According to the TechSci Research report, "Bow Loading System Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026," the growth of the global bow loading system market is expected to be driven by increasing demand for oil in the forecast period of 2022-2026. The efficient transfer of oil from offshore reservoirs is becoming increasingly important due to this rising demand, and this is one factor that is expected to contribute to an impressive CAGR for the global bow loading system market. Additionally, the growth of the global bow loading system market is being supported by increasing demand from the automotive industry and the need to facilitate the operation of various machinery, equipment, and tools. The market is also expected to benefit from concerns about marine life degradation, which have led to increased attention and active steps to protect marine life, aiding demand and growth of the global bow loading system market in the next five years. As onshore oil reserves continue to decline, the demand for offshore reservoirs is increasing, further supporting the growth of the global bow loading system market in the forecast years.
The market segmentation of the global bow loading system is categorized based on type, facility, component, competitive landscape, and regional distribution. The market is further divided into two types, namely the hose-handling system and hawser-handling system. The hose-handling system is located at the forefront of the ship, where the coupler system receives the hose from the offloading vessel or ship and attaches it to the onloading ship. The system maintains the integrity of the attachments by following the hose movements, which includes a hose winch for handling the hose during the connection and disconnection phases. On the other hand, the hawser handling system includes a roller and chain stopper system that is located on the deck of the ship, operated together with a twin drum traction. This system holds the two vessels together during the tandem loading.
In terms of facility, the market is bifurcated into floating storage and offloading vessels and oil loading tankers. Floating storage and offloading vessels are projected to hold the largest revenue shares of the market and dominate the segment, given the increasing excavation of oil and gases from the oil rigs. The surge in demand for oil is further driving the growth of the global bow loading system market in the upcoming five years. The oil loading tankers are also expected to register significant growth in the market in the next five years due to the increasing offshore excavations.
Some of the market players, dominating the global market are :
- National Oilwell Varco
- 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.
“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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