Global Mooring Inspection Market is estimated to attain a value of USD 468.7 million by 2028, expanding at a 3.7% CAGR over the estimated period from 2016-2028. With the number of floating production and installations on the rise, modern monitoring and inspection strategies are playing a vital role in assuring dependable operations and worker safety.
During the service life of the mooring system, factors such as changes in environmental conditions (relocation, etc.), life extension, and the detection of mooring system degradation or an anomaly, or other factors can trigger the demand for reassessment. On the other hand, the offshore industry has advanced in areas of monitoring, inspection, and digitalization. This is a positive trend that will help improve the reliability of mooring systems.
Technologies that can identify the failure of mooring lines by monitoring a vessel’s offsets are also under development. The development of such technologies will provide huge opportunities for the market. Significant challenges in managing costs and increasing efficiencies with the need to integrate the complexity of mooring operations with technological innovations will drive the growth of the market.
Declining floating rig utilization rates have led many owners to face the threat of idle units. Challenges such as operational issues and increasing costs, and the need for providers to stand out in the crowd in a highly competitive market are some of the concerning factors that can inhibit the growth of the market in the coming days.
However, the increasing demand for real-time monitoring of mooring systems, both for tracking conditions and for their deployment, is facilitating the global market growth. The mooring inspection system assists in detecting damages, thereby helping to enhance production and maintenance. This also helps reduce downtime significantly. This, in turn, will benefit the Global Mooring Inspection Market in the near future.
The rising demand for the production of quality products, increasing focus on increasing mooring safety, reliability, and systems driving planned inspection practices are some of the factors that will propel the growth of the global market.
Global Mooring Inspection Market, By Type:
In 2014, the Below Water Inspection (BWI) segment held the largest share of the global mooring inspection market. Growing requirement of underwater inspection, which necessitates a risk-based assessment of mooring components, has resulted in the growth of the BWI segment. The type segment of the Global Mooring Inspection Market comprises Below Water Inspection (BWI) and Above Water Inspection (AWI).
Global Mooring Inspection Market, By Technology:
In the technology segment, close visual inspection (CVI) is the fastest-growing and the most popular segment owing to its reliability in the inspection process. Close visual inspection is considered the most reliable inspection technique, as it has become common in the mooring inspection process. It has applications in both the above and below water inspection. The technology segment of the Global Mooring Inspection Market comprises MPI, UT, CVI, Mooring Line Dimension Measurement, and Electromagnetic Detection.
Global Mooring Inspection Market, By End-user:
The oil industry has captured 85% of the global market in the end-user segment. Various techniques utilize mooring components to examine the offshore oil and gas industry. Stringent rules and regulations that require the quality of mooring systems to comply with the international standards and increasing concerns regarding the safety and security of offshore oil wells have led to the growth of the oil industry segment. The End-user segment of the Global Mooring Inspection Market includes Oil, Natural gas, and others.
Global Mooring Inspection Market, By Region:
North America leads the global mooring inspection market due to the presence of a large number of operational rigs in the Gulf of Mexico. Europe has a significantly large industry for mooring inspection due to numerous offshore operations in the North Sea. However, Africa, the Middle East, and Southeast Asia are anticipated to offer attractive opportunities for the global mooring inspection market in the coming days, owing to the increasing number of offshore operations in the Persian Gulf and Bengal Basin.
Key Developments in the Global Mooring Inspection Market:
Some Crucial Findings of the Global Mooring Inspection Market Report Include:
Global Mooring Inspection Market Segmentation:
By End-Use Industry:
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