Floating
Production System (FPS) is a semi-submersible unit outfitted with
drilling and production equipment units. It is a dynamic and
cost-effective method of developing oil and gas fields across the
world. FPS is firmly established as an efficient system that has a
wire rope and chain anchored in a fixed position using rotating
thrusters. Floating production solutions are extensively used in
extracting hydrocarbons from subsea levels in order to transport it
to the surface deck within narrow marginal layers to deep and remote
water locations. The FPS systems can be used in ultra-deep water
levels too.
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Floating
Production System (FPS) – Industry Insight
FPS
is obtained in various shapes and sizes, ranging from ship to
cylindrical spar shape. These systems are mainly implemented to carry
out exploration and other drilling activities in the oil & gas
offshore regions. In addition, the design of the systems is based on
the economic feasibility and drilling conditions. They are
extensively executed in offshore working conditions too. The rising
production activities, offshore exploration processes, and drilling
activities at ultra-deep water depths are factors propelling the
market further. The market for floating production system is mainly
based on offshore drilling activities that are carried out across
various industries in the world.
The
floating production segment is amongst the most capital-intensive
areas in the industry. Oil and gas discoveries are mostly made in
remote locations, in deeper waters, or in more extreme climatic
conditions. Such situations call for progressively demanding
strategies and technologies such as floating production systems, in
order to serve consistent production capabilities.
FPS
Product Segmentation: End-User Analysis
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The
Floating Production Systems market is primarily segmented on product
types such as, floating production storage and offloading (FPSO),
floating storage and offloading (FSO), Barge, Single Point Anchoring
Reservoir (SPAR), and Tension leg platform (TLP). Each of this type
of product is utilized for various purposes and their applications
are based on the basis of the depth of offshore field. Their
classification is also done on the basis of the depth of water level
which includes shallow, deep, and ultra-deep waters. Amongst all,
FPSO is estimated to lead the market as one of the most dominant
sectors for FPS equipment. Considering in terms of revenue, FPSO was
considered to be the highest product segment, accounting for
approximately 63.8% market shares in 2012.
Floating
production storage and offloading (FPSO) and floating storage and
offloading (FSO) are extremely effective products in terms of
on-field performance. They eliminate the need for pipeline
infrastructure that is often required to carry out crude oil from
well head to a definite refinery location, thus reducing heavy
operational costs in the process. These products are also the most
preferred choice when it comes to offshore drilling sector because
numerous tasks can be performed while the products are floating in
the water body. There are many companies across the globe that is
using FPSO to execute offshore drilling activities in order to
extract crude oil. In addition, SPAR and TLP product type of
platforms are used for controlling high vibrations caused due to high
tidal waves.
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FPSO:
Highest Grossing Market by Type
FPSO
product segment is the only largest floating production system type
suitable for use at all depths. It dominates the entire floating
production systems market with considerable volume. This segment is
expected to witness the highest growth and maximum number of
installations and bookings for the defined forecast period. Of all
the regions, Africa and Latin America are the two major regions that
have stirred high demands for ultra-deep water FPSO products in the
market.
Market
Outlook
In
terms of analysis by geography, RoW is anticipated to exhibit the
highest growth rate in the forecast period, further led by emerging
economies such as, South Africa and Brazil. RoW is also the
commanding market in terms of FPS demand as compared to other regions
such as, North America and Asia Pacific. The global floating
production systems market was valued at $12,616.0 million in 2012 and
is augmented to reach $38,752.7 million by 2019, growing at a CAGR of
17.2% in the period 2013 and 2019.
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