Dublin, Ireland, June 22, 2022 (GLOBE NEWSWIRE) -- As per the new report by Fact.MR, a market research and competitive intelligence provider, the global mooring connector equipment market is anticipated to account for a valuation of US$ 428.6 million in 2022 and expand at a healthy CAGR of 5.7% over the forecast period (2022 to 2032).
Mooring systems are composed of mooring lines, wires, anchors, and links, and provide anchorage to floating vessels, ships, and platforms over water. Development of offshore oil & gas resources has spread to deep water and ultra-deep-water areas in recent years. The offshore industry is largely responsible for the development of open-sea mooring technologies.
“Expanding offshore industry and submerged turret production (STP) buoys expected to increase the adoption of mooring connector equipment,” says a Fact.MR analyst.
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A large increase in offshore oil & gas activity, as well as government efforts to boost offshore activity, are supporting the growth of the mobile offshore drilling unit (MODU) industry.
Owing to rapid depletion of onshore oil & gas deposits, investments in single point anchor reservoirs (SPAR) and floating production storage offloading (FPSO) have increased substantially for expanding offshore exploration activities. The market for mooring connector equipment is expected to grow as the number of large-scale infrastructure investment projects in the maritime industry rises.
Mooring connector equipment, which has been demanded for mooring systems in the offshore oil & gas industry, is expected to gain traction and reach a market valuation of US$ 749.2 billion by the end of 2032.
Key Takeaways from Market Study
- Mooring shackles are likely to reach a market share of 34.5% by the end of 2032.
- By application, mobile offshore drilling units (MODU) are likely to progress at a CAGR of 5.8% over the forecast period.
- Demand for swivels is predicted to grow 1.6X by 2032.
- Single point anchor reservoirs (SPAR), under application, will generate an absolute opportunity US$ 35.3 million over the decade.
- Based on region, demand for mooring connector equipment is expected to increase at a CAGR of 5.6% in North America.
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Market Developments
Market growth strategies involve new product launches, product innovation, product up-gradation, research & development, geographical expansion, partnerships, and collaborations. Companies associated with the marine industry are constantly into product modification of mooring connector equipment through channelizing their capital and resources.
Market participants are improving their brand presence through collaboration activities. Market frontrunners have captured significant market share through robust distribution networks. Long-term partnerships among mooring equipment manufacturing companies has enabled manufacturers to generate consistency in demand.
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.
Key Segments in Mooring Connector Equipment Industry Survey
- Mooring Connector Equipment Market by Equipment Type :
- Mooring Shackles
- Bow Shackles
- Forelock Shackles
- Dee Shackles
- Swivels
- 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
- Clamps
- 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
- Other
- Mooring Connector Equipment Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global mooring connector equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by equipment type (mooring shackles (bow shackles, forelock shackles, dee shackles)), (swivels (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)), (connecting links (kenter type, pear shaped, c type)), (clamps (wire rope clamps, chain clamps, hang-off clamps)), (mooring sinkers)) and 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, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Industrial Goods
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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