The global floating production system market will derive growth from recent product advancements. According to a report by Fortune Business Insights, titled “Floating Production System Market Size, Share & Industry Analysis, By Type (Floating Production, Storage, and Offloading (FPSO),Tension Leg Platforms (TLP), Spar Platform, Semisubmersible Floating Production System, Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Build (New Build, Conversion) and Regional Forecast, 2019-2026,” the market will benefit from the increasing number of oil and gas exploration activities across the world.
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Floating production system is an essential part of processing and transportation of petrol products. Recent advancements in hydrocarbon exploration activities have led to a wider product adoption across the world. The growing demand for oil and gas energy will contribute to the growing demand for floating production system (FPS). These products are used to simplify the process of turning crude petroleum into usable oil and gas products. They can be used to produce, store, and offload the oil and gas product that are derived from oil wells. The advances in offshore exploration have created several growth opportunities for the companies operating in this market. The increasing demand for offshore activities and oil and gas exploration will have a direct impact on the growth of the market in the coming years.
Top Players Mentioned:
- Bumi Armada
- BW Offshore
- MODEC, Inc.
- SBM Offshore
- Keppel Offshore & Marine
- DSME Co.Ltd.
- Aker Solutions
- Samsung Heavy Industries Co. Ltd.
- McDermott International Inc.
- National Oilwell Varco
- Bluewater Energy Services
Increasing Number of Company Mergers Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the market derives significant growth from the increasing number of company mergers and collaborations in recent years. In February 2019, McDermott International and Woodside Energy Ltd. signed an agreement for the development of field gas in Western Australia. The companies will engage in engineering and design activities for a floating production unit (FPU) for the Scarborough field gas development. The report highlights a few of the major company mergers of recent times and gauges their impact on the global market.
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Key Industry Developments:
May 2019: Australian company ConocoPhillips has awarded an EPC contract for its Barossa offshore project to Technip Oceania Pty Ltd. The company will supply subsea production system (SPS) and associated SPS installation support.
May 2019: InterMoor has secured a contract from COOEC, a subsidiary of China National Offshore Oil Corporation to install deepwater mooring system for the Liuhua 16-2 and Lingshui 17-2 floating production facilities in the South China Sea.
North America to Witness Considerable Growth; Increased Demand for Oil and Gas to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America will witness considerable growth in the coming years, owing to the increasing demand for oil and gas and subsequent rise in the adoption of oil and gas exploration activities. Besides this, the market in the Middle East and Africa will witness considerable growth in the coming years, owing to the increasing number of oil and gas exploration activities.
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- By Type
- By Water Depth
- By Build
- By Geography
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Content for Floating Production System Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Floating Production System Market, Insights and Forecast, 2026
- North America Market, Insights and Forecast, 2026
- Europe Market, Insights and Forecast, 2026
- Asia Pacific Market, Insights and Forecast, 2026
- Middle East and Africa Market, Insights and Forecast, 2026
- Latin America Market, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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