The Global Floating Production System Market is expected to reach USD 101.64 billion by 2029, increasing from USD 55.84 billion in 2023 with a CAGR of 12.73% during the forecast period 2024-2029.
Market Overview:
Floating Production System is the common term for all the naval vessels and platforms that are used for exploring oil in seas and oceans. They resemble ships and can be partially submersible in the water. They are highly effective in processing and releasing hydrocarbons without any storage. Globally, the demand for Floating Production Systems gaining prominence with the increasing offshore deep-water drilling activities and huge investments from the leading market players across the globe.
Market Drivers:
An increasing number of offshore projects, demand for energy, and improving economies of several developing nations., Growing preference for digitization, rise in remote operations, and advances in the manufacture of production systems., Efficient and cost-effective transportation of oil and gas to shuttle tankers and other storage facilities.
Market Restraints:
Volatile prices of crude oil and natural gas., Lack of skilled resources., Changes in consumer preference and economic changes in global countries.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
12.73% |
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Segments Covered |
By Platform Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Bumi Armada Berhad, Samsung Heavy Industries, Hyundai Heavy Industries, Teekay Corporation, SBM Offshore NV, Malaysia Marine, Heavy Engineering, Aker Solutions, Keppel Offshore, Marine, Technip FMC PLC, WorleyParsons Group, and Others. |
Market Segmentation:
The Global Floating Production System market is divided into SPAR, Tension Leg Platform, Semi-submersible platforms, Drill Ships, Floating Production Storage and Offloading (FPSO), and others. Of these, the FPSO segment holds the dominant share in the global market and is expected to maintain its dominion in the coming years.
Based on the application, the global industrial 4.0 market is separated into Ultra-Deepwater, Deep Water, and Shallow Water. Among these, the deep water segment accounted for the largest portion of the worldwide marketplace due to the increasing offshore projects and the need for energy. It is also predicted to expand with the highest CAGR over the foreseen period.
Market Regional Analysis:
The Global Floating Production System Market Report includes the segmentation of regions:
North America holds a prominent share in the global Floating Production System market due to a large number of oil and gas exploration activities, rising demand for energy, adoption of advanced technologies, and the presence of key market players. Nevertheless, the Asia Pacific region is expected to witness rapid growth in the coming years with the increasing demand for oil and natural gas.
Market Key Players:
Key players dominating the global Floating Production System Market are
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