Albany, NY -- (SBWire) -- 09/21/2017 --The West Africa offshore mooring market is highly competitive, thanks to the presence of a large pool of players, finds a new research report by Transparency Market Research (TMR). Innovation and technological advancements in mooring systems is the key strategy adopted by the leading companies looking to strengthen their position in this market. A shift in their focus towards mergers, acquisitions, and partnerships can also be observed over the next few years.
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Grup Servicii Petroliere S.A., Mampaey Offshore Industries B.V., FMC Technologies Inc., BW Offshore Ltd., and Trelleborg Marine Systems are some of the prominent vendors of offshore mooring systems in West Africa, states the research report.
west africa offshore mooring systems market
According to the market study, the overall opportunity in the West Africa offshore mooring system market was worth US$169.70 mn in 2015. Analysts expect it to rise at a CAGR of 4.90% during the period from 2015 to 2024 and reach a value of US$470.2 mn by the end of the period of the forecast. The demand for spread mooring systems is much higher than other products available in this market. The scenario is anticipated to remain same throughout the forecast period.
West Africa Offshore Mooring Systems Market to be Led by Angola
The report further present an exhaustive analysis of the West Africa market for offshore mooring systems on the basis of its geographical presence. As per the study, Mauritania, Senegal, Guinea, Ivory Coast, Ghana, Cameroon, Equatorial Guinea, Gabon, D.R. Congo, Angola, and Congo Brazzaville are the main geographical segments of the West Africa offshore mooring system market. Among these, Angola dominated the overall market in 2015 with a revenue contribution of US$45.1 mn. Researchers anticipate this domestic market to maintain its leadership over the period of forecast.
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The markets for offshore mooring systems in Ghana, Gabon, and Ivory Coast are also projected to witness significant growth over the forthcoming years, thanks to the surging emphasis on energy conservation, increasing investments in their respective oil and gas industry, and the continued rise in exploration and production activities, notes the study.
Drag embedment, suction, and vertical load anchors are considered as the key type of anchors used in offshore mooring in this research report. With 30.7%, the drag embedment anchors segment led the West Africa offshore mooring systems market in 2015 and is expected to remain doing so over the next few years, states the report.
Need for Efficient Management of Marine Fuel to Boost Demand
"The increase in the demand for energy in West Africa despite fluctuating prices of oil has been the most prominent factor behind the growth of the offshore mooring systems market in this region," says an analyst in TMR. As marine fuel cost accounts for a heavy portion of the vessel operating cost, the need for an efficient management of marine fuel has increased considerably. With offshore mooring systems being highly effective in monitoring, controlling, and reporting of marine fuel consumption, their demand is likely to augment remarkably in the oil and gas industry of West Africa in the near future, reflecting positively on this market.
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The technological advancement in mooring products is also projected to boost this market over the forecast period. However, the high cost of investments needed for exploration and production activities may hamper the market's growth in the coming years, states the report.
The study presented here is based on a report by Transparency Market Research (TMR), titled "Offshore Mooring Systems Market (Type - Catenary, Taut Leg, Semi-taut, Spread, Single Point, and Dynamic Positioning; 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, and Spar Platforms; Anchorage - Drag Embedment Type Anchors, Suction Type Anchors, and Vertical Load Type Anchors) - West Africa Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
Offshore Mooring Systems Market Predicted to Grow at a Moderate Pace Through 2016–2024