Will Floating Production, Storage, And Offloading (FPSO) Bring the Revolution?
For the past few decades, the demand for crude oils and energy is thriving at its instantaneous level. The demands for crude oils, offshore production, investments from operators are increasing. Thus, to encounter these unexploited demands several governments are taking progressively more initiations along with companies are on the lookout for new and improved ways to develop R&D output, increase in productivity of its operations much more with focusing on enhancing financial performance. In the middle of the COVID-19 crisis, the global floating production systems market is estimated for USD 39.57 Billion for the year 2020 and is further projected to reach a revised size of USD 166.55 Billion for the year 2028, expanding at a CAGR of 19.68% over the examination period of 2021-2028. Floating Production, Storage, And Offloading (FPSO), which is one of the Sub-segments scrutinized in the report of Vantage Market Research, is anticipated to grow at the wildest CAGR and to dominate the segment by the end of the analysis period. Moreover, after an early analysis of the business repercussions of the epidemic and about the economic crisis, growth in the Tension Leg Platform (TLP) sub-segment is expected to grow at the second-fastest CAGR for the floating production systems market over the forecast period of 2021-2028.
Where the market will be headed by 2028?
Our report on the floating production systems market has covered the study of the latest development and investment in the floating production systems. The market drivers, restraints, and opportunities have been provided for the forecast period, which drives from 2021 to 2028 with 2020 as the base year. global floating production systems market is estimated at USD 39.57 Billion for the year 2020 and is further projected to reach a revised size of USD 166.55 Billion for the year 2028, expanding at a CAGR of 19.68% over the examination period of 2021-2028.
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.
North America is expected to dominate the market in 2020. The U.S. market is projected to be dominating in North America. However, China in the Asia Pacific is expected to grow at the fastest CAGR followed by India.