Global Floating Production System Market 2016-2020
FPS are offshore production facilities that are used for the production of hydrocarbons. The process involved separates oil, water, gas, sand, and so on, and distributes the yields to storage, disposal, or transportation facilities. FPS are an essential component required for offshore oil and gas developments. FPS are used for drilling and exploration activities in offshore oil and gas production at various water depths. Main types of FPS include FPSO, production semisubmersibles, TLP, SPARS, and others. Globally, the most common types of FPS units are FPSOs. FPSOs are ship-shaped vessels, which have a processing equipment and hydrocarbon storage capabilities. After processing, an FPSO stores oil or gas before unloading to shuttle tankers or transporting hydrocarbons through pipelines.
Technavio’s analysts forecast the global floating production system (FPS) market to grow at a CAGR of 17.89% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global floating production system (FPS) market for 2016-2020. To calculate the market size, the report considers the the future demand for FPS in the oil and gas industry.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Floating Production System (FPS) Market 2016-2020
Technavio recognizes the following companies as the key players in the global floating production system (FPS) market: BW Offshore, Chevron, Petrobras, and Shell.
Other Prominent Vendors in the market are: Golar LNG, Petronas, MODEC, SBM Offshore, TOTAL, and BP.
Commenting on the report, an analyst from Technavio’s team said: “Rise in deepwater and ultra-deepwater exploration will be a key trend for market growth. Reservoirs are being discovered to meet the demand and supply of petroleum products. For instance, Petrobras and Oil and Natural Gas Corporation has found a new light oil reservoir in the deepwaters of the coast of the northern state of Sergipe, Brazil. However, after the deceleration in oil and gas industry, discoveries of new oil and gas reservoirs dropped to the lowest level. In 2015, an Israeli company discovered a massive oil reserve in Golan Heights. It is 10 times larger than the average oilfield, worldwide. In another instance, BP confirms a new discovery of a reservoir or reserve, which could produce more than 5,000 barrels per day and it is worth more than $2.13 billion. This increase in discoveries of reservoir is driving the growth of the FPS market.”
According to the report, one of the key drivers for market growth will be growing demand for energy. Growing demand for energy due to economic development and industrialization has led to increased oil and gas exploration activities globally. Increasing offshore exploration and production, and rising number of offshore wells have raised the importance of FPS. The global oil and gas demand is rapidly increasing from various end-user segments. This, in turn, has encouraged various vendors and governments to invest in deep sea and ultra-deep sea drilling to enhance the global production of oil and gas. FPS are offshore drilling equipment that are required to extract oil from offshore fields. Owing to an increase in demand for oil and gas around the globe, there is a large demand for FPS globally.
Further, the report states that one of the major challenges hindering the market growth is increasing environmental concerns related to FPS. The growing deployment of FPS has led to increased environmental impacts such as hydrocarbon release caused by well loss of containment and loss of marine vessel separation, routine atmospheric emissions from gas flaring and fuel combustion, light and noise emissions, and waste disposal and routine discharges to the marine environment. Some of the waste that contains chemicals, which are discharged in open seas, contaminate marine water bodies and affect the flora and fauna. Moreover, oil spills and leakages from FPS also hamper the marine environment. Therefore, increasing environmental concerns pose a major challenge to the growth of the market.
BW Offshore, Chevron, Petrobras, Shell, Golar LNG, Petronas, MODEC, SBM Offshore, TOTAL, BP.