Everything You Want to Know About Top Companies in Floating Production Systems Market
The global Floating Production Systems market was valued at USD 39.57 Billion in 2020 and is projected to reach USD 166.55 Billion by 2028.
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Market Overview:
According to Vantage market research, the global Floating Production Systems market was valued at USD 39.57 Billion in 2020 and is projected to reach USD 166.55 Billion by 2028, growing at a CAGR of 19.68% from 2021 to 2028. The global demand for crude oil is considered to be an important factor for the growth of the floating production systems market. As per U.S. Energy Information Administration, in 2021, demand for petroleum, both in the United States and globally, is estimated to largely return to its pre-pandemic levels in 2019. The demand has increased largely as compared to supply, which has reduced the inventories and thus is contributing to the price increase for crude oil and petroleum products. It also stated that the price for WTI reached $84 per barrel (b) on November 1, up to $37/b since the beginning of the year and the price of Europe's crude oil benchmark, Brent, rose to $34/b over the same period, reaching $85/b on November 1. Additionally, the increase in operations of refineries that uses crude oil as a feedstock to produce petroleum products has also increased the demand for crude oil.
The global offshore oil and gas exploration and production activities have been considerably grown over the past few years. The major hydrocarbons that have been discovered over the past few years have been offshore, which approves the rising significance of the marine space for extraction. Furthermore, one of the major factors that drive the drilling activity is the increase in oil and gas prices. Moreover, most of the technological innovations have helped offshore drilling activities to move further out into deep and ultra-deep waters. The increasing offshore drilling contracts are further expected to support the floating production systems market within the estimated timeframe.
Following are the top 10 leading companies in the floating production systems market:
|
Company Name |
Revenue in USD |
|
$582 Million |
|
$21 Billion |
|
$266 Million |
|
$249 Million |
|
$32 Billion |
|
$49 Million |
|
$3 Billion |
|
$1 Billion |
|
$13 Billion |
|
$6 Billion |
Bumi Armada Berhad is an oilfield services company that provides marine transportation, engineering, and maintenance services to the offshore oil and gas industry. The company is based in Kuala Lumpur, Malaysia, and has operations in Southeast Asia, South Asia, West Africa, Central Africa, Europe, South America, and the Caspian Sea region. The company is the world's fifth-largest floating production storage and offloading (FPSO) provider with six vessels. The company's operations are divided into two businesses: Floating Production & Operations (FPO) and Offshore Marine Services (OMS), (encompassing Offshore Support Vessels (OSV) and the Subsea Construction (SC) services).
Established in 1972, Hyundai Heavy Industries has grown into the world’s leading heavy industries company by successfully diversifying from shipbuilding into offshore and engineering, and engine and machinery. Over the past 50 years, the company has encountered and prevailed over innumerable challenges and obstacles. The company's vision is to emphasize the determination to consistently deliver unrivaled products and services. The company is committed to delivering superior satisfaction to their customers, more rewarding careers for the employees, and greater value to the clients.
Keppel Offshore & Marine is a world leader in providing total solutions to the offshore, marine, and energy industries. The company has a wide range of capabilities design & engineering, new builds, conversions & repairs, and support services. A pioneer in offshore solutions, the company has a strong track record in designing and building high-performance offshore platforms, production units, and specialized ships. The company is a trusted partner in the conversion, repair, and modification of diverse and complex rigs and vessels, and is also a developer of integrated solutions for the offshore renewable and infrastructure industries.
Malaysia Marine and Heavy Engineering Holdings Berhad is Malaysian-owned shipbuilding and heavy engineering industries company. The company has been long involved in oil and gas engineering and construction works. The company delivers integrated and complex solutions, including deep-water services to international oil & gas clients. The company operates a regional Centre of Excellence a learning center that produces technically expert workers for the industry.
Mitsubishi Heavy Industries, Ltd. is a Japanese multinational engineering, electrical equipment, and electronics corporation headquartered in Tokyo, Japan. The company is one of the core companies of the Mitsubishi Group and its automobile department is the predecessor of Mitsubishi Motors. The company's products include aerospace and automotive components, air conditioners, elevators, forklift trucks, hydraulic equipment, printing machines, missiles, tanks, power systems, ships, aircraft, railway systems, and space launch vehicles. Through its defense-related activities, the company is the world's 23rd-largest defense contractor measured by 2011 defense revenues and the largest based in Japan.
Samsung Heavy Industries Co., Ltd. is one of the largest shipbuilders in the world and one of the "Big Three" shipbuilders of South Korea (including Hyundai and Daewoo). The main focus of the company is on the engineering, procurement, construction, commissioning, and the delivery of transportation ships for the commercial industry, topsides modules, drilling and floating production units for the oil and gas sector, gantry cranes for fabrication yards, digital instrumentation and control devices for ships, and other construction and engineering services. The company operates manufacturing facilities at home and abroad, including ship block fabrication factories in Ningbo and Rongcheng, China.
SBM Offshore NV is a provider of floating production solutions to the offshore oil and gas industry. The company designs, supplies, installs, and operates floating production, storage, and offloading (FPSO) vessels. The company leases its FPSO vessels to its clients. It also takes up FPSO projects for its clients on a turnkey basis. The company's major product offerings include FPSOs, tension leg platforms (TLPs) and semi-submersibles, turret mooring systems, terminals, and floating liquefied natural gas (FLNG) facilities. The company also provides after-sales services, and vital rapid response solutions. The company owns interests in construction yards in Angola and Brazil.
Established in 1973, Teekay has developed from a regional shipping company into one of the world’s largest marine energy transportation companies. The company brings energy where it is needed to power the global economy and to improve people’s lives. The company considers people, planet, and profit in all of the decisions and actions. The company contributes to a sustainable business, environment, and community.
Technip S.A. is a global leader in energy projects, technologies, systems, and services and provides our clients with deep expertise across subsea and surface projects. The company is leading the change and believes in innovation, smarter design, and seamless ways of working. The company is offerings range from individual products and services to fully integrated solutions with a single interface to ensure seamless execution. Headquartered in Paris, the company has about 38,000 employees and operates in 48 countries.
WorleyParsons Limited is an Australian engineering company that provides project delivery and consulting services to the resources and energy sectors, and complex process industries. Sustainable economic growth is essential as the company navigates the powerful forces in the world: climate change, the energy transition, the increasing importance of the circular economy, and the digitalization of industries. The company is a worldwide team of consultants, engineers, construction workers, and data scientists all with one thing in common.
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