Mooring Systems Market worth 1.89 Billion USD by 2020
The increase in the energy demand has resulted in the rise in oil & gas production from the regions such as North America and the Middle East. Due to the maturing onshore oil & gas fields there has been a shift of exploration & production activities towards offshore reserves. The global mooring systems market is expected to grow from USD 1.58 Billion in 2015 to USD 1.89 Billion by 2020, at a CAGR of 3.7%. Asia-Pacific accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period. The Market for mooring systems has also been classified on the basis of applications such as shallow water, deepwater, and ultra-deepwater based operations. Nearly half of the mooring systems market is covered by shallow water applications, but with the advent of advanced technology, the operators are entering into deepwater and ultra-deepwater zones. Moreover, decreasing production in shallow water basins and large potential of untapped subsea hydrocarbon reserves are contributing in the increasing focus in deepwater drilling. There has been increasing deepwater oil discoveries in India, Africa, Australia, the U.S., Russia, and Norway. Oil discoveries in African region especially Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where market players are trying to focus on enhancing their revenue.
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