According to the new research report available at MarketStudyReport.com under the title ‘Global Floating Production System (FPS) Market Analysis By Platform Type (Tension Leg, Semi-Submersible, SPAR, FPSO, Drill Ships, Others), Application (Shallow Water, Deep Water, Ultra-Deep Water), By Region, By Country (2019 Edition): Forecast to 2024 -- By Region (Americas, Europe, APAC, MEA), By Country (US, Canada, Mexico, Brazil, UK, Norway, China, India, Saudi Arabia, Iran)’, the worldwide floating production system market is anticipated to expand substantially by the year 2024.
 

Floating production systems (FPS) are effective solutions in deep water and ultra-deep-water exploration & production activities as they eliminate the requirement for additional infrastructure in offshore environments, hence reducing capital cost. FPS provides an economical alternative in offshore drilling activities, particularly in small oil fields that face exhaustion over the coming years.
 

Growth in deep water drilling activities and increased number of offshore plants, coupled with rising economy of underdeveloped nations are the key factors propelling the growth of floating production system market. Other parameters driving the market growth are ever-growing demand for energy and fuels, in consort with product performance, durability and instability in natural gas & crude gas prices.
 

According to the report, FPS market was worth US $13.7 billion in 2018 and is expected to grow substantially over the forecast timeframe. The research also provides an in-depth understanding about revenue share and growth patterns for each segment and manufacturer, alongside the trends, drivers, and challenges impacting the market growth.
 

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Based on the type, floating production system market is segmented as SPAR, tension leg platform, floating production storage and offloading, drill ships, semi-submersible platform, and others.
 

Speaking of the application spectrum, the market is fragmented as deep water, shallow water, and ultra-deep water. While considering the regional landscape, the global FPS market is divided into four major regions which are Middle East & Africa, Asia Pacific, Europe, and Americas.
 

The prominent companies operating in FPS market include Samsung Heavy Industries Limited Co. Ltd., Malaysia Marine & Heavy Engineering, Teekay Offshore Partners L.P., Bumi Armada Berhad, Aker Solutions, Keppel Offshore & Marine, WorleyParsons, Daewoo Shipbuilding & Marine Engineering Co. Ltd., SBM Offshore, and TechnipFMC.