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Mooring Inspection Market worth 362.5 Million USD by 2020
The report "Mooring Inspection Market by Type (BWI, AWI), Technology (CVI, MPI, UT, Electromagnetic Detection, Mooring Line Dimension Measurement, Others), Region (APAC Latin America, North America, Middle East & Africa, Europe) - Global Forecast to 2020", The global mooring inspection market is projected to reach USD 362.5 Million by 2020, growing at a CAGR of 3.4%. The market is growing due to regulatory requirements and escalated awareness regarding the necessity of an inspection process in the oil & gas industry.
Browse 34 market data Tables and 31 Figures spread through 100 Pages and in-depth TOC on "Mooring Inspection Market by Type (BWI, AWI), Technology (CVI, MPI, UT, Electromagnetic Detection, Mooring Line Dimension Measurement, Others), Region (APAC Latin America, North America, Middle East & Africa, Europe) - Global Forecast to 2020"
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CVI (Close Visual Inspection) segment is the biggest technology segment
Among the applications, the CVI technology segment held the largest share of the mooring inspection market in 2014. This technology segment is also projected to be the fastest-growing application segment of the mooring inspection market between 2015 and 2020 due to its reliability as compared to other technologies.
BWI segment dominates the type segment in the mooring inspection market
Based on the type of mooring inspection services, the mooring inspection market has been segmented into below water inspection (BWI) and above water inspection (AWI).
BWI is the largest segment of the market because of the higher inspection cost compared to AWI; underwater inspection requires sophisticated equipment, diving experts, and risk-based assessment of mooring components.
Asia-Pacific is the biggest geographical market segment
Asia-Pacific was the largest market for mooring inspection in 2014. The rising demand for energy has led to increased offshore oil & gas production in the region as offshore oil & gas production sites are critical in balancing the demand supply ratio. This has consequently resulted in the growth of the mooring inspection market in the region.
The major market players in mooring inspection market are Welaptega (Canada), Oceaneering International (U.S.), DeepOcean (Netherlands), Acteon Group (U.K.), Deep Sea Mooring (Norway), DOF Subsea (Norway), Moffatt & Nichol (U.S.), Delmar (U.S.), and other global players that are expanding their reach into the mooring inspection market considering the lucrative business opportunities. This market is mainly driven by some of the factors such as rising concerns towards increasing mooring safety and regulatory requirements driving scheduled inspection practices. Among the countries in the Middle East & Africa region, Angola, UAE, and Saudi Arabia are the largest prospects market for mooring inspection.
An in-depth market share analysis, in terms of revenue, of the top companies is also included in the report. These numbers are arrived at based on key facts, annual financial information from SEC filings, annual reports, and interviews with industry experts, key opinion leaders such as CEOs, directors, and marketing executives. This research report categorizes the global mooring inspection market on the basis of type, technology, and region.
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