West Africa Offshore Mooring Systems Market – Exepected To Reach USD 470.20 Million in 2024: Transparency Market Research

According to a new market report published by Transparency Market Research “Offshore Mooring Systems Market – West Africa Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2024,” the Offshore Mooring Systems Market was valued at USD 169.70 million in 2015 which is expected to reach USD 470.20 million by 2024, growing at a CAGR of 4.9% from 2015 to 2024.

The West African region is currently witnessing increase in energy demand from exploration and production of oil & gas. The trend of shallow water exploration is now shifting to deep-water and ultra-deep waters for the western offshore of Africa. The move from shallow waters to increasingly more in deep waters in West Africa is seen positively as per the current market scenario and fluctuating crude oil prices. Moreover the offshore mooring systems are custom built for specific applications. Thus stock piling of offshore mooring systems equipment’s and components has been drastically reduced since components are custom made as per orders. The market for offshore mooring systems is flourishing because everything in it has an engineering cost to design the mooring system.

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Floating, Production, Storage and Offloading (FPSO) Vessels is anticipated to have largest market share in application segment during the forecast period. The expected growth is decent based on the increasing energy demand from the West African region and increasing exploration and production activities in deep waters. The FPSO produces oil, refines it and stores the refined product in the middle of the ocean. They can also offload to desired sector via cargo containers and tankers.

Angola, Ghana and Gabon are developing economies in the West African region. These countries among others have high opportunities in the offshore mooring market since there is growing demand of energy and most of the exploration & production activities are located offshore. Ivory Coast and Cameroon are the other promising countries in the West African region. Despite the ongoing fluctuations in crude oil prices, West Africa has not witnessed reduction in the number of large oil companies investing in the region. Ivory Coast, Senegal, and Guinea are likely to be the countries with sizeable exploration & production, underdevelopment stages, and bright spots for oil and gas during the forecast period

The major players operating in the West Africa offshore mooring market are, not limited to, SBM Offshore N.V., MDEC, Inc., Grup Servicii Petroliere S.A, Mampaey Offshore Industries B.V, FMC Technologies Inc., BW Offshore Ltd., Trelleborg Marine Systems, Timberland Equipment Ltd., Mooring Systems Inc., and Delmar Systems, Inc.

The market for offshore mooring systems in West Africa has been segmented as follows:

Offshore Mooring Systems Market, by Type

  • Catenary
  • Taut Leg
  • Semi-taut
  • Spread
  • Single Point
  • Dynamic Positioning

Offshore Mooring Systems Market, by Application

  • Floating Production, Storage and Offloading (FPSO) Vessels
  • Floating Drilling, Production, Storage and Offloading (FDPSO) Vessels
  • Floating Liquefied Natural Gas (FLNG) Vessels
  • TLP
  • Semi-submersibles
  • Spar platforms
  • Others

Offshore Mooring Systems Market, by Anchorage

  • Drag Embedment Type Anchors
  • Suction Type Anchors
  • Vertical Load Type Anchors

Offshore Mooring Systems Market, by Country

  • Mauritania
  • Senegal
  • Guinea
  • Ivory Coast
  • Ghana
  • Cameroon
  • Equatorial Guinea
  • Gabon
  • R. Congo
  • Angola
  • Congo Brazzaville

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