Floating Production Systems Market - Importance in Offshore Industry
Floating Production System (FPS) is a semi-submersible unit outfitted with drilling and production equipment units. It is a dynamic and cost-effective method of developing oil and gas fields across the world. FPS is firmly established as an efficient system that has a wire rope and chain anchored in a fixed position using rotating thrusters. Floating production solutions are extensively used in extracting hydrocarbons from subsea levels in order to transport it to the surface deck within narrow marginal layers to deep and remote water locations. The FPS systems can be used in ultra-deep water levels too.
Floating Production System (FPS) – Industry Insight
FPS is obtained in various shapes and sizes, ranging from ship to cylindrical spar shape. These systems are mainly implemented to carry out exploration and other drilling activities in the oil & gas offshore regions. In addition, the design of the systems is based on the economic feasibility and drilling conditions. They are extensively executed in offshore working conditions too. The rising production activities, offshore exploration processes, and drilling activities at ultra-deep water depths are factors propelling the market further. The market for floating production system is mainly based on offshore drilling activities that are carried out across various industries in the world.
The floating production segment is amongst the most capital-intensive areas in the industry. Oil and gas discoveries are mostly made in remote locations, in deeper waters, or in more extreme climatic conditions. Such situations call for progressively demanding strategies and technologies such as floating production systems, in order to serve consistent production capabilities.
FPS Product Segmentation: End-User Analysis
The Floating Production Systems market is primarily segmented on product types such as, floating production storage and offloading (FPSO), floating storage and offloading (FSO), Barge, Single Point Anchoring Reservoir (SPAR), and Tension leg platform (TLP). Each of this type of product is utilized for various purposes and their applications are based on the basis of the depth of offshore field. Their classification is also done on the basis of the depth of water level which includes shallow, deep, and ultra-deep waters. Amongst all, FPSO is estimated to lead the market as one of the most dominant sectors for FPS equipment. Considering in terms of revenue, FPSO was considered to be the highest product segment, accounting for approximately 63.8% market shares in 2012.
Floating production storage and offloading (FPSO) and floating storage and offloading (FSO) are extremely effective products in terms of on-field performance. They eliminate the need for pipeline infrastructure that is often required to carry out crude oil from well head to a definite refinery location, thus reducing heavy operational costs in the process. These products are also the most preferred choice when it comes to offshore drilling sector because numerous tasks can be performed while the products are floating in the water body. There are many companies across the globe that is using FPSO to execute offshore drilling activities in order to extract crude oil. In addition, SPAR and TLP product type of platforms are used for controlling high vibrations caused due to high tidal waves.
FPSO: Highest Grossing Market by Type
FPSO product segment is the only largest floating production system type suitable for use at all depths. It dominates the entire floating production systems market with considerable volume. This segment is expected to witness the highest growth and maximum number of installations and bookings for the defined forecast period. Of all the regions, Africa and Latin America are the two major regions that have stirred high demands for ultra-deep water FPSO products in the market.
In terms of analysis by geography, RoW is anticipated to exhibit the highest growth rate in the forecast period, further led by emerging economies such as, South Africa and Brazil. RoW is also the commanding market in terms of FPS demand as compared to other regions such as, North America and Asia Pacific. The global floating production systems market was valued at $12,616.0 million in 2012 and is augmented to reach $38,752.7 million by 2019, growing at a CAGR of 17.2% in the period 2013 and 2019.
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