Mooring systems are combined package that includes mooring lines, anchors, connectors, winches, fairleads, which is installed onto the vessels for the station keeping of the floating platforms. The mooring systems market has also been classified on the basis of mooring type into single point mooring, spread mooring, tendon mooring, and dynamic positioning.

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.

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The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves preferably in deepwater & ultra-deepwater locations. Rapid technological developments improving the drilling and production capability of rigs and vessels aid exploration and production activities in the deep-water and ultra-deep-water areas across the globe.

Market Drivers:

Rapid Technological Advancements
Increasing Focus on Deep & Ultra-Deepwater Locations
Demand & Supply Scenario of Crude Oil
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Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the exploration and production activities in the region, thereby pushing the mooring systems in this region. 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 business opportunities, where market players are trying to focus on enhancing their revenue.

Key Players:

The Leading Market Players of Mooring System Market are Modec Inc. (Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada).

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