Floating Production System Market

Global Floating Production System Market Size (2024-2032): 

The global floating production system market is estimated to be USD 62.95 billion in 2024 and is projected to reach USD 164.18 billion by 2032, at a CAGR of 12.73% from 2024 to 2032.

Current Scenario of the Global Floating Production System Market

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Floating Production System Market Analysis By Platform Type

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.

Global Floating Production System Market Analysis By Application

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.

REGIONAL ANALYSIS

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.

KEY PLAYERS IN THE GLOBAL FLOATING PRODUCTION SYSTEM MARKET

Companies playing a prominent role in the global floating production system market include 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. 

RECENT HAPPENINGS IN THE GLOBAL FLOATING PRODUCTION SYSTEM MARKET

• In Nov 2019, Royal Boskalis Westminster N.V. became successful in acquiring USD 120 million worth of contracts that comprise colossal marine transports. Continuing the previous year's transport of box-shaped FPSOs, Boskalis able to get similar transport from China to Brazil, which will be commenced in 2021 and 2022.

DETAILED SEGMENTATION OF THE GLOBAL FLOATING PRODUCTION SYSTEM MARKET INCLUDED IN THIS REPORT

This global floating production system market research report has been segmented and sub-segmented based on platform type, application, and region.

By Platform Type

• SPAR
• Tension Leg Platform
• Semi-submersible Platform
• Drill Ships

By Application

• Ultra-Deepwater
• Deepwater
• Shallow water

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa