A report on Global Floating Production System Market was added by Kenneth Research which covers the market size and growth over the forecast period 2022-2031. Market research involves analysis of product and market demand based on various factors and using a number of analytical tools. It is expected to grow at a significant CAGR over the forecast period. This can be attributed to the growth of the energy and electricity industry globally.
The US market is recovering rapidly; In a statement dated May 4, 2021, the US Bureau and Economic Analysis and the US Census Bureau mention the recovery of US international trade in March 2021. The country’s exports reached $200 billion, up from $12.4 billion in February 2021. trend, imports amounted to $274.5 billion, increased from $16.4 billion in February 2021. However, as COVID19 still haunts economies around the world, average exports of year-over-year (year-on-year) to the United States decreased by $7.0 billion from March 2020 to March 2021 while imports increased by $20.7 billion over the same period. This clearly shows how the market is trying to recover and this will have a direct impact on the Healthcare/ICT/Chemical/Energy sectors, creating a huge demand for the products in the Global Floating Production Systems Market.
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It is also expected to grow due to the growing demand for alternative renewable energy sources, supported by growing concern for global pollution emitted from the combustion of conventional fuel sources. The total capacity of electricity from renewable energy sources in the world has increased from about 750,000MW in 2000 to about 2,500,000MW in 2019. 2000 to 1300000MW, 620000MW, 580000MW and 120000MW in 2019 respectively.
The global floating production systems market is valued at around USD 35.4 billion in 2018 and is expected to grow with a growth rate of over 18.60% over the forecast period 2019-2026. The floating production system is considered as a tool used for offshore oil and gas development which solely depends on these systems. It is used for exploration and drilling activities in offshore oil and gas production at all depths. Rising demand for crude oil and rising focus on offshore exploration and production are the factors driving the growth of the global floating production systems market during the forecast periods. Whereas the increase in accidents resulting in oil spills is the factor restraining the growth of the market. However, discoveries supporting deep-sea drilling and growth in offshore investments with burgeoning technologies provide lucrative growth opportunities for market growth. For example: according to the Organization of the Petroleum Exporting Countries (OPEC), the world’s total crude oil production increased in 2018 by 1.213 million barrels/day (mb/d), an increase of 1.6% compared to 2017, reached 75.78 mb/d. While the main crude oil producing countries are the United States 10.96 mb/d, Russia 10.53 mb/d and Saudi Arabia 10.32 mb/d. Thus, increasing production of crude oil across the globe is the factor that is accelerating the growth of the market over the forecast years.
The regional analysis of Global Floating Production Systems Market is considered for the key regions such as Asia-Pacific, North America, Europe, Latin America and Rest of the World. Latin America accounts for the largest market share in the global floating production systems market over the forecast years. Abundant oil and gas reserves and increasing investment in major economies such as Brazil for offshore E&P activities are the factors fueling the market growth in the region.
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