Market Scenario:
A floating, production, storage and offloading (FPSO) vessel are a kind of floating production unit utilized for offshore production, storage and offloading of oil and gas. Normally, a FPSO vessel is a transformed oil tanker, or a newly constructed FPSO unit. A FPSO is generally alike in appearance to a ship, prepared with processing and production facilities onboard. Additionally, FPSOs consist of offloading amenities for the purpose of carrying processed oil and gas to onshore receiving facilities through a shuttle tanker.
Continous expansion in oil & gas exploration and production in deep water, ultra-deepwater and offshore fields is expected to fuel the FPSO market growth in the near future. Rising oil & gas consumption globally, particularly in transportation and power generation sectors has been forcing players to discover more hydrocarbon reserves. Growing onshore reserves led oil & gas processes to explore in ultra-deepwater, deep water, and shallow offshore fields.
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Developing necessity for integrated compact systems in deep and ultra-deepwater offshore reserves to counter dangerous conditions is expected to lead FPSO market growth in the forecast period. The market is further anticipated to increase share in ultra-deep offshore regions due to cost-effective and well-organized production process with high yield potential. High installation cost for oil & gas transportation and production facilities in ultra-deep and deep sea is projected to further stimulate FPSO demand.
Major Industry Players:
The oil and gas exploration companies are concentrating on exploration of oil and gas, from onshore to offshore to drive the Middle East and Africa market for FPSO in the future years.
The major companies that are involved in FPSO are:
• SBM Offshore N.V.
• MODEC, Inc.
• Bluewater Energy Services B.V.
• BW Offshore
• Aker Solutions ASA
• Hyundai Industries Co., Ltd.
• Bumi Armada Berhad
• Teekay Corporation
• Yinson Holdings Berhad
• Samsung Heavy Industries Co., Ltd
Market Dynamics
The major dynamics affecting the development of the market such as the key drivers, restraints, trends, and development changes in the market have also been added under this report. The development of the global FPSO market in different regions and the prime regions leading in this market have also been summarized under this study. The technological advancements taking place in the market and their impact on the advancement of the global FPSO market have also been presented under this study.
FPSO market can be bifurcated on the basis of type, as.converted FPSO, new-build FPSO and redeployed FPSO. Based on water depth the market has been categorized into shallow water, deepwater, and ultra-deepwater. Geographically, the FPSO market has been bifurcated into five regions North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The FPSO market size and forecast period for each region has been estimated from 2017 to 2023. Additionally the CAGR (%) for the forecasted period 2017 to 2023. The study also includes market estimates for major countries/regions such as the U.S, the U.K., Germany, France, Japan, China, India, GCC, North Africa, South Africa and Brazil. The detailed analysis by Usage, component, type, water depth and regions supports in evaluating the present scenario, growth prospects and the future scenario for the FPSO market over the forecast period. Thus, the report delivers in-depth segment analysis of the market and classifies it into various industries, thereby providing valuable perceptions.
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