Global Floating Production System Market
Global Floating Production System Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of around XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The floating production systems are used for drilling and production operations in oil and gas fields. Constantly rising energy demand, increasing offshore new exploration and production activities, rising investments in oil and gas industry are driving the growth of the market. Additionally, floating production system market research and analysis estimates that the increase in deep water and ultra-deep water exploration will be one of the major trends to gain traction in the market in the next four years. New reservoirs are being discovered to meet the demand and supply of petroleum products. The latest discovery of a massive oil reserve in Golan Heights by an Israeli company and the discovery of a reservoir by BP will induce several other organizations to accelerate their exploration activities, in turn, driving the growth of floating production system market.
However, environmental issues, reliability of the subsea units, high installation and maintenance costs associated with these systems are limiting the market from growth.
According to type segment, FPSO is projected to be the most dominating product in terms of demand for floating production systems. Several companies such as Royal Dutch Shell Plc, ENI, Petrobras and Premier Oil are using FPSO to extract crude oil from offshore fields. FSO is similar to FPSO excluding production facility that can be carried out on FPSO. TLP and SPAR are also used for carrying out drilling activities in the offshore fields.
Several key players are mainly depend on growth strategies such as joint ventures & contracts, mergers & acquisitions, and expansions & investments in varied geographic regions. The capital outflow and operating expenses of the exploration & production industry are huge in terms of value. To expand their geographical reach and market penetration, the companies have decided for agreements & collaborations.
Geographically, there is a high number of oil reserves in Europe are placed in offshore regions such as the Barents Sea and the Norwegian Sea, stable growth of the floating production systems market is expected in these regions. Due to the rising population and intense industrialization, Asia Pacific and North America are anticipated to witness high growth of the market for floating production systems.
This research study on the worldwide market for floating production systems aims at offering an all-inclusive market assessment, taking its past as well as current performance into consideration. The key trends and growth prospects of this market have also been studied in this report in order to determine its future status. The report is split by top global manufactures mentioning sales, revenue and prices as applicable. It also evaluates the competitive scenario of the leading players.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global floating production system market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global floating production system market.
Scope of Global Floating Production System Market
Global Floating Production System Market, By Type
• FPSO
• TLP
• SPAR
• FSO
Global Floating Production System Market, By Application
• Shallow Water
• Deep water
Global Floating Production System Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Floating Production System Market
• Malaysia Marine and Heavy Engineering Berhad
• Hyundai Heavy Industries Co. Ltd.
• Mitsubishi Heavy Industries Ltd.
• Samsung Heavy Industries Co. Ltd.
• Bumi Armada Berhad
• Keppel Offshore & Marine Ltd.
• SBM Offshore N.V.
• Technip S.A.
• Worley Parsons Ltd.
• Teekay Corp.
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