Industry Background:
Over the past few decades, the impact of technology showcases massive advancement in the oil industry. Growth in the offshore oil industry driving the demand for a floating production system. Floating production systems are important tools required for offshore oil developments activities. It has three main components the subsea system, floating production vessel (FPV), and mooring system. The floating production system market has high growth prospects owing to the increasing demand for crude oil and rising demand from the developing economies.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Samsung Heavy Industries (South Korea), Hyundai Heavy Industries Corporation Ltd. (South Korea), Keppel Offshore & Marine (Singapore), Malaysia Marine and Heavy Engineering Sdn Bhd (Malaysia), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), Technip S.A. (France), BUMI Armada Berhad (Malaysia), Mitsubishi Heavy Industries Corporation Ltd. (Japan), Pipavav Defense and Offshore Engineering Company Ltd. (India) and SBM Offshore (Netherland) |
CAGR | % |
This growth is primarily driven by Rising Demand FOR Crude Oil and Growing Focus on Offshore Exploration & Production Activities.
Globally, a noticeable market trend is evident The oil and gas production and exploration activities in deep-sea are now increasing globally. Therefore, it is essential to design a safe and cost-effective system for these operations. Hence, market players are focusing on the development of the Floating Production system suitable for operation even in extreme oceanographic and meteorological conditions.. Major Manufacturers, such as Samsung Heavy Industries (South Korea), Hyundai Heavy Industries Corporation Ltd. (South Korea), Keppel Offshore & Marine (Singapore), Malaysia Marine and Heavy Engineering Sdn Bhd (Malaysia), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), Technip S.A. (France), BUMI Armada Berhad (Malaysia), Mitsubishi Heavy Industries Corporation Ltd. (Japan), Pipavav Defense and Offshore Engineering Company Ltd. (India) and SBM Offshore (Netherland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Rising Demand FOR Crude Oil
- Growing Focus on Offshore Exploration & Production Activities
Market Trend
- The oil and gas production and exploration activities in deep-sea are now increasing globally. Therefore, it is essential to design a safe and cost-effective system for these operations. Hence, market players are focusing on the development of the Floating Production system suitable for operation even in extreme oceanographic and meteorological conditions.
Restraints
- Lack of Skilled Professionals
Opportunities
R&D Activities for Deepwater Drilling and Increasing Investment in Offshore Drilling Activities
Challenges
Lack of Infrastructure in the Emerging Economies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Floating Production System Study Sheds Light on
The Floating Production System Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Floating Production System industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Floating Production System industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.