WASHINGTON, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global Floating Production Systems Market size is expected to reach USD 166.55 Billion by 2028, exhibiting a CAGR of 19.68% during the forecast period. The increase in offshore investments with emerging technologies coupled with rise in oil & gas consumption is likely to impact global floating production systems market positively, states Vantage Market Research, in a report, titled “Floating Production Systems Market Size, Share & COVID-19 Impact Analysis, by Type (FPSO, Tension Leg Platform, SPAR, and Barge), and Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater) – Global Market Assessment, 2021 - 2028.”
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the floating production systems. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Floating Production Systems Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
Rising Demand of Crude Oil to Augment Floating Production Systems Market
The global demand for crude oil is considered to be an important factor for the growth of the floating production systems market. As per U.S. Energy Information Administration, in 2021, demand for petroleum, both in the United States and globally, is estimated to largely return to its pre-pandemic levels in 2019. The demand has increased largely as compared to supply, which have reduced the inventories and thus are contributing to the price increase for crude oil and petroleum products. It also stated that, the price for WTI reached $84 per barrel (b) on November 1, up $37/b since the beginning of the year and the price of Europe's crude oil benchmark, Brent, rose to $34/b over the same period, reaching $85/b on November 1. Additionally, the increase in operations of refineries that uses crude oil as a feedstock to produce petroleum products has also increased the demand for crude oil.
Increase in Offshore Drilling Activities to Accelerate Floating Production Systems Demand
The global offshore oil and gas exploration and production activities have been considerably grown over the past few years. The major hydrocarbons that have been discovered over the past few years have been due to offshore, that approves the rising significance of the marine space for extraction. Furthermore, one of the major factors that drive the drilling activity is the increase in oil and gas prices. Moreover, most of the technological innovations have helped offshore drilling activities to move further out into deep and ultra-deep waters. The increasing offshore drilling contracts are further expected to support the floating production systems market within the estimated timeframe. For instance, in June 2021, Saipem secured a new contract by Wintershall Dea Norge, a contract for the drilling campaign of six wells plus options to drill additional wells in the Norwegian sector of the North Sea. Operations, which are expected to start in the fourth quarter of 2021, will be performed by the semi-submersible rig Scarabeo 8, a drilling unit designed to be “zero pollution and zero discharge.”
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Impact of COVID-19:
The present epidemic has affected every market in the world. Many businesses, including the worldwide Floating Production Systems Market, have been impacted by the COVID-19 pandemic. To battle the epidemic, the government and nations have implemented a number of strict measures, including lockdown and adjustments to a number of industrial rules, in order to assist various enterprises in remaining competitive. The paper includes a full breakdown of the pre- and post-pandemic effect analysis. During the COVID-19 situation, the market is projected to gradually gain traction by implementing strategic plans.
Latin America is Likely to Dominate the Global Floating Production Systems Market
The Latin America is predicted to be prominent region in the global floating production systems market during the forecast period. This is owing to the increase in investments in the oil and gas exploration and production and deep water oil field discoveries in the region. Furthermore, Brazil also shows lucrative growth in the years to come. This is owing to the supportive government measures and initiatives towards the development of upstream operations, including energy and power in the region. It is also estimated that a total of 29 crude oil projects are going to start in the country during 2021-2025. Some of these key projects include Bacalhau, Buzios V (Franco), and Lula Oeste that are expected to mutually contribute about 44% of the country’s crude and condensate production in 2025.
The Asia Pacific and Europe are likely to witness substantial growth in the floating production storage and offloading market during the forecast period. This is attributable to the rising demand for oil and gas from economies like the China, Japan, and India.
Browse 315 market data Tables and 47 Figures spread through Pages and in-depth TOC on "Floating Production Systems Market Market by () by () , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" Report at https://www.vantagemarketresearch.com/insight/press-release/floating-production-systems-market-market-958221
List Of Prominent Players in the Floating Production Systems Market:
Bumi Armada Berhad
Kuala Lumpur, Malaysia
Mitsubishi Heavy Industries Ltd.
San Donato Milanese, Italy
Texas, United States
Malaysia Marine and Heavy Engineering Sdn Bhd
Kuala Lumpur, Malaysia
Hyundai Heavy Industries Corporation Ltd.
Ulsan, South Korea
Samsung Heavy Industries
Seongnam-si, South Korea
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Important questions answered in this report:
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Recent Developments in the Industry:
1. August 2021: SBM Offshore announced that it has signed the Letter of Intent for a 22.5 years lease with Petróleo Brasileiro S.A. (Petrobras) and operate contracts of FPSO Alexandre de Gusmão. The unit will be deployed at the Mero field in the Santos Basin offshore Brazil.
2. June 2021: TechnipFMC announced that it has been awarded a substantial(1) subsea contract by Petrobras for the Búzios 6-9 fields. Located in the Santos basin offshore Brazil, these fields is part of the pre-salt area, with a water depth of 2,000 meters.
This market titled “Floating Production Systems Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Forecast Period 2021 to 2028 CAGR
Market Size in 2028
USD 166.55 Billion
2016 - 2019
2021 - 2028
Type:- FPSO, Tension Leg Platform, SPAR, and Barge
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2021 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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