ALBANY, New York, January 22, 2016 /PRNewswire/ --
Transparency Market Research (TMR), a market intelligence and research firm, has recently published a research study on the global floating production systems market. According to the report the market was valued at US$12,616 million in 2012. Analysts at TMR project the market to expand at a healthy CAGR of 17.20% during the period from 2013 and 2019 and reach a value of US$38,752.7 million by the end of the forecast period.
The research report, titled "Floating Production Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", 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.
Browse the full Research Report at: http://www.transparencymarketresearch.com/floating-production-system-market.html
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.
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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.
Browse Research Article: http://www.transparencymarketresearch.com/article/floating-production-system-market.htm
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
FPSO: Highest Grossing Market by Type
The market for FPSO is predicted to exhibit exponential growth in forthcoming years owing to increasing investments in gas exploration and offshore oil, particularly within ultra-deep waters ranging from 1500 meters and above and deep waters ranging from 500 to 1,499 meters deep. In addition, the descending levels of oil and gas have raised the need for exploration of new gas and oil reserves in order to meet future energy requirements. This is why gas and oil exploration companies have shifted exploration to offshore from onshore, thus fuelling the market for FPSOs.
Additionally, the need for huge investment and the growing technical restraints related to the installation of fixed production platforms in remote areas is also fuelling the market for FPSO. Furthermore, their ability to work even in harsh environments enables FPSOs to be moored at various locations, hence raising their demand amongst producers of oil and gas globally. On the other hand, volatile oil prices have affected the cash flow within the market for FPSO, thus restraining the market. In addition, the need for high capital investment for building and construction of new FPSOs is further posing a negative impact on the growth of the market.
Browse FPSO Industry Research Report: http://www.transparencymarketresearch.com/fpso-vessels-equipments-market.html
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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