Floating Production Systems (FPS) Market by Type and Geography - Forecast and Analysis 2022-2026

The predicted growth for the floating production systems (FPS) market share in the Americas from 2021 to 2026 is USD 22.73 billion at a progressing CAGR of 8.24%.

This floating production system (FPS) market in the Americas forecast report extensively covers segmentations by:

• Type - FPSO, semi-submersible, SPAR, TLP, and others
• Geography - South America, North America, Brazil, US, Mexico, and Canada

The floating production systems (FPS) market in the Americas report offers information on several market vendors, including BHP Group plc, BP Plc, BW Offshore Ltd., Canadian Natural Resources Ltd., Cenovus Energy inc., Chevron Corp., Excelerate Energy inc., Golar LNG Ltd., Hoegh LNG Holdings Ltd., MODEC inc., Murphy Oil Corp., Petroleo Brasileiro SA, SAIPEM SpA, SBM Offshore NV, Shell plc, Suncor Energy inc., Teekay Corp., TotalEnergies SE, W&T Offshore inc., and Yokogawa Electric Corp. among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.

What will the Floating Production Systems (FPS) Market Size in Americas be During the Forecast Period?

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Floating Production Systems (FPS) Market in Americas: Key Drivers, Trends, and Challenges

The increase in the demand for energy is notably driving the floating production systems (FPS) market growth in the Americas, although factors such as environmental issues arising from offshore oil and gas drilling may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating production systems (FPS) industry in the Americas. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Production Systems (FPS) Market Driver in Americas

• The increase in the demand for energy is one of the key drivers supporting the Americas floating production systems (FPS) market growth.
• According to the IEA, the global energy demand is expected to grow by 25% from 2018 to 2040.
• The increase in the demand for energy from the industrial and power sectors in the Americas is expected to drive the rise in energy consumption.
• According to the EIA, the US has become a net energy exporter mainly because of the increase in the production of crude oil, natural gas, and natural gas plant liquids coupled with the slow growth in US energy consumption.
• Due to high production in the Americas, they can cater to the demand for energy in other regions by exporting the produced fuel. Thus, the need to meet the region's rising energy demand for both export and domestic consumption is driving the growth of offshore oil and gas activities, which, in turn, will support the growth of the Americas FPS market during the forecast period.

Key Floating Production Systems (FPS) Market Trend in Americas

• An increase in deepwater and ultra-deepwater projects is one of the key Americas floating production systems market trends fueling the market growth.
• Offshore oil and gas production has become a popular source of oil and gas following the rise in global crude oil prices. After undertaking shallow water drilling activities, oil and gas companies are slowly turning to deepwater and ultra-deepwater drilling activities.
• The average crude oil price should be around $60/bbl for deepwater and ultra-deepwater projects to remain profitable for the company.
• By 2023, ultra-deepwater is expected to account for more than half of overall deepwater production, with quality oil assets in Brazil, Guyana, and the US driving much of this development.
• Significantly, offshore deepwater and ultra-deepwater drilling projects are on the rise as more and more oil and gas companies are taking up drilling activities at lower water depths that are extremely challenging, where FPS offers a suitable option. Thus, the growth in deepwater and ultra-deepwater projects will support the growth of the Americas FPS market during the forecast period.

Key Floating Production Systems (FPS) Market Challenge in Americas

• Environmental issues arising from offshore oil and gas drilling is one of the key challenges limiting the Americas floating production systems market growth.
• Offshore oil and gas drilling activities generally have an impact on the entire marine ecosystem. The major threats of environmental issues in the offshore drilling environment include the leak of drilling fluids, leaks from pipelines, spillage, and blowouts.
• Drilling fluids are used for drilling support and are used during drilling operations to remove the drill cuttings. However, an accidental release of these toxic substances into the ocean can affect marine life. 
• Volatile organic compounds (VOCs,) greenhouse gases, and other air pollutants can be released during exploration and drilling on the platform, transit through tankers, and refinement on land. 
• Upstream oil and gas companies are focusing on safety equipment, considering the negative financial consequences and publicity of oil spills. However, the risk of oil leaks and spills in offshore E&P activities and the subsequent lawsuits and fines that the company must deal with will have a negative impact on the adoption of FPS in the Americas and affect market growth during the forecast period.

