Floating production systems Market is likely to rise at a CAGR of 17.20% By 2019

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.

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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

By Product

• FPSO
• TLP
• SPAR
• FSO