Latin America Floating Production System Market is Expected to Reach $15275.4 million in 2018 - New Report by MicroMarket Monitor
(PR Web Via Acquire Media NewsEdge) (PRWEB) August 28, 2014
The Latin American floating production system market report defines and segments the floating production system market in Latin America with analysis and forecast of revenue. The floating production system market in Latin America is estimated to grow from around $6112.0 million in 2013 to $15275.4 million by 2018, at a CAGR of 20.1% from 2013 to 2018.
Browse through the TOC of the Latin American 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 Latin American floating production system market, and is supported by various tables and figures.
The globally increasing demand for crude oil, which is the major contributor for industrialization, has increased the oil exploration activities. Presently, the increased focus on offshore exploration and production activities and the increasing number of offshore wells has raised the importance of floating production system. This system plays a dominant role at all depth of explorations. Discovery of many deep water platforms, supported by the huge investment made by global players are the important factors for the growth in this market.
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Globally, Latin America is a major player in this market. The increasing offshore drilling activities supported by government and the huge investments made by different companies for ultra-deep water exploration, especially in Brazil, will drive the market in this region.
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This market is segmented and forecasted based on major countries, such as Brazil, Argentina, and Mexico.
This report includes market share and value chain analyses, along with market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profiles of the key players in the market.
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.
Asia-Pacific Floating Production System Market
The Asia-Pacific floating production system market was valued at $2,158.29 million in the year 2013 and is expected to reach $4,715.35 million by the end of 2018, growing at a CAGR of 16.90% from 2013 to 2018.
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.
Europe Floating Production System Market
Developed countries like Norway and the UK have had the major share in the number of drilled offshore wells. The offshore wells drilled have increased by 9.0% in 2013 in comparison to 2012. The UK dominates the market in the region with its increasing number of exploration activities in the North Sea, allowing it to lead the European market. The oil reserves of the region lie in the North Sea which is majorly overseen by the UK.
The report, "Europe Floating Production System Market forecast, 2012-2018", analyses the floating production system market by geography. The geographies include the UK, Norway, and others, with U.K. having the major share.
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