A comprehensive overview of the Floating Production System (FPS) market is recently added by UnivDatos Market Insights to its humongous database. The Floating Production System (FPS) market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Floating Production System market. The Floating Production System (FPS) market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Floating Production System (FPS) market at the global and regional levels. Floating Production System (FPS) market  is expected to grow at a CAGR of ~7% between 2021-2027.

Market Overview  

Floating production systems are critical tools for offshore oil and gas developments that rely solely on them. They are used in offshore oil and gas production at all depths for drilling and exploration. The market for floating production systems is directly dependent on offshore drilling activities taking place around the world. The rising demand for crude oil, as well as the potential for oil and gas sources in offshore areas, are compelling companies to drill to great depths and enter deep and ultra-deep waters. However, the offshore energy market is in flux. Economic effects from the COVID-19 pandemic, changing global attitudes toward energy, and the growing importance of Environmental, Social, and Governance (ESG) matters have disrupted the ways that companies do business. Although the energy transition is already underway, offshore oil and gas will continue to play a key role in providing energy for the world. According to the U.N., global population is expected to grow to 9.7 billion by 2050, with a large portion of population growth concentrated in the developing world. Thus, global energy companies across the world are adapting to the changing landscape, which will impact the nature, pricing and financing of offshore oil projects.

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COVID-19 Impact

The oil supply/demand imbalance is occurring in tandem with the reduced demand for chemicals and refined products as a result of industrial slowdowns and travel restrictions caused by COVID-19. As a result, the short- to medium-term outlook for high-cost producers, smaller operators, and companies with significant debt appears to be more difficult than ever. Various oil and gas companies, and chemical companies are responding by reducing capital and operational expenditures, which will trickle down to suppliers and oil service companies.

As per the IEA, the pandemic has forced rapid changes in behavior: from new working-from-home models to cuts in business and leisure air travel. At the same time, more and more governments are focusing on the potential for a sustainable recovery as a way to accelerate momentum towards a low-carbon future. The outlook for oil demand has shifted lower as a result of these trends, raising the prospect of a peak sooner than previously expected if governments follow through with strong policies to hasten the shift to clean energy.FPS market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily categorized into

·        Floating Production Storage offloading (FPSO)

·        Tension Leg Platform (TLP)

·        SPAR

·        Barge and Others

On the basis of type, the market is categorized into FPSO, TLP, SPAR, and Barge. In 2020, FPSO to hold majority share in the global market, owing to its additional function of storage of produced oil. A floating production storage and offloading (FPSO) unit is a floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons, and for the storage of oil. The demand for oil and gas production has always been on rise, which led to increased exploration activities in offshore. This, in turn, is expected to act as an opportunity for the market over the forecast period.

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By Water Depth, the market is primarily classified into

·        Shallow Water

·        Deepwater and Ultra-Deepwater

Based on water depth, the Floating Production System Market has been bifurcated into Shallow Water and Deepwater & Ultra-Deepwater. Among these, Deepwater & Ultra-Deepwater category to witness strong growth during the forecast period. This is mainly in account of the increasing demand for global energy, and the rise in the number of investments from operators for deep-water drilling activities.

Floating Production System (FPS) Market Geographical Segmentation Includes:

·        Brazil

·        China

·        United Kingdom

·        India

·        Nigeria

·        Malaysia

·        Australia

·        Guyana

·        Canada

·        Rest of World

For a better understanding of the market adoption of Floating Production System Industry, the market is analyzed based on its worldwide presence in the countries such as Brazil, China, United Kingdom, India, Nigeria, Malaysia, Australia, Guyana, Canada, and Rest of World. During the forecast period, Brazil is expected to account for major deployment of FPS. Brazil is currently witnessing an influx of international E&P companies and is set to award seven more FPSO awards in 2020, thereby bringing the country’s tally to more than one-third of the awards anticipated globally in 2019 and 2020. The FPSO market will expand rapidly as a result of increased investments in offshore exploration and development operations, as well as advancements in deepwater technology. According to the International Energy Agency (IEA), yearly capital investment on offshore oil and gas production operations in Brazil alone would exceed USD 60 billion by 2040.

The major players targeting the market includes

·        Keppel Offshore and Marine Ltd

·        Malaysia Marine and Heavy Engineering SDN BHD

·        Samsung Heavy Industries Co. Ltd

·        SBM Offshore NV

·        Bumi Armada Berhad

·        Hyundai Heavy Industries Co. Ltd

·        Mitsubishi Heavy Industries Ltd

·        TechnipFMC PLC

·        MODEC Inc.

·        McDermott International Ltd

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Floating Production System (FPS) market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the Floating Production System (FPS) market?

·        Which factors are influencing the Floating Production System (FPS) market over the forecast period?

·        What are the global challenges, threats, and risks in the Floating Production System (FPS) market?

·        Which factors are propelling and restraining the Floating Production System (FPS) market?

·        What are the demanding global regions of the Floating Production System (FPS) market?

·        What will be the global market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by global companies?

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