Floating production systems are offshore drilling equipments that are utilized for the extraction of crude oil from offshore fields. Weight and design of the floating production systems depends on the drilling conditions and region where they are used. Floating production systems are of numerous shapes and sizes, ranging from cylindrical shape to that of a ship shape. Normal design of FPS equipment includes a ship shaped vessel, with processing equipments on the vessel’s deck and hydrocarbon storage in the hull of the vessel. Various types of floating production systems are used depending on the requirements and specifications. Highly used FPS is Floating Production Storage and Offloading (FPSO) equipment. FPSOs are preferred mainly in frontier offshore regions as they are easier to install and does not require a pipeline infrastructure or a tanker to transport crude oil from well head to refinery location. They can easily be converted from an oil tanker or can be manufactured from a vessel for a particular type of application. FPSOs can operate from shallow to ultra deep water fields. They can easily work in harsh environments. FPSOs are less in weight and wide deck area of large tanker provides flexibility in process plant layout. Various other types of FPS equipments such as FSO, Spar and Tension leg platform (TLP) are also used to carry out drilling activities in offshore fields.
Floating production system market is directly dependant on number of offshore drilling activities that are carried out in world.
Product type segment in the FPS market comprises FPSO, TLP, SPAR and FSO. FPSO is expected to be the most dominating product in terms of demand for FPS. Various 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 except production facility that can be carried out on FPSO. Multiple tasks can be performed using FSOs such as floating, storage and offloading. TLP and SPAR are also used for carrying out drilling activities in the offshore fields.
Rest of the World (RoW) dominated the global FPS market in terms of revenue due to high demand from South American and African countries such as Brazil and South Africa. North America and Asia Pacific regions are also having moderate demand of FPS equipments. European market is expected to increase in terms of high demand of FPS owing to the large number of offshore projects from Norway and the U.K.
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 are likely to dominate the floating production systems market in the coming future.
Boosted by the increasing oil exploration initiatives and offshore drilling, the global market for floating production systems is likely to rise at a CAGR of 17.20% between 2013 and 2019. The market, which stood at US$12.6 bn in 2012, is projected to present an opportunity worth US$38.7 bn by the end of 2019.
The global market for floating production systems is studied on the basis of the product and its geographical segmentation. Based on the product, the market is categorized into floating storage and offloading (FSO) unit, tension leg platforms (TLP), SPAR, and floating production storage and offloading (FPSO) systems. Based on geography, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
This research study on the worldwide market for floating production systems aims at presenting 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.
Overview of Global Floating Production Systems Market
Thanks to the significant increase in offshore drilling activities, floating production systems have been witnessing remarkable demand across the world since the past few years. The deepwater discoveries in Asia Pacific and the Rest of the World have also fueled the demand for these systems substantially across the world. With the increasing preference of FPSOs for the extraction of crude oil and offshore drilling, the segment is likely to gain prominence in the coming years. The advantages offered by FPSOs, such as the reduction in operational costs to oil companies by simplifying the transportation of crude oil, are also expected to add significantly to their demand over the next few years. TLP and SPAR are also projected to witness strong demand in the near future, thanks to the upcoming offshore drilling projects.
Geographically, African and South American countries, such as South Africa and Brazil, lead the global market for floating production systems market. Over the coming years, analysts expect these countries to remain dominant in terms of revenue.
Europe is also expected to experience a surge in demand for these systems. The increasing number of offshore projects in the U.K. and Norway is anticipated to boost the market for floating production systems in Europe. On the other hand, the rise in the population base and the heightening industrialization will drive the markets in Asia Pacific and North America in the near future.
Although the growth prospects of the global market for floating production systems are bright, the high installation and maintenance costs associated with these systems are likely to hamper the market to some extent.
Companies Mentioned in the Research Report
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., and Teekay Corp. are some of the key manufacturers of floating production systems across the world.
Key Segments of Global Floating Production Systems Market
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments