitantly high and account for a major costs of the vessel operating costs, which makes it integral to optimally manage marine fuels. The offshore mooring system has a considerable say in gauging, monitoring, and controlling the marine fuel costs, the market grows through the pipeline of the oil and gas industry.
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The various types of offshoring mooring systems include spread mooring systems, dynamic positioning, taut-leg systems, single point mooring systems, and semi taut-leg systems. Amonsgt these sub-categories, the spread mooring system has spanned in scope and applicability which has elevated their demand in the market and are expected to continue attracting a strong demand in the market. In terms of application areas, the floating production, storage and offloading (FPSO) vessels offer immense growth opportunities for the market. The other areas of application include Floating drilling, production, storage and offloading (FDPSO) vessels, semi-submersibles, SPAR platforms, floating liquefied natural gas (FLNG) vessels, and tension leg platform.
West Africa Offshore Mooring System Market: Regional Outlook
Amongst the prominent local and regional markets within West Africa, Angola has shown high growth prospects registering a market contribution of US$45.1 mn to outdo all other regions in 2015. Alongside Angola, the regions of Gabon, Ghana, and Ivory Coast are expected to be lucrative areas for offshore mooring systems market in West Africa over the coming years. Ghana, D.R. Congo, Angola, Ivory Coast, Mauritania, Senegal, Gabon, Guinea, and Equatorial Guinea are amongst other regions with operations in the offshore mooring systems.
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West Africa Offshore Mooring System Market: Competitive Landscape
A high number of market players forms the crux of the market which has led to stiff competition.
The various companies are making independent efforts to excavate the benefits of research, innovation, technological advancements in order to outsmart the competitors. There is also a parallel trend of mergers acquisition, and partnerships which shows the versatility of market players in attaining a higher market share. Several market players are in the race for gaining high traction including Trelleborg Marine Systems, Grup Servicii Petroliere S.A., BW Offshore Ltd., FMC Technologies Inc., and Mampaey Offshore Industries B.V.
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