FPS Market in Americas to Grow 7%
The floating production systems (FPS) market in Americas will register a CAGR of almost 7% by 2023, said a study.
The need to meet the increase in demand for energy for both export and domestic consumption in the region is driving the growth of offshore oil and gas activities, which, in turn, will support the growth of the FPS market in Americas during the forecast period, said ResearchAndMarkets report.
Offshore regions are one of the major sources for oil and gas production as the reserves in the offshore segment, which are estimated to be vast, largely remain unexplored. Therefore, the need to meet this increase in fuel demand is spurring major oil and gas companies to invest in E&P projects.
Floating production systems are effective solutions in subsea, deepwater, and ultra-deepwater E&P activities as they eliminate the need for additional infrastructure in these offshore environments, which can be expensive. FPS offer an economical option in offshore drilling activities, especially in small oil fields that will face depletion within a few years.
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. Hence, offshore oil and gas drilling operations pose a significant threat to the environment as well as to the health and safety of the workers.
The market appears to be moderately fragmented with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.