Market Leaders: Mooring Systems Market
Various stakeholders such as mooring system component (line, chain, anchors, and connectors) manufacturers, dealers, and suppliers, offshore production platform manufacturing companies, companies related to the oil & gas industry, mooring accessories such as winches, fairleads, chain stoppers manufacturing companies, mooring systems installers and maintenance companies, offshore rig manufacturers, government and research organizations, consulting companies of energy sector, and oil & gas associations influence the mooring systems market. The increasing demand for energy drives the exploration and production activities across the world. The increasing and rapid technological development aid the oil & gas operators to enter the new deepwater and ultra-deepwater reserves and those located in remote locations. This, coupled with increasing investments of more than USD 90 Billion in production vessels construction such as FPSO is expected to drive the growth of mooring systems market in the future.
Leading companies of this market focus on contracts & agreements, new product developments, mergers & acquisitions and others to broaden their product portfolio, and to inflate their revenue basket and adapt themselves to the changing demands of the end-users. Among the above approaches, contracts & agreements and new product development activities appeared to be a trend that has been followed by major industry players as their growth strategy.
Mooring systems companies are signing contracts with independent production vessel manufactures to provide their products, which serve to expand their business as well as geographic penetration. Moreover, leading mooring systems companies are developing new products and technologies to create a competitive edge as seen by the increasing research and development expenditure on a historical basis.
The mooring systems market was dominated by SBM Offshore (Netherlands), BW Offshore Ltd. (Norway), Modec Inc. (Japan), and Mampaey Offshore Industries B.V. (Netherlands) in 2014. These market players have also been active in the competitive developments of the mooring systems market. Other players include Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada). With the environment optimum for mergers & acquisitions, significant mooring systems companies Cargotec Corporation (Finland) have embarked on acquiring competitors or undertaking backward integration.
The key market players like Delmar systems, Inc. (U.S.) and Usha Martin Limited (India) have developed new & innovative products to cater to the demands of the industry.
Delmar Systems, Inc. is one of the leaders providing the mooring services to the offshore oil & gas industry including field maintenance, remediation, pipeline towing, pipeline initiation aid, offshore support, anchor technology, risk and environmental consulting, and geotechnical analysis. The company has made improvements in the mooring components such as connectors and upgraded it from R# version to R4. Furthermore the company follows the key strategy of contracts & agreements to increase its geographical presence and to inflate its revenue.
Usha Martin Ltd. is one of the leading wire rope manufacturers in the world and is prominent specialty steel manufacturer in India. It follows the joint venture approach for geographical expansion. The company entered into joint venture with Tesac Wirerope Co. Ltd (Japan) to incorporate Tesac Usha Wirerope Co. Ltd., firm to manufacture high performance steel wire ropes to penetrate and strengthen its stand in the Japanese market.
Related Reports:
Mooring Systems Market by Application (FPSO, TLP, SPAR, Semi-submersible and FLNG), by Anchorage (DEA, VLA, and Suction), by Mooring type (Spread, SPM, DP, and Tendon), by Depth (Shallow & Deep/Ultra-deep), & by Region - Global Trends & Forecast to 2020
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