Floating Production System (FPS) Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos
Floating Production System (FPS) are a simple form of gas turbine, usually
featuring a radial compressor and turbine rotors and often using just one stage
of each. Floating Production System (FPS) offer several potential advantages
compared to other technologies for small-scale power generation, including: a
small number of moving parts, compact size, lightweight, greater efficiency,
lower emissions, lower electricity costs, and opportunities to utilize waste
fuels. Waste heat recovery can also be used with these systems to achieve
efficiencies greater than 80%. Factors such as increasing global electricity
demand and rising investments in power transmission and distribution networks
coupled with growing adoption of CHP and increasing efforts to reduce global
greenhouse gas emissions and are driving the micro turbine market. For
instance, as per IEA Electricity Market Report 2020, after declining in 2019
and 2020, global electricity sector emissions grew by close to 7% and reached a
new all-time peak in 2021. Coal was the main driver of this increase in 2021,
accounting for over 800 Mt of CO2 emissions growth.
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According to ‘UnivDatos Market Insights (UMI)’ research report
“Floating
Production System (FPS) Market Analysis, 2020”, the
Floating Production System (FPS) market is projected to grow at a CAGR of ~7%
during 2021-27F. The demand for oil and gas production has always been on an
increase, which has led to increased exploration activities offshore. This, in
turn, is expected to help grow the market in the forecast period.
Floating production systems are critical tools for offshore oil and gas
developments that rely solely on them. They are used in offshore oil and gas
production at all depths for drilling and exploration. The market for floating
production systems is directly dependent on offshore drilling activities taking
place around the world. The rising demand for crude oil, as well as the
potential for oil and gas sources in offshore areas, are compelling companies
to drill to great depths and enter deep and ultra-deep waters. However, the
offshore energy market is in flux. Economic effects from the COVID-19 pandemic,
changing global attitudes toward energy, and the growing importance of
Environmental, Social, and Governance (ESG) matters have disrupted the ways
that companies do business. Although the energy transition is already underway,
offshore oil and gas will continue to play a key role in providing energy for
the world. According to the U.N., global population is expected to grow
to 9.7 billion by 2050, with a large portion of population growth concentrated
in the developing world. Thus, global energy companies across the
world are adapting to the changing landscape, which will impact the nature,
pricing and financing of offshore oil projects.
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Based on Type, the market is categorized into FPSO, TLP,
SPAR, and Barge. In 2020, FPSO to hold majority share in the global market,
owing to its additional function of storage of produced oil. 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. The demand for oil and gas production
has always been on rise, which led to increased exploration activities in
offshore. This, in turn, is expected to act as an opportunity for the market
over the forecast period.
On the basis of Water Depth, the Floating Production System
Market has been bifurcated into Shallow Water and Deepwater &
Ultra-Deepwater. Among these, Deepwater & Ultra-Deepwater category to
witness strong growth during the forecast period. This is mainly in account of
the increasing demand for global energy, and the rise in the number of
investments from operators for deep-water drilling activities.
Brazil to witnessed Explicit Growth
. During the forecast period, Brazil is expected to account for major
deployment of FPS. Brazil is currently witnessing an influx of international
E&P companies and is set to award seven more FPSO awards in 2020, thereby
bringing the country’s tally to more than one-third of the awards anticipated
globally in 2019 and 2020. The FPSO market will expand rapidly as a result of
increased investments in offshore exploration and development operations, as
well as advancements in deepwater technology. According to the International
Energy Agency (IEA), yearly capital investment on offshore oil and gas
production operations in Brazil alone would exceed USD 60 billion by 2040.
Brazil is expected to witness highest CAGR of X% during the forecast period
owing, as stated in UnivDatos Market Insights (UMI)’ research
report “Floating Production System (FPS) Market Analysis, 2020”.
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According to UnivDatos Market Insights (UMI)’, the key
players with a considerable market share in the Floating Production System
(FPS) Market are Keppel Offshore and Marine Ltd., Malaysia Marine and Heavy
Engineering SDN BHD, Samsung Heavy Industries Co. Ltd., SBM Offshore NV, Bumi
Armada Berhad, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries
Ltd., TechnipFMC PLC, MODEC Inc., McDermott International Ltd., among others.
The players are focused on partnerships and collaborations with major power
generation companies expanding their geographical reach to get a competitive
edge in the industry.
- Aug 2021:
MODEC, Inc. announced today that the FPSO Carioca MV30, deployed for
operations in the Sépia field in the “pre-salt” region of the Santos Basin
off the coast of Brazil, achieved the First Oil production on August 23,
2021.
“Floating
Production System (FPS) Market Analysis, 2020” provides
comprehensive qualitative and quantitative insights on the industry potential,
key factors impacting sales and purchase decisions, hotspots, and opportunities
available for Floating Production System (FPS) providers across the Globe.
Moreover, the report also encompasses the key strategic imperatives for success
for competitors along with strategic factorial indexing measuring competitor's
capabilities on 16 parameters. This will help companies in the formulation of
go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Type (FPSO,
TLP, SPAR, Barge and others)
- By Water Depth (Shallow Water and Deepwater & Ultra-Deepwater)
- By Region (Brazil, China, United Kingdom, India, Nigeria, Malaysia,
Australia, Guyana, Canada, and Rest of World)
- By Company (Keppel Offshore and Marine Ltd., Malaysia Marine and Heavy
Engineering SDN BHD, Samsung Heavy Industries Co. Ltd., SBM Offshore NV,
Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy
Industries Ltd., TechnipFMC PLC, MODEC Inc., and McDermott International
Ltd.)
Key questions answered in the study:
- What are the current and future trends of the Floating
Production System (FPS) industry?
- How the industry has been evolving in terms of end-user demand
and application areas?
- How the competition has been shaping across the countries
followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Floating
Production System (FPS) industry?
- What is the customer orientation, purchase behavior, and
expectations from the Floating Production System (FPS) firms across
various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE FLOATING PRODUCTION SYSTEM (FPS) MARKET
6 FLOATING PRODUCTION SYSTEM (FPS) MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY WATER DEPTH
9 MARKET INSIGHTS BY COUNTRY
10 FLOATING PRODUCTION SYSTEM (FPS) MARKET DYNAMICS
11 FLOATING PRODUCTION SYSTEM (FPS) MARKET OPPORTUNITIES
12 FLOATING PRODUCTION SYSTEM (FPS) MARKET TRENDS
13 POLICY AND REGULATORY FRAMEWORK
14 VALUE CHAIN ANALYSIS
15 DEMAND AND SUPPLY SIDE ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER
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