Global Floating production system market is valued approximately USD 35.4 billion in 2018 and is anticipated to grow with a growth rate of more than 18.60% over the forecast period 2019-2026.
Floating production system are referred as tools that is used for the offshore oil and gas development that is solely dependent on these systems. It is used for exploration and drilling activities in offshore oil and gas production at all depth. Rising demand for crude oil and increasing focus on offshore exploration & production are the factors driving the growth of global floating production system market over the forecast periods. Whereas, increasing Mishaps leading to oil spills are the factor restraining the growth of market. However, discoveries supporting deep water drilling and growing offshore investment with rising technologies are the lucrative growth opportunity for the market growth.
For instance: As per Organization of Petroleum Exporting Countries (OPEC), the total crude oil production across the world was increased in 2018 by 1.213 million barrels/day (mb/d) that is increase of 1.6% from year 2017, reached 75.78 mb/d. Whereas, top most crude oil producing countries are United States 10.96 mb/d, Russia 10.53 mb/d and Saudi Arabia 10.32 mb/d. Thus, the rising crude oil production across the globe are the factor accelerating the growth of market over the forecast years.
The regional analysis of global Floating production system market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Latin America accounts for the largest market share in the global Floating production system market over the forecast years. The abundance of oil and gas reserve and the rising investment in leading economies such as Brazil for offshore E&P activities are the factors fueling the growth of market in the region.