Mooring Line Connector Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 500.36 Million |
| Market Size (2029) | USD 767.75 Million |
| CAGR (2024 - 2029) | 8.94 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mooring Line Connector Market Analysis
The Mooring Line Connector Market size is estimated at USD 0 billion in 2024, and is expected to reach USD 0 billion by 2029, growing at a CAGR of 0% during the forecast period (2024-2029).
- Key drivers of the global market for mooring line connectors include increasing maritime transportation, surging demand for oil and gas leading to offshore exploration projects, and expanding international trade. Mooring line connectors are vital to maritime operations. The type of connector chosen for overboarding depends on its use, whether onshore or attached to stationary objects. These connectors are essential for maintaining the stability of ships, boats, and offshore structures.
- Maritime transport underpins the global economy and international trade. Unforeseen events, including the global COVID-19 pandemic, the Russo-Ukrainian conflict, and the Suez Canal blockage, have highlighted the pivotal role of maritime transport in global trade. The UN Trade and Development report emphasizes the shipping industry's resilience amidst these challenges. Forecasts suggest a 2.4% growth in maritime trade for 2023, with rates expected to surpass 2% from 2024 to 2028.
- Furthermore, maritime transportation oversees 80% of global trade by volume, which translates to roughly 70% of the total trade value. As the most cost-effective means of transporting commodities and raw materials globally, its rising prominence has led numerous nations to forge trade pacts, bolstering the growth prospects of the mooring line connector market.
- For example, in August 2024, India and Oman are in advanced discussions for a proposed free trade agreement (FTA). Both nations aim to finalize the pact, officially termed the Comprehensive Economic Partnership Agreement (CEPA), promptly. This agreement is poised to enhance Indian exports to Oman by waiving duties on key items, notably petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel.
- Additionally, the surge in renewable energy projects is driving an increased demand for mooring line connectors. These connectors play an important role in linking and unlinking mooring lines components, such as anchor chains, wire ropes, or fibre ropes, to offshore floating structures. Given these dynamics, the demand for mooring line connectors is set to rise.
- While the market growth may be hindered by the initial investment and ongoing maintenance costs, the long-term benefits and a surge in product innovations present promising growth opportunities. Geopolitical tensions such as Russia-Ukraine war, US-China trade war, Israel-Hamas war and increasing inflation rates further hamper the growth of the market.
Mooring Line Connector Market Trends
Oil and Gas Industry Expected to Share Wide Traction
- As energy transitions progress, the world's demand for oil is projected to decelerate in the coming years. Concurrently, global oil production is poised to increase, alleviating market pressures and elevating spare capacity to levels not seen post-pandemic, as highlighted in the IEA's latest oil market outlook.
- The IEA's "Oil 2024," its annual medium-term market report, delves into the extensive ramifications of these shifts on oil supply security, refining, trade, and investment. The report indicates that driven by robust demand from rapidly growing Asian economies, along with the aviation and petrochemical sectors, oil consumption is set to rise in the coming years, based on current policies and market trends.
- According to OPEC, global crude oil demand (inclusive of biofuels) reached 102.21 million barrels per day in 2023. OPEC anticipates a rebound in economic activity and corresponding oil demand by year's end, projecting an uptick to over 104 million barrels per day.
- Consequently, there's been a notable surge in investments towards offshore oil exploration. For example, in January 2024, India inked contracts for ten oil and gas exploration blocks under the recent OALP-VIII bid round. Government-owned ONGC emerged as the frontrunner, clinching seven out of the ten blocks, as reported by PTI via the Economic Times. Official announcements reveal that the exploration work program across the awarded 34,364 km² blocks is projected to draw investments of approximately USD 233 million (Rs 19.4 billion).
- Given the burgeoning oil and gas sector, the demand for mooring line connectors is anticipated to rise significantly. These connectors are vital for maintaining platform stability, even in turbulent sea conditions, ensuring the safety of the entire platform and its crew.
North America is expected to observe significant growth rates
- Increased energy demand has driven up oil and gas production across North America. According to March 2024 data from the U.S. Energy Information Administration (EIA), U.S. crude oil production, including condensate, averaged 12.9 million barrels per day (b/d) in 2023. This figure surpassed the previous U.S. and global record of 12.3 million b/d, set in 2019. The U.S. led global crude oil production with a rate of 12.4 million b/d, outpacing other major oil-producing nations.
- December 2023 marked a milestone, as U.S. crude oil production hit a record surge of over 13.3 million b/d. Furthermore, U.S. natural gas production saw a 4% increase in 2023, averaging 125.0 billion cubic feet per day (Bcf/d), translating to an uptick of 5.0 Bcf/d, as reported in our Natural Gas Monthly.
- Moreover, the exploration of offshore oil and gas resources has expanded into deep and ultra-deepwater regions in recent years. The count of offshore floating oil and gas production systems has risen. Industry executives assert that offshore production is not only vital for fueling vehicles and power plants but also more environmentally friendly than onshore drilling. This is primarily because offshore operations emit significantly fewer greenhouse gases than their onshore counterparts, as per industry estimates.
- Given this context, the growing significance of mooring line connectors becomes evident, especially since the offshore industry is at the forefront of advancing open sea mooring technology.
- As marine transportation gains traction, the market is poised for further expansion. Data from June 2024, sourced from the National Oceanic and Atmospheric Administration, highlighted a 7% surge in marine transportation and warehousing in 2022, culminating in sales of USD 56 billion. With such substantial investments at stake, the significance of reliable mooring line connectors is underscored, especially since studies indicate that the chain, connector, and wire rope are the top three components linked to most incidents.
