Floating Production System Market Trends

  • Report ID: 3826
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Floating Production System Market Trends

Growth Drivers

  • Growth in Offshore Drilling & Exploration Activity – With the rising demand for oil and other petroleum products and the enlarging development of countries to become energy independent, the exploration of potential oil reserves is on the rise. As per a report of 2021, worldwide there were 1.73 trillion barrels of oil reserves. This is projected to bring in numerous growth opportunities for the floating production system market in the coming decade.
  • Increasing Investment & Development in Energy Industry – for instance, ExxonMobil Guyana (ExxonMobil Corporation) finalized an additional investment decision of about USD 12.7 billion for the offshore Uaru development augmenting Guyana’s energy industry. The project ascertained all government and regulatory approvals and is expected to start in 2026, adding a daily production capacity of around 250,000 barrels.

Challenges

  • Cost Involved to Develop FPS Systems is High - Most floating production units require a substantial upfront investment for installation, and regular maintenance raises overall operating costs, slowing market growth.
  • High Maintenance & Operational Cost
  • Emerging Offshore Engineering Regulations & Maritime Codes

Floating Production System (FPS) Market

Base Year

2023

Forecast Year

2023-2036

CAGR

9.7%

Base Year Market Size (2023)

USD 9.9 Billion

Forecast Year Market Size (2036)

USD 29.4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa
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Author Credits:  Dhruv Bhatia


  • Report ID: 3826
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing demand for crude oil and natural gas along with the growing oil and gas industry and rising offshore exploration activity are the major factors driving the growth of the floating production system market.

The market size of the floating production system is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023 � 2035.

The major players in the market are Mitsubishi Heavy Industries Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Shell International B.V., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd., Keppel Offshore & Marine Ltd., Samsung Heavy Industries Co. Ltd., Bumi Armada Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Teekay Tankers Ltd., Reliance Naval and Engineering Limited.

The FPSO segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Latin America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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