Key players in the Europe Floating Production System Market are Hyundai Heavy Industries Co., Ltd. & others.
(PRWEB) August 21, 2014
The Europe Floating Production System Market report defines and segments the Floating Production System market in Europe with analysis and forecast of revenue. The Floating Production System market in Europe is estimated to grow from around $1.1 Billion in 2013 to $1.9 Billion by 2018, at a CAGR of 11.75 %, for the given period.
Browse through the TOC of the Europe Floating Production System Market report, to get an idea of the in-depth analysis provided. This also provides a glimpse of the segmentation in the Europe Floating Production System market, and is supported by various tables and figures.
The increasing demand for crude oil globally, the major contributor for industrialization, has increased the oil exploration activities. Nowadays, the increased focus for offshore exploration and production activities and the increasing offshore wells has raised the importance of floating production systems. This system plays a dominant role at all depths of exploration. Discoveries of many deep water platforms, supported by the huge investment made by global players are some of the important factors for the market to grow.
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Europe is one of the growing players in this market. Rise in the consumption of crude oil and increasing offshore drilling activities in this region have been driving the market growth in this region.
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This market is segmented and forecasted on the basis of geography. By geography, the market is segmented and projected on the basis of major countries, such as Norway, U.K. and others.
This report also includes the market share, supply chain and value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profiles of key players in the market including major companies which provide floating production system services.
North America Floating Production System Market
The North American floating production system market was valued at $2,551.0 million in the year 2013 and is expected to reach $5,590.0 million by the end of 2018, growing at a CAGR of 17.0% from 2013 to 2018.
North America is the world’s second-largest consumer of crude oil due to its constant increase in demand from U.S., Canada, and Mexico. The increase in exploration activities in these regions has added to the increased demand for floating production storage and offloading (FPSO) vessels and systems, hence increasing the scope of the market.
Latin America Floating Production System Market
The Latin American floating production system market was valued at $6.11 billion in the year 2013 and is expected to reach $15.28 billion by the end of 2018, growing at a CAGR of 21.00% from 2013 to 2018.
The demand for crude oil in this region is increasing year by year, increasing the exploration activities in these regions which have added to the increased demand for floating production storage and offloading (FPSO) vessels and systems, hence increasing the scope of the market. There is a significant growth in the number of off shore wells drilled in the Latin America region. The number of offshore wells drilled increased by 29.0% in 2013 in comparison with 2012, acting as a driver of the market.
Asia-Pacific Floating Production System Market
Crude oil consumption in Asia-Pacific has been increasing due to continuous demand in countries like China, Japan, India, and South Korea. The demand for petroleum products especially in China and India has been very high due to their high population and related consumption. The increase in exploration activities in the region, especially in subsea areas, to meet its ever-increasing demand has been driving the demand for FPSO vessels and systems. There has been a significant growth in the number of offshore wells drilled in Asia pacific in 2013 compared to previous years. The region constituted nearly 40% of the global offshore wells drilled in 2013.
The report, ‘Asia-Pacific Floating Production System Market Forecast, 2012-2018’, analyses the floating production system market by geography. The geographies include Australia, Indonesia, Thailand, Malaysia, and others with Australia having the major share.
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