Mooring Line Connector Industry Overview
The Mooring Line Connector market is highly competitive and consists of some influential players including Aceton Group, Saxton Marine, Blackfish Engeneering, Offsprin International Limited, and many others. These significant players who hold a noticeable share of the market are leveraging strategic collaborative actions to improve their market percentage and enhance their profitability.
- June 2024: Bristol's Blackfish Engineering, a renewable energy engineering firm, has clinched a victory in the inaugural Norwegian Offshore Wind (NOW) Accelerator. The firm's innovative quick-connection mooring solution, C-Dart, was highlighted on the main stage at the Floating Wind Days event. C-Dart was developed through the Wave Energy Scotland pre-commercial procurement program.
- December 2023: Bekaert has acquired a 75% stake in Flintstone Technology Ltd. Flintstone, headquartered in Dundee, Scotland, specialises in mooring technology solutions and systems design, catering to the global offshore energy markets. Their offerings encompass a variety of products and services, notably connectors and tensioners for permanent mooring. This acquisition enhances Bekaert's portfolio in permanent mooring systems.
Mooring Line Connector Market Leaders
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Acteon Group
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DELMAR SYSTEMS & VRYHOF
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Mooring Systems Inc
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Offspring International Limited
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Saxton Marine
*Disclaimer: Major Players sorted in no particular order
Mooring Line Connector Market News
- July 2024 - Blackfish Engineering, hailing from the UK, has introduced the C-Dart mooring system. This innovative system removes the need for operational personnel to directly handle heavy mooring lines. As per the company's announcement, C-Dart is engineered for swift connections across a range of floating structures and assets. These include wave and tidal energy converters, offshore wind platforms, floating solar installations, aquaculture setups, and beyond.
- March 2024 - Bardex, an engineering firm based in the U.S., has launched the Barmoor Quick Connector, an innovative mooring solution tailored for the offshore wind and oil & gas sectors. The BarMoor Quick Connector is engineered to enhance operational interfaces, thereby prolonging both the system's and mooring lines' lifespan. Key benefits of this product encompass minimized project risks, shortened installation durations, and a scalable production capability that accelerates delivery.
- November 2023: At MSC 102, the Maritime Safety Committee adopted amendments to SOLAS II-1/Reg.3-8, titled "Towing and Mooring Equipment." These amendments, set to take effect on or after January 1, 2024, introduce enhanced safety requirements. These pertain to the design, selection, inspection, maintenance, and replacement of mooring and towing arrangements, aligning with MSC.1/Circ.1175/ Rev.1, MSC.1/Circ.1619, and MSC.1/Circ.1620.
Mooring Line Connector Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Offshore Oil and Gas Industry as well as growing number of renewable projects
5.1.2 Rising Marine Transportation Owing to Growing Trade Among Nations
5.2 Market Restraints
5.2.1 High initial investment required and complexity in retrofitting existing offshore platforms
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 H-Link
6.1.2 Y-Link
6.1.3 M-Link
6.1.4 K-Link
6.1.5 Others
6.2 By End Use Industry
6.2.1 Oil and Gas Industry
6.2.2 Marine Industry
6.2.3 Others
6.3 By Geography***
6.3.1 North America
6.3.2 Europe
6.3.3 Asia
6.3.4 Australia and New Zealand
6.3.5 Latin America
6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Acteon Group
7.1.2 DELMAR SYSTEMS & VRYHOF
7.1.3 Mooring Systems Inc
7.1.4 Offspring International Limited
7.1.5 Saxton Marine
7.1.6 VICINAY MOORING CONNECTORS
7.1.7 Offspring International Limited
7.1.8 Blackfish Engineering
7.1.9 Balltec Engineered Solutions
7.1.10 First Subsea Ltd
7.1.11 Flintstone Technology Ltd
7.1.12 InterMoor
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Mooring Line Connector Industry Segmentation
Mooring line connectors facilitate the connection to seabed anchor points. They utilize a self-aligning male and female forging, complemented by a straightforward load pin. The crane lowers the male connector, attached to the mooring line, into the female counterpart. This female connector is securely mounted onto either a seabed pile or a suction anchor. Once a simple load pin is inserted through both the female and male connectors, the assembly can be effortlessly lifted by the mooring line.
The study tracks the revenue accrued through the sale of mooring line connectors by various players worldwide. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The mooring line connector market is segmented by type (h-link, y-link, m-link, k-link, and others), end use industry (oil and gas industry, marine industry, and others), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Type | |
| H-Link | |
| Y-Link | |
| M-Link | |
| K-Link | |
| Others |
| By End Use Industry | |
| Oil and Gas Industry | |
| Marine Industry | |
| Others |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Mooring Line Connector Market Research FAQs
How big is the Mooring Line Connector Market?
The Mooring Line Connector Market size is expected to reach USD 500.36 million in 2024 and grow at a CAGR of 8.94% to reach USD 767.75 million by 2029.
What is the current Mooring Line Connector Market size?
In 2024, the Mooring Line Connector Market size is expected to reach USD 500.36 million.
Who are the key players in Mooring Line Connector Market?
Acteon Group, DELMAR SYSTEMS & VRYHOF, Mooring Systems Inc, Offspring International Limited and Saxton Marine are the major companies operating in the Mooring Line Connector Market.
Which is the fastest growing region in Mooring Line Connector Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Mooring Line Connector Market?
In 2024, the North America accounts for the largest market share in Mooring Line Connector Market.
What years does this Mooring Line Connector Market cover, and what was the market size in 2023?
In 2023, the Mooring Line Connector Market size was estimated at USD 455.63 million. The report covers the Mooring Line Connector Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mooring Line Connector Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mooring Line Connector Industry Report
Statistics for the 2024 Mooring Line Connector market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mooring Line Connector analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Mooring Line Connector Market Report Snapshots
