The report "Floating Production Systems Market By Types (FPSO, TLP, Spar, Barge, Others), Water Depth (Shallow, Deep, and Ultra Deep), Build (New and Converted) & Geography - Global trends and forecasts to 2018", defines and segments the global floating production systems market with an analysis and forecast of the revenue. The floating production systems market will grow from an estimated $14.9 billion in 2013 to $35.4 billion by 2018 with a CAGR of 18.9% from 2013 to 2018.
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Latin America: Largest market for floating production systems
Latin America holds the largest market for floating production systems with the most number of offshore exploration & production activities being carried out in Brazil. This region has also seen a rise in ultra-deep water discoveries, along with a further increase in investments from FPS operators in Latin America, thus, boosting its global position.
FPSO: Biggest market by type
FPSO is the single largest floating production system type used across the globe and is suitable at all depths. The FPSO dominates the entire CAPEX for the floating production systems market. FPSOs are expected to witness maximum number of installations and order bookings for the forecasted period. Latin America and Africa are the major regions where the demand for ultra-deep water FPSO has boosted the market.
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Deep and Ultra-deep water discoveries
Exploration activities have increased in recent years and have shown tremendous results. There have been many deep-water discoveries since 2011 which have boosted the development of the Floating Production Systems Market. Deep-water explorations drive the oil industry which in turn has been profitable and an emerging factor for the growth of the floating production systems market. From the ultra-deep water exploration point of view, new discoveries in Latin America and Western Africa are expected to drive the future of the floating production systems market.
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