This floating production system (FPS) market in the Americas analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the floating production systems (FPS) market in Americas as a part of the global oil field equipment and services within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floating production systems (FPS) market in the Americas during the forecast period.

Who are the Major Floating Production Systems (FPS) Market Vendors in Americas?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• BHP Group plc
• BP Plc
• BW Offshore Ltd.
• Canadian Natural Resources Ltd.
• Cenovus Energy inc.
• Chevron Corp.
• Excelerate Energy inc.
• Golar LNG Ltd.
• Hoegh LNG Holdings Ltd.
• MODEC inc.
• Murphy Oil Corp.
• Petroleo Brasileiro SA
• SAIPEM SpA
• SBM Offshore NV
• Shell plc
• Suncor Energy inc.
• Teekay Corp.
• TotalEnergies SE
• W&T Offshore inc.
• Yokogawa Electric Corp.

 

This statistical study of the floating production systems (FPS) market in the Americas encompasses successful business strategies deployed by the key vendors. The floating production systems (FPS) market in the Americas is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product insights and News

• BHP Group plc - It is a public company headquartered in UK. It is a global company generating $60,817 million in revenues and has around 80,000 employees. Its revenue from the global floating production system (FPS) market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
• BHP Group plc - The company offers floating production systems that offers large, long life and expandable production. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The floating production systems (FPS) market in the Americas forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Floating Production Systems (FPS) Market in the Americas Value Chain Analysis

Our report provides extensive information on the value chain analysis for the floating production systems (FPS) market in the Americas, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Floating Production Systems (FPS) Market in Americas?

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72% of the market's growth will originate from South America during the forecast period. Brazil and Guyana are the key markets for the floating production systems (FPS) market in South America. Market growth in this region will be faster than the growth of the market in North America.

The increasing number of E and P projects will facilitate the floating production systems (FPS) market growth in South America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had an adverse impact on the regional market. However, as the lockdown restrictions were eased during the second half of 2020 and with several E&P projects in the pipeline for 2021 market gained momentum. Furthermore, the rising E&P activities and rising government investments in oil and gas projects would propel the growth of the regional floating production systems market during the forecast period.

What are the Revenue-generating Type Segments in the Floating Production Systems (FPS) Market in Americas?

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The floating production systems (FPS) market share growth in the Americas by the FPSO segment will be significant during the forecast period. An FPSO unit is a floating platform that is equipped with hydrocarbon processing units for separating and treating crude oil, water, and gases, which flow to the platform from subsea wells. In many cases, this is an oil tanker that has been converted into an FPSO. An FPSO system for oil and gas production can be installed from a reservoir that is located at great depths in the ocean. They allow oil companies to produce oil from more remote areas and deepwater reserves. They also store the treated crude oil and use an offloading system to transfer this crude oil to shuttle tankers for transport to facilities situated onshore. Such advantages of FPSO systems will drive the floating production systems market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the floating production systems (FPS) market size in the Americas and actionable market insights on post COVID-19 impact on each segment.

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Americas Floating Production Systems (FPS) market - The market size will grow by 50 units during 2019-2023. 

Floating Production Systems (FPS) Market Scope in Americas
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 8.24%
Market growth 2022-2026	$ 22.73 billion
Market structure	Fragmented
YoY growth (%)	7.45
Regional analysis	South America, North America, Brazil, US, Mexico, and Canada
Performing market contribution	South America at 72%
Key consumer countries	US, Mexico, Canada, Brazil, and Guyana
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	BHP Group plc, BP Plc, BW Offshore Ltd., Canadian Natural Resources Ltd., Cenovus Energy inc., Chevron Corp., Excelerate Energy inc., Golar LNG Ltd., Hoegh LNG Holdings Ltd., MODEC inc., Murphy Oil Corp., Petroleo Brasileiro SA, SAIPEM SpA, SBM Offshore NV, Shell plc, Suncor Energy inc., Teekay Corp., TotalEnergies SE, W&T Offshore inc., and Yokogawa Electric Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Floating Production Systems (FPS) Market in Americas Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive floating production systems (FPS) market growth in the Americas during the next five years
• Precise estimation of the floating production systems (FPS) market size in the Americas and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the floating production systems (FPS) industry in the Americas across South America, North America, Brazil, US, Mexico, and Canada
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of floating production systems (FPS) market vendors in the Americas 

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