Floating Production System (FPS) Market:
As mentioned in a report, the global floating production system market is expected to grow in an impressive manner. Some of the factors that are expected to increase the market size include increase in deep water drilling activities and rising number of offshore projects will propel the market size in the coming years. Moreover, growing economy of under-developed countries will further increase the demand of global energy, product performance and durability.
Floating Production System plays an important role as after several years of cutbacks, oil companies now are developing new offshore fields and more demand of oil and gas is coming from the transportation sector which in turn will fuel the demand of floating production system. Also, increased digitalization, standardization and use of remote or autonomous operations will further give more cost savings to the industry.
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In addition, the global Floating Production System market is gaining importance mainly due to increasing consumption requirement which influences the expansion in the oil and gas reserves ultimately affecting floating production system market. These markets are influenced by many other factors as well which includes fluctuating crude oil and natural gas prices, changing consumer preferences and the overall strength of the economy. However, factors like huge maintenance needed and high fixing costs of the systems might restrain the growth of the floating production systems market.
Company Analysis – Malaysia Marine & Heavy Engineering, Bumi Armada Berhad, Keppel Offshore & Marine, Daewoo Shipbuilding & Marine Engineering Co. Ltd., TechnipFMC, SBM Offshore, WorleyParsons, Aker Solutions, Teekay Offshore Partners L.P., Samsung Heavy Industries Co. Ltd.
The global floating production system market has been segregated into type and application. Based on the type, the market has been segmented into Tension Leg Platform, Semi-submersible Platform, SPAR, Floating Production Storage and Offloading, Drill Ships and others. Based on the application, the market has been segmented into Shallow water, Deep water and Ultra-deep water.
Detailed Regional Analysis
The market of the global floating production system has been analysed across the United States, Europe, India, Japan, China, and Southeast Asia, Middle East and Africa and Central & South America. The European market is showing amazing growth which is mainly due to more number of oil reserves in Europe that are situated in offshore regions such as the Barents Sea and the Norwegian Sea and stable growth of the floating production systems market is likely to be witnessed in these regions. Meanwhile, increasing population and paid industrialization in Asia Pacific and North American regions will influence the floating production system market in the forthcoming years. Also, deep water discoveries and increase in subsea drilling working activities in the oil and gas industry at APAC regions and rest of the world will further boost the floating production system market.
Most of the key players that are operating in the global floating production system market rely upon the growth strategies such as joint ventures & contracts, mergers & acquisitions, and expansions & investments in diversifying their geographic presence. In order to enlarge their geographical reach and market penetration, the companies are entering into new agreements & collaborations which is likely to prove favourable for the market growth.
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