Research Nester published a report titled “Floating Production System (FPS) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global floating production system (FPS) market in terms of market segmentation by type, water depth, build, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global floating production system (FPS) market is estimated to occupy a large amount of revenue by growing at a CAGR of ~10% during the forecast period, i.e., 2022 – 2031, ascribing to the growing number of offshore exploration activities, and high crude oil demand globally. Along with this, increasing demand for energy for carrying out deep water exploration activities, and escalating investments for effectively storing and offloading oil are also expected to accelerate the growth of the market in the forthcoming years.
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The market is segmented by type, water depth and build. Based on type, the FPSO segment is anticipated to acquire the largest share during the forecast period on the back of the rising popularity of this type of FPS owing to its additional feature that allows storage of crude oil. Additionally, by water depth, the deep and ultra-deep water segment is projected to occupy the largest share over forecast period attributing to the rise in investments by operators to carry out deep and ultra-deep water exploration activities.
Geographically, the global floating production system (FPS) market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Latin America is evaluated to grab the largest share in the market during the forecast period attributing to the growing investments for offshore projects, and rising production of oil and gas in the region. Moreover, the market in Middle East & Africa is assessed to grab a notable share in the future owing to the increasing number of deep and ultra-deep water activities in Africa.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Number of Offshore Oil Exploration Activities Worldwide to Drive Market Growth
Over the last few years, oil companies and governments are emphasizing on carrying out offshore oil drilling to reduce the pressure of oil reservoirs underground as it results in the reduction in the amount of hydrocarbon and methane release into the ground. This is anticipated to raise the number of offshore oil activities, and in turn the demand for floating production systems in the near future.
However, expensiveness of floating production systems is expected to operate as key restraint to the growth of the global floating production system (FPS) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global floating production system (FPS) market which includes company profiling of Mitsubishi Heavy Industries Ltd., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Samsung Heavy Industries Co. Ltd, Bumi Armada Berhad, Malaysia Marine and Heavy Engineering Sdn Bhd, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Pipavav Defence and Offshore Engineering, Teekay Tankers Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global floating production system (FPS) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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