Global Floating Production System (FPS) Market – Analysis By Platform Type (Tension Leg, Semi-Submersible, SPAR, FPSO, Drill Ships, Others), Application (Shallow Water, Deep Water, Ultra-Deep Water), By Region, By Country (2019 Edition): Forecast to 2024
A comprehensive research report created through extensive primary research (inputs from industry experts, companies and stakeholders) and secondary research, the report aims to present the analysis of Global Floating Production System Market. The report has analysed the Floating Production System Market by Platform Type (Tension Leg Platform, Semi-submersible Platform, SPAR, Floating Production Storage and Offloading [FPSO], Drill Ships and Others) and By Application (Shallow water, Deep water, Ultra-deep water). The Global Floating Production System Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Brazil, Rest Of Americas, United Kingdom, Norway, Rest of Europe, China, India, Rest of Asia Pacific, Saudi Arabia, Iran, Rest Of MEA) for the historical period of 2014-2018 and the forecast period of 2019-2024.
According to a research report published by Azoth Analytics in August 2019, Global Floating Production System Market was valued at USD 13.7 Billion in the year 2018. Key factors for high demand of Floating Production System includes increase in deep water drilling activities and rising number of offshore projects along with growing economy of under-developed nations as well as rise in demand of global energy, product performance and durability.
Floating Production System is playing a significant role as after several years of cutbacks, oil companies are poised to develop new offshore fields. According to recent research study, spending on offshore oilfield services will rise by 6% in 2019. Also, most of the oil and gas demand comes from transportation sector where oil continues to face the weakest competition from alternative fuels. Increased digitalization, standardization and use of remote or autonomous operations will continue to bring cost savings to the industry.
Global Floating Production System market has gained importance as increasing consumption requirement influences the expansion in the oil and gas reserves ultimately affecting floating production system market. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences and the overall strength of the economy.
Scope of the Report
Global Market (Actual Period: 2014-2018, Forecast Period: 2019-2024)
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