Rising Demand for Natural Resources Boosts Growth in Floating Production System Sales Market

Published On : 31 Aug 2018

With rapid urbanization and industrialization, a widespread onus is being imparted on the exploitation of natural resources, majorly in the form of fossil fuels such as petroleum, oil, and natural gas, along with other resources such as water and sand. However, setting up plants and facilities to exploit such resources requires installing a myriad number of systems, in order to ensure that everything goes as per planned.

One such installation type that plays a major role in processing natural resources and its derivatives is the called floating production system. These systems are primarily used to produce hydrocarbons for storage, disposal, and transportation facilities that involve oil, water, gas, sand, and other resources. Most floating production systems help separate respective raw material resources and give an output consisting of refined materials. With such a distinctive use of the systems, a large floating production system sales market exists from a global perspective.

A substantial rise in new offshore floating projects is propelling this market and making it grow at a rapid pace. To be more specific, floating production systems (FPS) are essential components of resource exploration and extraction processes, and are required to carry out efficient offshore oil and gas developments. These systems help separate oil, water, gas, and sand, furthermore distributing the yields to storage, disposal, or transportation facilities. FPS are also used to conduct drilling and exploration activities in offshore oil and gas production at various depths. A great need for implementing gas storage, gas processing, and gas liquefaction too is propelling the global floating production system sales market, thus making it expand splendidly.

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However, high costs of FPS are notably hindering the market, as new entrants with less capital might find it difficult to afford the expensive processes. Lack of availability of raw materials in remote and underdeveloped regions required to manufacture the systems also is a key obstacle for the global floating production system sales market’s growth. Nevertheless, many companies are anticipated to introduce several cost-effective installations, which could consequently reduce most restraints affecting this market.

This global floating production system sales market depicts the existence of a highly emerging vendor landscape that is characterized by intense competition owing to the presence of heavyweight players. The competitive landscape is gradually expanding and is expected to proliferate to the remotest regions during the next few years. With the number of companies expected to increase, the global floating production system sales market is expected to depict a highly intensified competitive landscape.

TOTAL, Chevron, Petronas, Shell, SBM Offshore, BP, Petrobras, Golar LNG, MODEC, and BW Offshore, are key players operating in the global floating production system sales market. Most of these companies are focusing on attaining extensive geographical reach as well as achieving periodical upgrades to the equipment used in order to compete on par with their rivals.

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