Mooring Connector Equipment Market
Mooring Connector Equipment Market Size By Equipment Type (Mooring Shackles, Swivels, Mooring Links, Connecting Links, Clamps), By Application (Mobile Offshore Drilling Units (MODU), Floating Production Storage (FPS), by Region - Global Forecast 2022-2032
Mooring Connector Equipment Market Outlook (2022-2032)
The global mooring connector equipment market size is valued at US$ 428.6 million in 2022 and is forecast to reach US$ 749.2 million by the end of 2032, expanding a CAGR of 5.7% from 2022 to 2032.
Demand for mooring connector equipment is expected to grow steadily as there has been rapid development of technology-improved drilling and production capacity in rigs and vessels, supporting production and exploration activities in deep and ultra-deep-water regions across the world.
Mooring Connector Equipment
Market Size (2021A)
US$ 408.8 Million
Estimated Market Value (2022E)
US$ 428.6 Million
Forecasted Market Value (2032F)
US$ 749.2 Million
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
North America Market Growth Rate (2022-2032)
United States Market Growth Rate (2022-2032)
Key Companies Profiled
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Sales Analysis of Mooring Connector Equipment (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)
Improved energy demand has led to increased oil and gas production across North America and Europe. With the maturity of onshore oil and gas fields, exploration and production activities are diverting to offshore reserves. Advanced technological consequences related to the maximum utilization of wind and wave energy are expected to raise the market for mooring connector equipment.
Manufacturers of mooring connector equipment are focusing on providing advanced mooring connectors with added features, which include product safety, high performance, quality testing, and service provision.
As per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global mooring connector devices is predicted to expand at a much higher CAGR of 5.7% through 2032 as compared to the CAGR of 2.2% registered between 2017 and 2021.
How is Mooring Connector Equipment Market Growth Being Driven?
“Expanding Offshore Marine & Oil & Gas Industry Creating Demand for High-End Mooring Equipment”
The development of offshore oil and gas resources has spread to deep water and ultra-deep-water areas in recent years. The number of operational floating offshore oil and gas production systems has also increased. The offshore industry is largely responsible for the development of open-sea mooring technologies.
During the forecast period, the industry is expected to be driven by the rapid expansion of oil & gas from offshore fields and the increased development of the marine industry. Also, new regulations have been set forth for several areas, including mooring system designs, operations, inspections, maintenance, installation assurance, and methodology.
Optimization of mooring equipment in the oil & gas and marine industry is likely to witness a significant boost over the years ahead.
“Increasing Demand for Mobile Offshore Drilling Units (MODU) in Marine Industry”
Expansion of the mobile offshore drilling unit (MODU) market is supported by a significant increase in offshore oil & gas activity and governments’ attempts to expand offshore activity.
MODU is a vessel capable of drilling to explore resources under the seafloor, such as gaseous hydrocarbons, liquids, and salts. With rising industrialization and urbanization, the demand for oil & gas in developing countries is growing rapidly. As a result, the mooring equipment market is set to create ample opportunities for revenue generation.
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Which Country Accounts for Higher Demand for Mooring Connector Equipment?
The United States mooring connector systems market accounts for the largest market share of 90.2% in North America and is poised to register 5.7% CAGR during the forecast years.
The market is expected to grow significantly due to increased demand for use in seafloor exploration, oil, and renewable energy. Increased technological developments related to the ultimate use of wind and wave energies are expected to push the U.S. market as a whole over the coming years.
What is the Market Scenario in China for Mooring Connector Equipment?
China, the world's second-largest economy, is expected to reach a projected market value of US$ 146.9 million by 2032, expanding at a CAGR of 6.5% from 2022 to 2032.
State-owned oil & gas corporations dominate the Chinese energy industry. China, as a major oil consumer, sees its demand rise year after year at varying rates. With the successful Shenhai-1 gas field, the first self-operated substantial deep-water gas field in offshore China, CNOOC Limited's offshore oil & gas development and exploration has advanced to an ultra-deep-water depth of 1,500 meters.
As such, demand for mooring connector equipment in China is only set to increase over the coming years.
Why is Demand for Mooring Shackle Equipment Rapidly Rising?
Mooring shackle equipment, under the segment of equipment type, will capture a market of 34.5% by 2032 and is projected to expand at a high 6.4% CAGR over the assessment period. Shackles are mostly used in static and lifting systems as removable links to connect ropes and other fittings.
A wide range of components are used in mooring systems, and it is important to make sure that these components are of at least equal strength to the chain. The market for mooring shackle equipment is likely to gain traction owing to its offering of better performance. Even, manufacturers are targeting improving the efficiency of shackles to enhance overall sales of mooring connector equipment.
Which Application of Mooring Connector Equipment Brings in High Revenue Streams?
By 2032, floating production storage and offloading vessels (FPSO) are poised to increase at 5.4% CAGR and provide an absolute dollar opportunity of US$ 47.3 Million.
The mooring connector equipment market is predicted to rise in response to an increase in large-scale infrastructure investment projects in the maritime sector. Demand for new-build and modified FPSO boats has increased as the rate of onshore oil discoveries has dropped to record lows, as well as technology that allows for efficient deep water oil exploration at previously unimaginable depths.
FPSOs have grown in popularity in the oil industry because they are less expensive than traditional offshore oil platforms.
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Companies such as Delmar Systems and VRYHOF, Acteon Group Ltd, Mooring Systems Inc, Offspring International Limited, and Saxton Marine offer analysis, design and supply specialist mooring systems and technologies.
Market participants have started providing tailored offerings, along with top-notch mooring technology and services based on various specifications. Intense competition is witnessed among major rivals in the mooring equipment space because of the increased growth potential and market opportunity.
For instance :
- On 12 May 2022, Acteon announced that it had developed a reliable solution to install large monopoles, which will deliver complete foundation installation campaigns.
- On 7 June 2022, DCL MOORING & RIGGING launched high-performance synthetic slings that will fulfill customers’ requirements and meet their short delivery schedules for mooring operations.
Fact.MR has provided detailed information about the price points of key manufacturers of mooring connector equipment positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Segments in Mooring Connector Equipment Industry Survey
Mooring Connector Equipment Market by Equipment Type :
- Mooring Shackles
- Bow Shackles
- Forelock Shackles
- Dee Shackles
- Ball Swivels
- Chain Swivels
- Anchor Handling Swivels
- Float Swivels
- Installation Swivels
- Mooring Links
- H Links
- Standard H Links
- Inverted H Links
- Embedded H Links
- M Links
- Y - Links
- K - Links
- U - Links
- H Links
- Connecting Links
- Kenter Type
- Pear Shaped
- C Type
- Wire Rope Clamps
- Chain Clamp
- Hang-off Clamps
- Mooring Sinkers
- Mooring Shackles
Mooring Connector Equipment Market by Application :
- Mobile Offshore Drilling Units (MODU)
- Floating Production Storage and Offloading Vessels (FPSO)
- Floating Production Systems (FPS)
- Single Point Anchor Reservoirs SPAR)
- Submerged Turret Production (STP) Buoys
Mooring Connector Equipment Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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