The global offshore mooring system market stood at US$0.93 bn in 2014 and is predicted to reach US$1.1 bn by 2021.

 It is predicted to expand at a CAGR of 3.60% from 2015 to 2021, revealed a new Transparency Market Research report.

According to the report, the market for offshore mooring systems is propelled by the rising subsea production and exploration and the consistent introduction of technologically advanced products. In addition, factors such as the growing demand for energy and the rise in the prices of gas and oil have also stimulated the growth of the offshore mooring systems market.

In addition, the lucrative high-investment areas of the Middle East, Africa, and Latin America have also impacted the market positively. On the other hand, the soaring costs involved in developing the infrastructure of offshore mooring systems may impede the growth of the market in the coming years.

In terms of application, the market is segmented into spar platforms, tension leg platforms, semi-submersible platforms, production, storage, and offloading (FDPSO), floating production, storage, and offloading (FPSO) vessels, floating liquefied natural gas (FLNG) vessels, and others.

Amongst these, FPSOs are being highly demanded owing to them being economical as compared with permanent platforms. Additionally, other benefits associated with the use of FPSOs such as quick offloading and storage are also fuelling their demand within the offshore gas and oil production industry.

In terms of anchorage, the offshore mooring systems market is segmented into suction anchors, drag embedment anchors, and vertical load anchors.

Amongst these, to carry on ultra-deepwater drilling, suction anchors have proven to be cost-effective and safe globally. In terms of geography, the report segments the market for offshore mooring systems into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Amongst these, the region of Asia Pacific emerged as the prime offshore mooring systems market in 2015. This is due to the promising performance of the market in the emerging nations of Japan, Indonesia, China, and Australia.

According to this report, the chief players operating in the offshore mooring systems market are MODEC Inc., SBM Offshore N.V., Delmar Systems Inc., Mampaey Offshore Industries B.V., and BW Offshore Ltd., among others.