Floating Production Systems Market Will Grow at a Cagr of 17% in the Given Forecast Period from 2013 to 2019

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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