Published Date : Feb 24, 2016
Floating production systems are installed in deep waters and remote locations and has proven to be a huge breakthrough technology for the offshore oil and gas production, boosting the floating production systems market worldwide. Floating production systems have presented a technology that provides an effective solution to develop fields which would have been otherwise impossible due to economic limits to fixed platforms.
Rest of the World to Retain Domination in Global Floating Production Systems Market
According to a report published by Transparency Market Research, Asia Pacific and Rest of the World have boosted the market for floating production systems, due to an increasing number of deep water discoveries and drilling activities in these regions. RoW market led the global floating production systems market in 2012 by contributing the highest in terms of revenue. Rest of the World has the highest demand for floating production systems and will continue to do so during the period 2013 to 2019.
FPSO to Dominate the Market for Floating Production Systems
Out of the different products marketed under floating production systems namely, SPAR, TLP, FSO, and FPSO, FPSO is most extensively used by companies to extract crude oil for offshore drilling activities. FPSO can perform multiple tasks and is hence dominating the market for floating production systems. Moreover, FPSO helps in decreasing the operational cost, and thus expected to dominate the market for floating production systems in the forthcoming years.
Major use of TLP and SPAR Forecasted in Africa and Brazil on Account of Increasing Offshore Drilling projects
TLP and SPAR are utilized in drilling sites that experience high waves, as their use eliminates the vibrations which hinder the drilling operations. More than 80 offshore drilling projects are forecasted in the regions of Brazil and Africa in the coming years that will propel the market for TLP and SPAR, since the use of these floating production systems can help in smoother drilling operations.
The Market for Floating Production Systems in Asia Pacific and North America Anticipated to Witness a Growth
The growing population and heavy industrialization in Asia and North America is anticipated to give a boost to the floating production systems market. Large number of oil reserves in Europe is also anticipated to give a steady growth to the floating production systems market.