LONDON--(BUSINESS WIRE)--The floating production systems (FPS) market size in Americas is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
The increasing investments in offshore exploration and production (E&P) activities is one of the major reasons for the floating production systems (FPS) market growth in Americas. The recovery in global crude oil prices is attracting huge investments in offshore oil and gas projects. Moreover, the advent of advanced technologies that support enhanced project performance is also driving investments in new offshore oil and gas projects. This is expected to boost the number of E&P activities and subsequently, increase the demand for FPS.
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As per Technavio, the advances in FPS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Floating Production Systems (FPS) Market in Americas: Advances in FPS
The market is witnessing an increase in R&D activities to enhance the capabilities and efficiencies of FPS design. Vendors such as SBM offshore are focusing on reducing design complexity using new design concepts such as Fast4Ward hull. Similarly, other manufacturers are introducing paired-column semi-submersible as an alternative to conventional semi-submersible FPS units, with an aim to reduce the cost and delivery time and improve safety levels of FPS. Such advances are expected to drive the FPS market growth in Americas.
“Apart from the advances in FPS, other factors such as rise in unconventional oil and gas activities, and increase in deepwater and ultra-deepwater projects will have a significant impact on the growth of the floating production systems (FPS) market in Americas during the forecast period,” says a senior analyst at Technavio.
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Floating Production Systems (FPS) Market in Americas: Segmentation Analysis
This market research report segments the floating production systems (FPS) market in Americas by type (FPSO, semi-submersible, SPAR, TLP, and others) and geography (North America, and South America).
The South American region led the floating production systems (FPS) market in Americas in 2018. The growth of the floating production systems (FPS) market share in South America is attributed to the rise in offshore oil and gas projects, which drives the growth of offshore oil and gas production systems.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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