Floating Production System Market Size, Share & Industry Analysis, By Type (Floating Production, Storage, and Offloading (FPSO),Tension Leg Platforms (TLP), Spar Platform, Semisubmersible Floating Production System, Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Build (New Build, Conversion) and Regional Forecast, 2024-2032

Oil and gas companies are steadily working to increase the production of oil and gas to meet the growing demand. Exploring hydrocarbon is quite a difficult task, but processing and transporting oil & gas from production site to refineries is tedious task. Different types of machinery and equipment’s are used to extract oil & gas and floating production unit assist in the processing and transportation of oil and gas.

To simplify the entire process of turning crude petroleum into usable oil and gas products several types of oil processing platforms are used. These platforms have been used in different fields around the world for different environment. The platforms are equipped with all the machinery required to produce, store, and offload the oil and gas products derived from oil wells.

Hence, floating production system is an essential unit for processing and transporting petroleum products. Growing demand for hydrocarbon and new opportunities in offshore exploration is expected to accelerate the growth of the floating production system.

Floating production system market is segmented into type, water depth, and build. Based on type, the market is divided into FPSO, TLP, Spar Platform, Semisubmersible Floating Production System, and other. Floating Production Storage and Offloading (FPSO) accounts for the largest share of the market due to its capability to work in the deepwater location.

Based on water depth, the floating production system market is bifurcated into shallow water, deepwater, ultra-deepwater. Deepwater and ultra-deepwater depth are expected to account substantial market share owing to a continuous demand for oil and gas.

The major oil and gas companies are shifting towards exploring offshore oil and gas reserves to meet the enormous demand for hydrocarbon. Along with increasing demand, companies are going deep and ultra-deep in the seawater to gain maximum amount of oil and gas which driving the market for floating production system.

Most of the floating production units require high initial investment for installation and frequent maintenance increase the overall operation cost retarding the growth of the floating production system.

Key Players Covered

The key players in the floating production system are Bumi Armada, BW Offshore, MODEC, Inc., Petrobras, SBM Offshore, Keppel Offshore & Marine, DSME Co., Ltd., TechnipFMC, Worley, Aker Solutions, Samsung Heavy Industries Co. Ltd., InterMoor, McDermott International Inc., National Oilwell Varco, and Bluewater Energy Services.

Regional Analysis

The floating production system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The increased exploration and production of oil and gas in North American countries to cater to the growing demand for oil and gas is accelerating the growth of the floating production system market in North America. Latin America is experiencing the tremendous offshore E&P activities along with deepwater and ultra-deepwater production activities in Brazil is projected to grow the demand for floating production system.

China is continuously striving for increasing the production of hydrocarbon to meet the rising demand and investing extensively in offshore technologies. Other countries in the region also took the initiative for improving the domestic production which leveraging the growth of the floating production system. In a recent period, Africa has gained momentum for offshore activities, and operators are mainly investing to gain more production that significantly increased the demand for floating production system.

Segmentation

Key Industry Developments

• In May 2019, Australian company ConocoPhillips has awarded an EPC contract for its Barossa offshore project to Technip Oceania Pty Ltd. The company will supply subsea production system (SPS) and associated SPS installation support.


• In May 2019, InterMoor has secured a contract from COOEC, a subsidiary of China National Offshore Oil Corporation to install deepwater mooring system for the Liuhua 16-2 and Lingshui 17-2 floating production facilities in the South China Sea.


• In February 2019, A collaboration between McDermott International, Inc. and Woodside Energy Ltd. will take front-end engineering and design activities for a floating production unit (FPU) for the Scarborough field gas development in Western Australia.