According to the research the market was valued at US$12,616 mn in 2012. Analysts at TMR project the market to expand at a healthy CAGR of 17.20% by 2019 and reach a value of US$38,752.7 mn by the end of the forecast period
The research report, titled “Floating Production Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast" , further states that the increase in the drilling activities in the subsea industry, coupled with deep-water discoveries in the Asia Pacific region as well as the Rest of the World, has fueled the global floating production systems market extensively in the recent times. However, the cost associated with installation as well as maintenance of these systems are likely to hamper the market growth, cites the market report.
The market study analyzes the global floating production systems market on the basis of products and their regional distribution. Floating storage and offloading (FSO), floating production storage and offloading (FPSO), single point anchoring reservoir (SPAR), and tension leg platform (TLP) are the major segments of the worldwide market for floating production systems. In 2012, the market for FPSO accounted for 63.80% of the overall revenue generated in the global market, acquiring the leading position.
Key companies functional in the global market for floating production systems such as Petrobras, Royal Dutch Shell, and ENI are utilizing FPSO systems to extract crude oil from offshore areas. On the other hand, the FSO market holds only a meager share of the overall market with minimal expectation for major improvement over the forecast period, reports the market study.
According to the research report, North America, Europe, Asia Pacific, and the Rest of the World are the key regional markets for floating products. Among these, the Rest of the World market led the global floating production systems industry with the highest revenue contribution in 2012.Compared to other regions, the demand for floating production systems from the Rest of the World is the highest, specifically from Brazil from South Africa, states the research study. The market for floating production systems market in the Rest of the World is expected to retain its dominance, exhibiting the highest growth rate driven by emerging economies during the forecast period. Other regional floating production systems markets are also projected to report a remarkable growth over the period of forecast.
The major players in the global floating production systems market mentioned in this market report are Bumi Armada Berhad, Keppel Offshore and Marine Ltd., Hyundai Heavy Industries Co. Ltd., Malaysia Marine and Heavy Engineering Holdings Berhad, Samsung Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., SBM Offshore N.V., Technip S.A., Teekay Corp., Worley Parsons Ltd.
The global floating production systems market is segmented into:
By End Users
- North America
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.