As per the latest published report, the size & growth for Global Mooring Inspection Market is anticipated to grow with a CAGR of 3.4% and reach around USD 375 Million by the end of 2026.
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 floating vessel 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.
Drivers, Challenges & Opportunities of Mooring Inspection Market:
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 lavishing the growth rate of the market.
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.
It is anticipated that future opportunities of 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.
Recent developments:
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2018 – 2024 |
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Base Year |
2018 |
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Forecast Period |
2019 - 2024 |
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Segments Covered |
By Type, Technology, Application & Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Oceaneering International, Inc., DOF Subsea, Welaptega Marine Limited, Deepocean Group Holding Bv, Acteon Group Ltd., Delmar Systems, Inc., Moffatt & Nichol, Deep Sea Mooring AS & Viking Seatech Ltd. |
This research report on the Global Mooring Inspection Market has been segmented and sub-segmented into the following categories and analyzed market size & forecast for each segment until 2024.
Mooring Inspection Market: By Technology
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.
Mooring Inspection Market: By Type
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.
Mooring Inspection Market: By Application
Mooring Inspection Market: By Region
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 leads to huge growth in the mooring inspection market.
Presence of the world's second-largest economy, China is showing a 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 industry players dominating the Global Mooring Inspection Market profiled in this report are:
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