According to a new report by Fact.MR, a market research and competitive intelligence provider, the global mooring connector equipment market is projected to reach a valuation of US$ 428.6 million in 2022, growing at a robust CAGR of 5.7% during the forecast period (2022 to 2032).

Mooring systems, which consist of mooring lines, wires, anchors, and links, are essential for securing floating vessels, ships, and platforms in water. In recent years, the development of offshore oil and gas resources has extended into deep and ultra-deep water areas, driving the advancement of open-sea mooring technologies, with the offshore industry playing a key role in this progress.

“Expanding offshore industry and submerged turret production (STP) buoys expected to increase the adoption of mooring connector equipment,” says a Fact.MR analyst.

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The growth of the mobile offshore drilling unit (MODU) industry is being driven by a significant increase in offshore oil and gas activity, along with government initiatives to enhance offshore operations.

With the rapid depletion of onshore oil and gas reserves, investments in single point anchor reservoirs (SPAR) and floating production storage offloading (FPSO) systems have surged to support offshore exploration. This rise in large-scale infrastructure investment projects within the maritime industry is expected to propel the market for mooring connector equipment.

Demand for mooring connector equipment, essential for mooring systems in the offshore oil and gas sector, is anticipated to increase, with the market projected to reach a valuation of US$ 749.2 billion by the end of 2032.

Key Takeaways from Market Study

  • Mooring shackles are likely to reach a market share of 34.5% by the end of 2032.
  • By application, mobile offshore drilling units (MODU) are likely to progress at a CAGR of 5.8% over the forecast period.
  • Demand for swivels is predicted to grow 1.6X by 2032.
  • Single point anchor reservoirs (SPAR), under application, will generate an absolute opportunity US$ 35.3 million over the decade.
  • Based on region, demand for mooring connector equipment is expected to increase at a CAGR of 5.6% in North America.

Market Developments

To drive growth, companies are adopting various strategies, including new product launches, innovation, upgrades, research and development, geographical expansion, and strategic partnerships. In the marine industry, companies are continuously modifying mooring connector equipment by investing capital and resources into product enhancements.

Collaboration has become a key strategy for improving brand presence, while strong distribution networks have allowed market leaders to capture significant market share. Long-term partnerships among mooring equipment manufacturers have helped ensure consistent demand.

For example:

  • On May 12, 2022, Acteon announced the development of a reliable solution for installing large monopiles, enabling comprehensive foundation installation campaigns.
  • On June 7, 2022, DCL Mooring & Rigging launched high-performance synthetic slings designed to meet customer needs and adhere to tight delivery schedules for mooring operations.

Key Segments in Mooring Connector Equipment Industry Survey

  • Mooring Connector Equipment Market by Equipment Type :
    • Mooring Shackles
      • Bow Shackles
      • Forelock Shackles
      • Dee Shackles
    • Swivels
      • Ball Swivels
      • Chain Swivels
      • Anchor Handling Swivels
      • Float Swivels
      • Installation Swivels
    • Mooring Links
      • H Links
        • Standard H Links
        • Inverted H Links
        • Embedded H Links
      • M Links
      • Y - Links
      • K - Links
      • U - Links
    • Connecting Links
      • Kenter Type
      • Pear Shaped
      • C Type
    • Clamps
      • Wire Rope Clamps
      • Chain Clamp
      • Hang-off Clamps
    • Mooring Sinkers
  • Mooring Connector Equipment Market by Application :
    • Mobile Offshore Drilling Units (MODU)
    • Floating Production Storage and Offloading Vessels (FPSO)
    • Floating Production Systems (FPS)
    • Single Point Anchor Reservoirs SPAR)
    • Submerged Turret Production (STP) Buoys
    • Other
  • Mooring Connector Equipment Market by Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global mooring connector equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights by equipment type (mooring shackles (bow shackles, forelock shackles, dee shackles)), (swivels (ball swivels, chain swivels, anchor handling swivels, float swivels, installation swivels)), (mooring links (h-links (standard H links, inverted H links, embedded H links), M links, Y links, K links, U links)), (connecting links (kenter type, pear shaped, c type)), (clamps (wire rope clamps, chain clamps, hang-off clamps)), (mooring sinkers)) and application (mobile offshore drilling units (MODU), floating production storage and offloading vessels (FPSO), floating production systems (FPS), single point anchor reservoirs (SPAR), submerged turret production (STP) buoys, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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