Global Floating Production Systems Market Projected to Touch $35.4 Billion by 2018

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Floating production systems are offshore drilling equipments that are utilized for the extraction of crude oil from offshore fields. Weight and design of the floating production systems depends on the drilling conditions and region where they are used. Floating production systems are of numerous shapes and sizes, ranging from cylindrical shape to that of a ship shape. Normal design of FPS equipment includes a ship shaped vessel, with processing equipments on the vessel’s deck and hydrocarbon storage in the hull of the vessel. Various types of floating production systems are used depending on the requirements and specifications. Highly used FPS is Floating Production Storage and Offloading (FPSO) equipment. FPSOs are preferred mainly in frontier offshore regions as they are easier to install and does not require a pipeline infrastructure or a tanker to transport crude oil from well head to refinery location. They can easily be converted from an oil tanker or can be manufactured from a vessel for a particular type of application. FPSOs can operate from shallow to ultra deep water fields. They can easily work in harsh environments. FPSOs are less in weight and wide deck area of large tanker provides flexibility in process plant layout. Various other types of FPS equipments such as FSO, Spar and Tension leg platform (TLP) are also used to carry out drilling activities in offshore fields.

Floating production system market is directly dependant on number of offshore drilling activities that are carried out in world.

Thus, FPSO remains a dominant crude oil production equipment owing to the multiple tasks it can perform while floating in the sea and it reduces the cost of operations. TLP and SPAR type’s platforms are also used where huge vibration persists due to high waves. Vibration causes hindrances in carrying out drilling operations and thus acts a barrier in drilling processes. Such type of vibrations are eliminated by the application of drilling equipments such as SPAR and TLP. Once installed these types of equipments can work efficiently and effectively for a long time without getting disturbed by vibration of the sea’s. RoW countries such as Africa and Brazil are using floating production equipments in large amount owing to the large number of offshore drilling activities.

It is forecasted that more than 80 offshore drilling projects will be carried out in the near future in Brazil and Western Africa. European region is also projected to rise as a large number of upcoming offshore drilling projects are there in the U.K. Majority of the Europe’s oil reserves are located in the offshore regions of Norway such as the North Sea, the Barents Sea and the Norwegian Sea. North America and Asia Pacific region are also expected to show a remarkable growth in the near future owing to growing population and rapid industrialization especially in developing economies such as India and China. Companies such as Royal Dutch Shell Plc and ConocoPhillips are procuring floating production equipments from service provider companies to drill various offshore fields.

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Product type segment in the FPS market comprises FPSO, TLP, SPAR and FSO. FPSO is expected to be the most dominating product in terms of demand for FPS. Various companies such as Royal Dutch Shell Plc, ENI, Petrobras and Premier Oil are using FPSO to extract crude oil from offshore fields. FSO is similar to FPSO except production facility that can be carried out on FPSO. Multiple tasks can be performed using FSOs such as floating, storage and offloading. TLP and SPAR are also used for carrying out drilling activities in the offshore fields.

Rest of the World (RoW) dominated the global FPS market in terms of revenue due to high demand from South American and African countries such as Brazil and South Africa. North America and Asia Pacific regions are also having moderate demand of FPS equipments. European market is expected to increase in terms of high demand of FPS owing to the large number of offshore projects from Norway and the U.K.

Companies such as Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Malaysia Marine and Heavy Engineering Berhad, Mitsubishi Heavy Industries Ltd, Samsung Heavy Industries Co. Ltd, SBM Offshore N.V., Teekay Corporation, Technip S.A. and Worley Parsons Limited are likely to dominate the floating production systems market in the coming future.

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