Bow Loading System Market to Grow Due to Increasing Oil Spillage During the Forecast Period
Increasing demand for oil to
drive the growth of Global Bow Loading System Market in the forecast period,
2022-2026.
According
to TechSci Research report, “Bow Loading System Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, The
global bow loading system market has a potential to project an impressive CAGR
in the forecast period, 2022-2026, on account of increasing demand for
efficient transferring of oil from the offshore reservoirs. Increasing demand
from the automotive industry and the requirement to facilitate the functioning
of various machinery, equipment, tools, etc. is driving the growth of the
global bow loading system market. Moreover, increasing concerns regarding degrading
marine life is also expected to support the growth of the global bow loading
system market in the next five years. Due to instances of oil spillage, the
environmental degradation increases and marine life experiences untimely death
since oxygen and sunlight do not reach the sea-beds. This increasing concerns
and active steps towards marine lives are aiding the demand and thus growth of
the global bow loading system market in the future five years.
Furthermore,
decreasing oil levels from the onshore rigs are surging the demand for more
offshore reservoirs. Increasing demand for oil consumption is further
supporting the growth of the global bow loading system market such that
efficient transfer can be carried out.
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Bow Loading System Market"
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The
global bow loading system market is segmented on the basis of type, facility,
component, competitional landscape, and regional distribution. Based on type, the
market is further fragmented into hose-handling system, and hawser-handling
system. Hose handling system is usually attached at the frontline of the ship.
The coupler system receives the hose from the offloading vessel or ship and
attached to the onloading ship. The coupler follows the hose movements thus
maintaining the integrity of the attachments. The system includes a hose winch
for pulling in and handling the hose during the connection and disconnection
phases. Hawser handling system involves a roller and chain stopper system. The
complete equipment is located on the deck of the ship which is together
operated with a twin drum traction. This system holds the two vessels together
during the tandem loading.
On
the basis of facility, the market is bifurcated into floating storage and
offloading vessels & oil loading tankers. Floating storage and offloading
vessels are anticipated to register largest revenue shares of the market and
dominate the segment since excavation of oil and gases from the oil rigs is
increasing. Surge in demand for oil is further driving the growth of the global
bow loading system market in the upcoming five years. Oil loading tankers are
also anticipated to register significant growth in the market in next five
years due to increasing offshore excavations.
Some
of the market players, dominating the global market are :
- National
Oilwell Varco
- MacGregor
- Aker
Solutions
- ABS
Group
- OneSubSea
Company
These
market players along with new market entrants, are focused on extensive
research and bringing innovative and advanced products. Technologically
advanced manufacturing of the bow loading systems would aid in decreasing the
cost of production and aid the players in managing their investments. Moreover,
initiatives from the government and private fundings would support the global bow
loading system market growth indirectly.
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“Middle East and Africa region has been
dominating the market in the last five years. The region is anticipated to
continue its dominance in the upcoming five years due to multiple number of
offshore rigs. Also, the offshore rigs are continuously increasing since the
oil demands are rising and onshore rigs are not enough to replenish the
increasing demands. Moreover, the demand for avoiding oil spillage is further
driving the growth of the global bow loading system market in the next five
years. Presence of multiple market players in the region is also aiding the
growth of the global bow loading system market in the future five years. Europe
region is also anticipated to register significant growth in the forecast period
on account of expanding automotive industry in the countries like Germany,
France, etc.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Global Bow Loading System Market - Global Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Type (Hose-Handling System,
Hawser-Handling System), By Facility (Floating Storage and Offloading Vessels
& Oil Loading Tankers), By Component (Coupler, Hose Winch, Chain Stopper,
Bow Roller, Bow Door, Others), By Region”, has evaluated the future
growth potential of global bow loading system market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global bow loading system market.
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