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Floating Production System Market size is expected to surpass USD 34 Billion by the end of 2035, growing at a CAGR of 10% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the floating production system was more than USD 10 Billion. The expansion of the oil and gas industry worldwide is responsible for the expanding use of these systems as they are becoming the key method for most offshore oil and gas-producing regions.
The growing demand for crude oil from several end-use industries is leading to the rapid augmentation of offshore exploration undertakings across the world. Hence, with the expanding development of offshore oil and gas production, there is a rise in the demand for floating vessels for oil storage and production and processing of hydrocarbons in the oil and gas industry. According to the International Energy Agency (IEA), in 2023, the oil demand globally is predicted to hike by 2.2 mb/d year-on-year.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2035) |
~ USD 34 Billion |
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Regional Scope |
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Type {Floating Production, Storage, and Offloading (FPSO), Tension Leg Platforms (TLPs), Spars}
The FPSO segment in the floating production system market is anticipated to garner the largest growth share of 60% in the given years due to the growing production of hydrocarbons along with increasing developments of remote gas fields. FPSOs are widely used owing to their typical characteristics of storing and offloading the produced crude oil. It also enables long-distance movements and is used for exploration in several fields.
Water Depth (Shallow Water, Deep & Ultra- Deepwater)
Floating production system market from the deep & ultra-deepwater segment is predicted to hold the highest revenue ratio in the upcoming years. The segment enlargement is accredited to the growing energy demand worldwide together with intensely increasing deepwater expeditions for obtaining crude oil, and natural gas.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Water Depth |
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Build |
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Latin American Market Forecast
The floating production system market in Latin America is predicted to be the biggest with a share of about 30% by 2035. The increasing investments in offshore projects in the region, especially in Brazil, and the growing oil and gas production and expenditure with the rising development of shale players in the region are anticipated to boost the market growth in the upcoming years. In 2021, the per day oil production in Brazil touched around 3 million barrels, depicting a positive move for more than a decade.
Middle East & African Market Statistics
The floating production system market in the Middle East & Africa is estimated to be the second largest, registering a share of about 22% by the end of 2035. The existence and potential of oil reserves in the Organization of the Petroleum Exporting Countries (OPEC) especially in Saudi Arabia and the increasing contracting activity for offshore drilling rigs in West Africa are proposed to hike the demand for floaters in the region. As per the British company's Statistical Review of World Energy Report 2021, Saudi Arabia has nearly 297.5 billion barrels of oil reserves.
Author Credits: Payel Roy, Dhruv Bhatia
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