Floating Production System Market is expected to grow at an impressive CAGR
The floating production
system market is expected to grow during the forecast period of 2024-2028 due
to increasing offshore exploration activities and growing demand for
hydrocarbons.
According to
TechSci Research report, Floating Production System
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2028F, the Global Floating Production System Market is anticipated to
register robust growth during the forecast period 2028.
FPSO (Floating
Production Storage and Offloading) and FSO (Floating Storage and Offloading)
systems are the primary methods for many offshore oil and gas producing areas across
the world. An FPSO is a floating body that receives liquid (crude oil, water,
and various others) from an undersea reservoir through risers and separates the
liquid into crude oil, natural gas, water, and pollutants within an upper
onboard production facility. formula production system. Crude oil stored in the
FPSO's storage tanks is transferred to shuttle tankers to be shipped to the
market or further refined on land. Most FPSO/FSO are ship-shaped and can be
anchored to the seabed using a variety of mooring systems, the choice of which
is dictated by the specific environment. Suitable for a wide range of water
depths and environmental conditions, it can be designed to remain on site for
20+ years of continuous operation.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on " Global Floating Production System Market "
The global floating
production system market is bifurcated based on type, water depth, build, and region. Based
on type, the market is bifurcated into floating production, storage, and
offloading (FPSO), tension leg platforms (TLP), spar platform, and others. During the projected period,
the FPSO segment
is expected to be the dominant segment during the forecast period. FPSOs are
the most popular floating production systems due to their additional ability to
store and offload the produced crude oil. This makes FPSOs to dominate the
market and is expected to continue growing during the forecast period. FPSOs
are useful for long-distance travel and offer operators the opportunity to be
deployed in various regions and disciplines throughout their lifetime. Brazil
has deployed the largest number of FPSOs and is expected to continue to do so
during the forecast period. As of July 2021, 41 FPSOs are in operation in the
country, with another 11 on order. Increasing energy demand is expected to
drive the floating production system market over the next decade. Operators are
often forced to work in much deeper water that require sophisticated techniques
and equipment. It also requires oil storage and offloading capabilities. Such
factors are expected to drive the market for floating
production systems during the forecast period.
On the basis of region, the market is bifurcated into North America, Asia-Pacific,
Europe, South America, and Middle East & Africa. During
the projected period, South America is expected to be the region with the
largest market share during the forecast period. South America is expected to
significantly boost the global floating production system market. Brazil
and Guyana are the most important countries in the market, and the demand for
FPS in these countries has increased significantly in recent years. The
offshore oil and gas industry is expected to witness large-scale investments
during the forecast period. In 2020, Rio de Janeiro was Brazil's largest crude
oil producer, all of which was offshore. The state recorded production of about
853 million barrels. In 2021, 7 out of 10 FPSO projects will be from Brazil,
with 3 more projects expected to be added to the portfolio in 2022. In October
2022, Sembcorp Marine won USD3 billion contract for a new FPSO for Petrobras.
FPSO P-82 is deployed in the Buzios offshore field in the Santos Basin, Brazil.
In November 2021, SBM Offshore secured FEED contract to deploy FPSO vessel for
her Yellowtail development project in Guyana. The order was placed by Esso
Exploration and Production Guyana Limited, a subsidiary of Exxon Mobil. The
company plans to manufacture, install, and operate the unit for approximately
two years after production begins. With a production capacity of 250,000
barrels per day, the FPSO is expected to begin production in 2025. Therefore,
the South America region is expected to hold a large market share due to such
developments during the forecast period.
Key market
players in the global floating production system market are:
- BW Offshore Limited
- Malaysia Marine and Heavy Engineering
SDN BHD
- Samsung Heavy Industries Co. Ltd
- SBM Offshore NV
- Bumi Armada Berhad
- Hyundai Heavy Industries Co. Ltd
- Mitsubishi Heavy Industries Ltd
- TechnipFMC PLC
- MODEC Inc.
- Teekay Corporation
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
“Increasing
offshore oil & gas exploration is expected to drive the global floating production
system market during the forecast period. The South America region is expected
to dominate the market due to growing investments in countries such as Brazil
& Guyana. The FPSO segment is expected to be the dominant segment due to
their additional ability to store and offload the produced crude oil,” said,
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Floating Production System Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F, By Type (Floating Production,
Storage, and Offloading (FPSO), Tension Leg Platforms (TLP), Spar Platform and
Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Build
(New Build, Conversion), By Region” has evaluated the future growth potential
of the global floating production system market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global floating production system market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com