Offshore drilling activities are growing rapidly globally, which has led to the overall growth of the floating production systems market. Latin America, North America, and Africa, are expected to have a maximum number of orders booked, forming the Golden Triangle. This region also has the maximum number of deep and ultra-deep water exploration activities. Brazil in Latin America, Nigeria and Angola in Africa, and the Gulf of Mexico in North America, dominate their respective regions. The market of floating production systems is dominated by Latin America with around 41% of the market share.
North America had a share of around 17% in the global floating production systems market in 2013. The total revenue generated by the North American floating production systems market was $2,551.3 million in 2013, which is expected to grow at a CAGR of 16.9% from 2014 to 2018 to reach $5,590.2 million. North America had second largest market share in the floating production systems in 2013. Discoveries supporting deep water drilling, growing offshore investments with emerging technologies, and increase in the demand of crude oil, are the factors driving the growth of floating production systems market in this region. Gulf of Mexico is a key market of floating production systems in the North American region.
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Latin American Floating Production System Market
The Latin American market had a largest share of around 41% in the global floating production systems market in 2013. The total revenue generated by the Latin America market was $6,112.0 million in 2013, which is expected to grow at a high CAGR of 20.1% from 2014 to 2018, to reach $15,527.4 million by 2018. Latin America has the highest share in the floating production systems market in 2013. Rising demand of crude oil and increased focus on offshore exploration and production is driving the growth of floating production systems market in this region. Brazil is majorly dominating the Latin American floating production systems market. It accounts for around 80% market share in 2013.
African Floating Production System Market
Africa had a share of 20% in the global floating production systems market in 2013. The total revenue generated by the Africa floating production systems market was $2,158.3 million in 2013, which is expected to grow at a highest CAGR of 20.5% from 2014 to 2018 to reach $7,587.3 million. Global companies operating in this market have spent excessively, thus, boosting the growth and development of products and technology. Nigeria and Angola are the key markets of floating production systems in the African region. These countries account for 80% share of African market.
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