The growing demand for energy with increasing investment in offshore oil & gas exploration and production is expected to drive the global floating production systems market. It is estimated to reach $35.4 billion by 2018 at a projected CAGR of 18.9% from 2013 to 2018.
The recent increase in exploration activities and high technological requirements for the same in Latin America, Gulf of Mexico, and West African regions would be a major driver for the growth of floating production systems markets. Floating production systems are floating vessels used by the offshore oil & gas industry to produce, process, and store hydrocarbons. These vessels are primarily used to extract hydrocarbons from offshore reservoirs such as deepwaters and ultra-deepwaters, which are inaccessible and also inconvenient for conventional production structures.
Floating Production, Storage, and Offloading (FPSO) is the most used floating production system, globally. Additionally, Truss spar along with Tension Leg Platform (TLP) is also a part of the industry. Currently, floating production systems are facing a lot of public opposition on environmental hazards caused by oil spills. Oil spill, water contamination, and seismic activities are the most important concern of floating production systems. Despite these environmental concerns, the growth of the global market is not diminished in major regions of the world as many countries expect offshore oil & gas reserves to meet their increasing energy demand.
The floating production systems market is mainly concentrated in Latin America. The majority of new-build orders of floating production systems have been received by shipyard-manufacturing companies such as Samsung Heavy Industries (South Korea), Hyundai Heavy Industries Corporation Ltd. (South Korea), Malaysia Marine and Heavy Engineering Sdn Bhd (Malaysia), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), and Technip S.A. (France). While the Latin American floating production systems market is growing, other regions are still in their infancy stages.
The consumption of crude oil and natural gas in Asia-Pacific has been growing due to increased consumption in highly populated countries such as China and India which are looking for new sources of oil & gas, including offshore regions. Thus, the floating production systems market in this region is expected to grow in the future in order to cater to the ever increasing energy demand.
This report analyzes various marketing trends and establishes the most effective growth strategies. It identifies market dynamics such as drivers, opportunities, burning issues, and winning imperatives. Major companies such as Samsung Heavy Industries (South Korea), Hyundai Heavy Industries Corporation Ltd. (South Korea), Malaysia Marine and Heavy Engineering Sdn Bhd (Malaysia), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), and Technip S.A. (France) have also been profiled in this report.