MarketTheglobal floating production systems marketis valued at USD 39.57 Billion in 2020. As offshore oil and gas developments are solely dependent on Floating production systems, these system plays a vital role. These systems are widely used for drilling and exploration activities in offshore oil and gas production at all depths. These systems are available in several shapes and comprehensively used across the globe wherever offshore drilling activities are taking place. The market is classified into type and water depth segments. The type segment is classified into Floating Production Storage and Offloading (FPSO), Tension Leg Platform (TLP), barge, spar, and others. The water depth segment is classified into Shallow water, Deepwater, Ultra-Deepwater. The floating production storage and offloading (FPSO) sub-segment is anticipated to dominate the type segment. The demand for crude oil and the potential oil and gas sources is increasing across the globe. To reach the untapped demand, the companies are drilling in more and more depth along with entering deep and ultra-deep waters. These factors are expected to drive the global floating production systems market over the forecast period of 2021-2028.
COVID-19 pandemic has hampered several sectors and led to tremendous loss of revenue. The floating production systems market was not an exception for the loss. Owing to the pandemic many companies and industries were under strict lockdown and shut down-which have decreased the demand from companies. Moreover, restrictions on traveling drastically reduced the demand for crude oil which in turn hampered the Floating production systems market growth. However, the investment started to flow again and helping the market to regain its position and grow.
North America is expected to hold the largest share of the Floating production systems market over the forecast period. The U.S. is projected to have the fastest growth and to dominate North America. Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period. China in the Asia Pacific region is expected to have the fastest CAGR followed by India. The growth is attributed to the increasing demand for crude oil, increasing investments by the government and several private organizations.
Some of the key players in the floating production systems market are Malaysia Marine and Heavy Engineering SDN BHD, Keppel Offshore, and Marine Ltd, Samsung Heavy Industries Co. Ltd, Bumi Armada Berhad, SBM Offshore NV, Hyundai Heavy Industries Co. Ltd, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Mitsubishi Heavy Industries Ltd, TechnipFMC PLC, MODEC Inc., Teekay Corporation, among others.