Mooring Inspection Market

Global Mooring Inspection Market Size (2024-2029):

The Global Mooring Inspection Market was worth USD 370 million in 2023 and is anticipated to reach a valuation of USD 521 million by 2029 from USD 408 million in 2024, and it is predicted to register a CAGR of 5% during the forecast period 2024-2029.

MARKET SCENARIO

The offshore industry relies on frequent mooring inspection of mooring components to ensure that these systems are secure, but the available technologies are not always sufficiently reliable or acceptable. Different techniques used by the offshore industry to test mooring components include, among others, CVI, MPI, UT, and electromagnetic detection. Using non-destructive methods, the inspection process can be a visual analysis or review of specific characteristics of mooring components. Such inspections can be hazardous for the divers and mooring components as the inspection process includes testing components that are constantly moving. A mooring system is designed according to the floating vessel's length, shape, and various environmental factors such as wind, water, etc. The devices are commonly used in applications for subsea oil and gas exploration, deep drilling, and renewable energy.

MARKET DRIVERS

The primary driver of the mooring inspection market is the importance of detecting defects in a mooring device for secure offshore and onshore operations.

This is because mooring inspection helps detect defects such as mechanical overload, fatigue, erosion, and corrosion in mooring lines. Therefore, the reliability of the mooring facility can be maintained by strict monitoring and inspection technologies throughout its lifetime. Besides, increasing demand for the production of quality products with fewer damages is increasing the growth rate of the market.

MARKET RESTRAINTS

The factors that hinder the global mooring inspection market are the lack of advanced inspection technologies in the industry and the lack of financial support from service firms and government bodies for Research & Development.

MARKET OPPORTUNITIES

It is anticipated that future opportunities in the global mooring inspection market in subsea-level technologies and clean energy would boost the demand for offshore mooring systems. Growing support from the government through investment in establishing new equipment is fueling the demand for the Mooring Inspection Industry.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Mooring Inspection Market Analysis By Technology

• CVI
• MPI
• UT
• Electromagnetic Detection
• Mooring Line Dimension Measurement
• Others

Based on Technology, the Close visual inspection (CVI) segment is dominating the mooring inspecting market and it is anticipated to increase its market value as it is a vastly adopted technique due to high reliability in the inspection process. CVI can be performed by both diver and ROV below the water level to detect the failure or depletion of mooring systems.

Global Mooring Inspection Market Analysis By Type

• Below Water Inspection (BWI)
• Above Water Inspection (AWI)

Based on type, the Below water inspection is done by divers without unfastening the mooring lines. Mooring components are pulled out and completely detached from mooring lines to carry out the Above water inspection.

Global Mooring Inspection Market Analysis By Application

• Natural gas industry
• Oil industry
• Aquaculture
• Robotics
• Others

REGIONAL ANALYSIS

• North America - US, Canada, and the Rest of North America
• Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe
• APAC - India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC
• Latin America - Mexico, Brazil, Argentina, Chile and Rest of Latin America
• Middle East and Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA

Regionally, North America dominates the market for mooring inspection driven by a large number of Gulf of Mexico operating rigs. Due to the prevalence of offshore operations in the North Sea, Europe is also a significantly large mooring inspection market. The United States will sustain a minimum growth rate as a member of the developed world.

The market for offshore mooring systems in Europe is predicted substantially in the future due to the growing awareness of offshore wind power, increased port development, and increased sea transport in the region. Germany will, however, add a significant share to the size and influence of the country in the upcoming years within Europe, which remains an important factor in the world economy. The region's expected demand in excess will further come from markets in the rest of Europe.

The Asia Pacific is expected to be a significant market region, owning to the presence of some big economies like China, Japan & India. In Japan, by the end of the analysis period, Water Inspection will provide a significant market share and lead to huge growth in the mooring inspection market.

Presence of the world's second-largest economy, China is showing great potential to grow over the next few years and is anticipated to add a significant share as a flexible opportunity to pick by ambitious companies and their clever leaders.

KEY MARKET PLAYERS

1. Oceaneering International, Inc
2. DOF Subsea
3.  Welaptega Marine Limited
4. Deepocean Group Holding Bv
5. Acteon Group Ltd
6. Delmar Systems, Inc
7. Moffatt & Nichol
8.  Deep Sea Mooring AS
9. Viking Seatech Ltd

RECENT HAPPENINGS IN THE MARKET

• In 2019, Aqualis Inc. completed the acquisition of Braemer and renamed it AqualisBraemer which focuses on offshore, adjusting renewables, and marine solutions.
• In 2019, Wellbore Integrity Solutions acquired a manufacturing facility, fishing, and remedial services as a part of a collaboration with DRILCO.
• Ashted Technology completed the acquisition of Welaptega which is a specialist in underwater inspection in Nov 2018.