Automated Mooring Market to Garner Brimming Revenues by 2024

Business

Automated Mooring Market: Introduction

  • Automated mooring system is a vacuum-based automatic technology that allows a vessel to be moored without rope. The technology enhances operational efficiency, improves safety, and enables port to save on infrastructure by reducing the need to increase the berth capacity.
  • Automated mooring system reduces carbon dioxide emissions, fuel consumption, and docking time. It also eliminates the non-productive berth space in-between ships and at the end of quay.

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Key Drivers & Restrains of Automated Mooring Market

  • Advancements in design of mooring systems to improve operational efficiency, along with the rise in demand for energy is expected to drive the automated mooring market during the forecast period. Automated mooring system reduces waiting time and improves cargo-handling operations.
  • Surge in investments in seaborne trade activities due to increase in purchasing power, along with rapid urbanization is expected to augment the global automated mooring market. As per the Review of Maritime Transport 2018, coal’s seaborne trade increased from 1.159 billion tons in 2017 to 1.202 billion tons in 2017 Furthermore, stringent regulations to reduce greenhouse gas emissions is likely to fuel market growth. Automated mooring system reduces over 90% of GHG emissions during ship berthing, owing to reduced use of ship and tug engines.
  • High cost associated with offshore drilling activities is anticipated to hamper market growth during the forecast period

Vacuum Mooring Type Segment to Hold Major Share of Global Market

  • The global automated mooring market can be segmented based on type, application, and region
  • In terms of type, the global automated mooring market can be divided into vacuum mooring and magnetic mooring. Vacuum mooring is one of the most extensively used mooring types due to its ability to optimize operational efficiency and improve safety levels. It utilizes the hydraulic and vacuum technology to eliminate mooring lines and increase the efficiency of the berthing process. Presently, the magnetic mooring system is in initial phase and is expected to witness significant growth during the forecast period due to its ability to reduce the percentage of casualties and enhance safety.
  • In terms of application, the global automated mooring market can be divided into container, cargo, and passengers. The cargo segment is expected to witness significant growth due to rise in demand for efficient and affordable mode of transporting goods and increase in investments in marine trade.

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North America Expected to Hold a Major Share of Global Automated Mooring Market

  • In terms of region, the global automated mooring market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The automated mooring market in North America is expected to expand at a significant pace during the forecast period. This growth of the market can be attributed to investments in exploration and production of unconventional and conventional resources in offshore region to cater the rise in crude oil demand.
  • This automated mooring market in Asia Pacific is projected to expand at the maximum CAGR during the forecast period due to increase in capital expenditure for the development of shipbuilding infrastructure. Rise in shipbuilding activities in developing nations, including India, China, Japan, and other Southeast Asia countries is also expected to promote market growth. Furthermore, surge in demand for energy due to rapid urbanization, along with strong economic growth is also anticipated to propel market growth.
  • The automated mooring market in Europe is also projected to witness growth during the forecast period due to rise in seaborne trade activities, especially through the Mediterranean Sea and the Sea of Marmara. Furthermore, introduction of strict regulations to reduce carbon emissions is also expected to drive market growth.
  •  The automated mooring market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period due to abundant availability of proved and proven oil & gas reserves in deep & ultra-deep water

Key Players Operating in Global Automated Mooring Market

Leading companies operating in the global automated mooring market include:

  • Cavotec SA
  • Trelleborg Marine and Infrastructure
  • TTS Group ASA
  • MacGregor (Cargotec Corporation)
  • Mampaey Offshore Industries
  • C-Quip

Global Automated Mooring Market: Research Scope

Global Automated Mooring Market, by Type

  • Vacuum Mooring
  • Magnetic Mooring

Global Automated Mooring Market, by Application

  • Cargo
  • Container
  • Passengers
  • Other

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