ALBANY, New York, August 5, 2014 – In its market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm states that the global floating production systems market which had a market value worth $ 12,616 million in 2012 is expected to reach an approximate value of $38,752.7 million by 2019. The report, titled ‘Floating Production Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,’ is now available for sale on the company’s website.

This market research report gives a detailed analysis of the global floating production systems market. Floating production systems refer to offshore drilling instruments that are used for crude oil extraction from the offshore oil fields. Market segmentation has been done on the basis of region and the types of products in the floating production systems market.

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There are four basic types of products in the floating production systems market, which are SPAR (Single Point Anchoring Reservoir), FPSO (Floating Production Storage and Offloading), FSO (Floating Storage and Offloading) and TLP (Tension Leg Platform). Out of the four product types, FPS equipments have the highest demand. Floating production systems are available in various sizes and shapes.

A normal FPS equipment is a vessel which is ship shaped. In the year 2012, FPSO had generated the highest revenue since it is the most widely used. These can be used in water fields of varying depths and since they can be easily installed these are mainly preferred in frontier offshore areas. FPSO and FSO do not require infrastructure for pipelines and neither do they need tankers for transportation of crude oil, thereby minimizing the high operational costs. SPAR and TLP are used in those offshore oilfields wherein high waves create huge vibrations.

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According to this report, various countries like Australia, Vietnam, Thailand and Malaysia that are engaged in crude oil extraction are procuring floating production system devices. Significant demand for floating production equipments is getting generated by some of the RoW (Rest of the World) countries like Brazil and Africa because of a large number of offshore drilling projects taking place in these areas. According to forecasts, about 80 drilling projects will be undertaken in Western Africa and Brazil in the near future. Maximum European oil reserves are situated in the offshore areas of the Norwegian Sea, North Sea and the Barents Sea. In addition to North America, developing economies like India and China will report robust growth due to speedy industrialization and rapid growth of population.

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The TMR report gives a comprehensive analysis of some of the prominent players in the global floating production systems market which include companies like Worley Parsons Limited, SBM Offshore N.V., Mitsubishi Heavy Industries Ltd., Bumi Armada Berhad, Samsung Heavy Industries Co. Ltd., Teekay Corporation, Keppel Offshore & Marine Ltd., Technip S.A., Malaysia Marine and Heavy Engineering Berhad.
This report lays emphasis on the degree of competition that is prevailing in the floating production systems market.

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