Floating Production System Market Share

Latin American Market Forecast

The floating production system market in Latin America is predicted to be the biggest with a share of about 30% by 2036. The increasing investments in offshore projects in the region, especially in Brazil, and the growing oil and gas production and expenditure with the rising development of shale players in the region are anticipated to boost the market growth in the upcoming years. In 2021, the per day oil production in Brazil touched around 3 million barrels, depicting a positive move for more than a decade.

Middle East & African Market Statistics

The floating production system market in the Middle East & Africa is estimated to be the second largest, registering a share of about 22% by the end of 2036. The existence and potential of oil reserves in the Organization of the Petroleum Exporting Countries (OPEC) especially in Saudi Arabia and the increasing contracting activity for offshore drilling rigs in West Africa are proposed to hike the demand for floaters in the region. As per the British company's Statistical Review of World Energy Report 2021, Saudi Arabia has nearly 297.5 billion barrels of oil reserves.