Demand for Floating Production Systems to Improve with Ever-rising Demand for Energy and Increasing Oil and Gas Investments

Published On : 21 Nov 2018

The global floating production systems market is expected to increase growth with the rise in investments in the oil and gas industry. Growing number of new offshore production and exploration activities and swelling demand for energy could set the tone for significant growth of the global floating production systems market. However, there are certain factors that are foretold to hamper the demand in the global floating production systems market. For instance, high cost of intervention operations, reliability of subsea units, and environmental problems could arrest the growth of the global floating production systems market. Nonetheless, increasing offshore deep-drilling activities are projected to create opportunities in the global floating production systems market.

Increasing Exploration in Ultra-deep and Deep Waters to Push Growth

Rising investments in offshore technologies and increase in the number of exploration activities in ultra-deep and deep waters could bode well for the global floating production systems market. High versatility of floating production systems could be another factor augmenting the demand in the global market. Increase in the number of offloading and storage applications is forecast to raise more demand in the global floating production systems market. Vendors operating in the global floating production systems market could depend on expansions and investments in diversified geographical locations for increasing their share. There could also be high focus on mergers and acquisitions for gaining a strong foothold in the global floating production systems market.

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On the other hand, joint ventures and contracts and new product launches could be among key strategies adopted in the global floating production systems market. Furthermore, players are envisaged to depend on collaborations and agreements to increase their market penetration and extend their geographical presence in the global floating production systems market. On the other hand, capex for exploration and production activities could be massive in terms of value.

Rise in Number of Offshore Projects to Stoke Demand in Europe

There are various applications of floating production systems, viz. barge, SPAR, tension leg platform, and FPSO. The global floating production systems market witnesses the sale of different types of products, including ultra-deep water, deep water, and shallow water. From a geographical perspective, Europe is prophesied to gain a king’s share of the global floating production systems market. The U.K. and Norway testifying an increase in the number of offshore projects could increase the demand in the Europe floating production systems market. However, Asia Pacific and North America are forecast to exhibit a moderate growth rate in the global floating production systems market.

There could be higher demand for FPSO observed in the global floating production systems market. Increase in crude oil extraction from offshore fields is predicted to increase the demand for FPSO in the coming years. On the other hand, SPAR and tension leg platform are used in offshore drilling activities.

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