Press release
Floating Production Systems Market : Global Forecast over 2019
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As per the report, deep water discoveries and increase in subsea drilling activities in the oil and gas industry in the Asia Pacific and Rest of the World have boosted the market for floating production systems. As per the statistics mentioned in the report, the Rest of the World market led the global floating production systems market in 2012, with the highest contribution in revenue. Additionally, Rest of the World has the highest demand for floating production systems, and will continue to dominate the market in the forecast period. However, factors such as tedious maintenance of these systems and the high installation costs of the systems could curb the growth of the floating production systems market.
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There are primarily four types of products marketed under floating production systems: FSO, SPAR, TLP, and FPSO, out of which FPSO is expected to rule the market for floating production systems, since several companies use FPSO to extract crude oil or for offshore drilling activities. Since multiple tasks can be performed by FPSOs, it is the most preferred choice for the offshore drilling sector. Both FSO and FPSO help in reducing the operational costs by eliminating the need for pipeline infrastructure to transport the crude oil from one place to another.
TLP and SPAR are used in case the drilling site experiences high waves, causing huge vibrations, thus proving to be a hindrance in drilling operations. The use of SPAR and TLP helps eliminate these kind of vibrations, making the drilling operation smoother and efficient for a long time. Major utilization of TLP and SPAR is done in Africa and Brazil, due to the large number of drilling activities carried out in these regions. Moreover, the report forecasts that over 80 offshore drilling projects will be carried out in these regions in the coming years, thus propelling the market for SPAR and TLP.
Since a large number of oil reserves in Europe are located in offshore regions such as the Norwegian Sea and the Barents Sea, steady growth of the floating production systems market is expected in these regions. Due to the growing population and heavy industrialization, Asia Pacific and North America are anticipated to witness growth of the market for floating production systems.
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Some of the major companies listed in the report are Hyundai Heavy Industries Co. Ltd, Bumi Armada Berhad, Malaysia Marine and Heavy Engineering Berhad, Keppel Offshore & Marine Ltd, Mitsubishi Heavy Industries Ltd, SBM Offshore N.V., Samsung Heavy Industries Co. Ltd, Teekay Corporation, Technip S.A., and Worley Parsons Limited.
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