Market Size of Floating Production Systems (FPS) Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Floating Production Systems Market Analysis
The floating production systems market is expected to register a CAGR of over 10% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as increased offshore exploration activity and focus on offshore oil and gas production development are expected to drive the market for floating production systems.
- On the other hand, the high cost of FPS systems, combined with the volatile nature of oil prices, are expected to hamper the market's growth.
- The demand for oil and gas is constantly rising, leading to increased offshore exploration activities. This factor is further expected to act as an opportunity for the market over the forecast period.
- South America is expected to witness significant growth during the forecast period due to the increasing investments in the offshore sector of countries like Brazil and Guyana, among others.
