The global floating production system market size is anticipated to register a significant CAGR during the forecast period, 2021-2028. The growth of market is attributed to growing demand for oil and gas the primary focus is on the development of offshore oil and gas production also increased offshore exploration activities ar.

The additional usage of storage of produced oil the floating production storage and offloading (FPSO) holds a key share of the market approximately around 60% of the global shares.
Oil and gas companies around the globe are working vigorously to meet the demand by increasing production capacity. However exploration of hydrocarbon is quite challenging itself, but when it come to processing and transportation of produced oil and gas from the site to refineries it still remains monotonous in nature.
Several types of heavy machinery and unique equipments are made in use in the extraction process of oil and gas and floating assist units in transporting and processing oil and gas.
Several simpleton processes has been implemented so the process look more seamless, of turning crude oil into oil and gas.
However, it can be derived that floating production system play a vital role for processing and transportation of petroleum products, on the other hand the rapid growing demand for hydrocarbon and exploring offshore are estimated to create new opportunities.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for hydrocarbon is expected to boost the market during the forecast period.
- Increasing new opportunities owing to offshore exploration is estimated to drive the market in the coming years.
- Growing investment and development of offshore infrastructure for gas and oil production is expected to surge the market during the projected period.
- High cost involved in FPS system with oil prices volatile in nature act as major factor hampering the market.
- High installation cost and frequent maintenance act as one of the factor that can impede the market expansion during the forecast period.
Scope of the market
The report on the global floating production system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Floating production system market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Tension Leg Platform, FPSO, Barge, SPAR), Water Depth (Deepwater and Ultra-deepwater, Shallow Water)
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Regional Scope
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Europe, North America, Asia-Pacific, South America, Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Keppel Offshore & Marine Ltd; SBM Offshore; TechnipFMC PLC; Bumi Armada Berhad; Mitsubishsi Heavy Industries Ltd.
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Market Segment Insights
The FPSO segment is estimated to exhibit a high CAGR
Based on types, the market is segregated into tension leg platform, FPSO, barge, and SPAR. The FPSO segment is estimated to exhibit a high CAGR during the forecast period due to its functionality of storing and offloading of produced oil makes it most demanded floating production system which allows operators to use it in different fields.

The deepwater & ultra-deepwater segment is expected to hold the large share of the market
On the basis of water depth, the market is bifurcated into deepwater & ultra-deepwater and shallow water. The deepwater & ultra-deepwater segment is expected to hold a large share of the market during the projected period owing to rising demand for oil and gas.
South Africa is anticipated to dominate the market
In the terms of regions, the market is fragmented into Europe, North America, Asia Pacific, South America, and Middle East & Africa. South Africa is anticipated to dominate the market during the forecast period. The projects in South Africa has received a massive investment which allow them to expand its perforating and wire-line services and availability of pre-salt layer which contributes in country’s total oil production.

Segments
Global floating production system market has been segmented on the basis of
Types
- Tension Leg Platform
- FPSO
- Barge
- SPAR
Water Depth
- Deepwater and Ultra-deepwater
- Shallow Water
Regions
- Europe
- North America
- Asia-Pacific
- South America
- Middle East & Africa
Key Players
- Keppel Offshore & Marine Ltd
- SBM Offshore
- TechnipFMC PLC
- Bumi Armada Berhad
- Mitsubishsi Heavy Industries Ltd.
Competitive Landscape
Key players competing in global floating production system market include Keppel Offshore & Marine Ltd; SBM Offshore; TechnipFMC PLC; Bumi Armada Berhad; Mitsubishsi Heavy Industries Ltd.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
