Major players in the market which combines manufactures as well as service providers such as Hyundai Heavy Industries Corporation Ltd. (South Korea).
(PRWEB) July 05, 2014
Floating production systems (FPS) are the family of pipes and tubes, which are used to produce oil and gas from the reservoir. They are the primary unit of infrastructure used to access the reservoir and bring the components to surface. Floating production systems goods mainly consist of casing, tubing, and drill pipe. The demand for floating production systems products is directly linked to the demand for oil and gas which is growing with a great pace triggering the demand for floating production systems products. Middle East is the fastest-growing market with a CAGR of 27.3% in the floating production systems, followed by the Asia-Pacific & European market.
Europe had a share of around 7% in the global floating production systems market in 2013. The European floating production systems market will reach $1,979.5 million by 2018, and is expected to grow at a CAGR of 11.7% during the period of 2013 to 2018. Discoveries supporting deep water drilling, growing offshore investments with emerging technologies, and increase in demand of crude oil are driving the growth of floating production systems market in this region. U.K. is a key market of floating production systems in the European region.
Browse through the market data tables, figures and detailed ToC on the “European Floating Production Systems Market”.
Asia-Pacific Floating Production Systems Market
The Asia-Pacific market had a largest share of around 41% in the global floating production systems market in 2013. The total revenue generated by the Asia-Pacific market was $2,158.3 million in 2013, which is expected to grow at a high CAGR of 16.9% from 2014 to 2018, to reach $4,715.3 million by 2018. Rising demand of crude oil and increased focus on offshore exploration & production is driving the growth of floating production systems market in this region. Australia is majorly dominating the Asia-Pacific floating production systems market. It accounts for around 70% market share in 2013.
Middle East Floating Production Systems Market
Middle East had a trivial share of 2% in the global floating production systems market in 2013. Middle East is the smallest market in terms of value, and is expected to grow from an estimated $333.1 million in 2013 to $1,117.5 million by 2018 at a CAGR of 27.3%. In recent years, the global demand of final derivatives such as butane, kerosene, and diesel, has increased significantly. The increasing demand for energy has complemented the growth of the FPS market in this region.
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