Submitted by: Submitted by wamy156
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Category: Business and Industry
Date Submitted: 05/24/2016 05:58 AM
Floating Production Systems Market will grow at a CAGR of 17% in
the given forecast period from 2013 to 2019
New York, May 23: Market Research Engine has published a new report titled as
“Floating Production Systems Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2013 - 2019”
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. A FPSO vessel is designed to receive hydrocarbons produced by itself or
from nearby platforms or subsea template, process them, and store oil until it can be
offloaded on to a tanker or, less frequently, transported through a pipeline.
They are used extensively across the globe wherever offshore drilling activities are taking
place. These systems are of different types such as Floating Production Storage and
Offloading (FPSO), Tension Leg Platform (TLP), spar, barge, and others.
Floating production system market is directly dependant on number of offshore drilling
activities that are carried out in world.
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.
According to the report the market was valued at US$12,315 mn in 2012. As per our
analysis project the market to expand at a good CAGR of more than 17% during the period
from 2013 and 2019 and reach a value of US$38,532.6 mn by the end of the forecast
period.
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