North America Floating Production System Market is Expected to Reach $5590.2 Million in 2018 - New Report by MicroMarket Monitor
(PR Web Via Acquire Media NewsEdge) (PRWEB) August 30, 2014
The North American floating production system market report defines and segments the floating production system market in North America with analysis and forecast of revenue. The floating production system market in North America is estimated to grow from $2551.3 million in 2013 to $5590.2 million by 2018, at a CAGR of 17.0% from 2013 to 2018.
Browse through the TOC of the North 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 North American market, and is supported by various tables and figures.
The increasing global demand for crude oil, which is the major contributor to the growing industrialization, has increased the oil exploration activities. Presently, the increased focus for offshore exploration and production activities, along with the increasing number of offshore wells, has raised the importance of floating production system. This system plays a dominant role at all depths of exploration. Discoveries of many deep water platforms, supported by the huge investment made by global players, are some of the important factors driving the market growth.
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North America is one of the major players in the global market. The increasing deep and ultra deepwater exploration activities, especially in the Gulf of Mexico, are driving the market growth in this region.
This market is segmented and forecasted on the basis of geography. In terms of geography, the market has been analyzed on the basis of the major countries within the region, such as the U.S., Canada, and Mexico.
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This report also includes market share and value chain analyses, along with market metrics such as drivers & restraints. In addition, it presents a competitive landscape and company profiles of the key players in the market.
Latin America Floating Production System Market
The Latin American floating production system market was valued at $6.11 billion in the year 2013 and is expected to reach $15.28 billion by the end of 2018, growing at a CAGR of 21.00% from 2013 to 2018.
The demand for crude oil in this region is increasing year by year, increasing the exploration activities in these regions which have added to the increased demand for floating production storage and offloading (FPSO) vessels and systems, hence increasing the scope of the market. There is a significant growth in the number of off shore wells drilled in the Latin America region. The number of offshore wells drilled increased by 29.0% in 2013 in comparison with 2012, acting as a driver of the market.
Asia-Pacific Floating Production System Market
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.
The report, 'Asia-Pacific Floating Production System Market Forecast, 2012-2018', analyses the floating production system market by geography. The geographies include Australia, Indonesia, Thailand, Malaysia, and others with Australia having the major share.
Europe Floating Production System Market
The Europe floating production system market was valued at $1,135.0 million in the year 2013 and is expected to reach $1,979.0 million by the end of 2018, growing at a CAGR of 12.0% from 2013 to 2018.
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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