Floating Production Systems Market, Key Growth Factors and Industry Analysis 2024

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The Floating Production Systems market report by Transparency Market Research provides an in-depth analysis of the global Floating Production Systems market. The report segments the market on the basis of product type and regions, and also provides forecasts and estimates for each product. The report analyzes demand and supply characteristics of the market by providing a detailed forecast and analysis of revenue for the period from 2013 to 2019.

Floating Production Systems market primarily comprises four types of products: FPSO, TLP, SPAR and FSO. FPSO is anticipated to be one of the most dominant sectors in terms of high demand for FPS equipments. Various companies are using FPSO to carry out offshore drilling activities across the globe to extract crude oil. It is the preferred choice for offshore drilling sector as multiple tasks can be performed by it while floating in the sea. Many countries such as Thailand, Vietnam, Malaysia and Australia are procuring FPS equipments from service providing companies for carrying out offshore drilling activities. FPSO and FSO eliminate the need of pipeline infrastructure to transport crude oil produced from well head to refinery location, thereby reducing huge operational costs.

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Thus, FPSO remains a dominant crude oil production equipment owing to the multiple tasks it can perform while floating in the sea and it reduces the cost of operations. TLP and SPAR type’s platforms are also used where huge vibration persists due to high waves. Vibration causes hindrances in carrying out drilling operations and thus acts a barrier in drilling processes. Such type of vibrations are eliminated by the application of drilling equipments such as SPAR and TLP. Once installed these types of equipments can work efficiently and effectively for a long time without getting disturbed by vibration of the sea’s. RoW countries such as Africa and Brazil are using floating production equipments in large amount owing to the large number of offshore drilling activities.

It is forecasted that more than 80 offshore drilling projects will be carried out in the near future in Brazil and Western Africa. European region is also projected to rise as a large number of upcoming offshore drilling projects are there in the U.K. Majority of the Europe’s oil reserves are located in the offshore regions of Norway such as the North Sea, the Barents Sea and the Norwegian Sea. North America and Asia Pacific region are also expected to show a remarkable growth in the near future owing to growing population and rapid industrialization especially in developing economies such as India and China. Companies such as Royal Dutch Shell Plc and ConocoPhillips are procuring floating production equipments from service provider companies to drill various offshore fields.

North America, Europe, Asia Pacific and Rest of the World (RoW) are the major geographical areas covered in the report. Each geographical region has been segmented further on the basis of Product type. Revenue forecasts and estimates for each product segment have been provided for the period from 2013 to 2019. 

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The report also provides thorough analysis and revenue of companies such as Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Malaysia Marine and Heavy Engineering Berhad, Mitsubishi Heavy Industries Ltd, Samsung Heavy Industries Co. Ltd, SBM Offshore N.V., Teekay Corporation, Technip S.A. and Worley Parsons Limited. These companies are likely to dominate the floating production systems market. The report provides a detailed analysis of various factors influencing floating production systems industry with the help of Porter’s five forces analysis. The analysis also helps understand the degree of competition prevalent in the market. The report also analyzes the value chain and various drivers and restraints of the floating production systems market. 

Floating Production Systems Market: End-user Analysis

FPSO
TLP
SPAR
FSO

Floating Production Systems Market: Regional Analysis

North America
Europe
Asia Pacific
Rest of the World (RoW)

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