FPSO Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025– Increased capital investment by oil & gas companies in exploration and development of deep-water projects along with depleting onshore and shallow water oil fields will drive the growth of Global FPSO Market. FPSO Market is valued at USD 27410.1 Million in 2018 and expected to reach USD 62514.2 Million by 2025 with a CAGR of 12.5% over the forecast period.
Floating production storage and offloading (FPSO) unit is a suspended craft used by the offshore oil and gas industry for the fabrication and processing of hydrocarbons, and for the storage of oil. A FPSO vessel is designed to obtain hydrocarbons produced by it or by nearby platforms or subsea template, process them and store oil until it can be offloaded onto a tanker or, less often transported through a pipeline. FPSOs are preferred in boundary offshore regions as they are easy to install and do not require a local pipeline infrastructure to export oil. FPSOs can be a conversion of an oil tanker or can be a vessel built specially for the application.
Global FPSO Market report is segmented on the basis of type, water depth, equipment, and region & country level. Based upon type, global FPSO market is segmented into converted FPSO systems, new-build FPSO systems and redeployed FPSO systems. Based on water depth, the FPSO market is segmented into shallow water, deepwater and ultra-deepwater systems. Based on equipment, the market is segmented into nitrogen generation, seawater injection, fuel gas treatment, produced water, crude oil separation and chemical injection.
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The regions covered in this FPSO Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of FPSO is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Global FPSO Market Report–
Some major key players for global FPSO market are Bumi Armada Berhad, MODEC, Inc., BW Offshore, Bluewater Energy Services B.V., COSCO Shipyard Group Co. Ltd., and Yinson Holdings Berhad. Other key players in the market are Sembcorp Marine Ltd., Hyundai Heavy Industries Co., Ltd., Teekay Corporation, and SBM Offshore N.V. and others.
Heads Of Agreement Between Yinson And Japanese Consortium
30 Jun 2017, Yinson entered into a Heads of Agreement (HoA) with a group of Japanese companies (namely Sumitomo Corp, Kawasaki Kisen Kaisha Ltd, JGC Corp and the Development Bank of Japan) via a disposal of 26% stake of Yinson Production (West Africa) Pte Ltd (YPWA) for the chartering, operation and maintenance contract of FPSO facility in Ghana.
Global FPSO Market Dynamics –
Shifting trends toward ultra-deep exploration activities and advancing seismic and drilling technologies along with the availability of larger oil reserves in deeper basins will drive the ultra-deep FPSO market growth. As per the U.S. Energy Information Administration (EIA), Brazil has increased oil production from ultra-deep water from 1.3 million barrels per day in 2005 to 2.2 million barrels per day in 2015. In addition, advancements in offshore technologies, including the introduction of cylindrical hull designs, double hull design and separable turret will continue to attract investors across the oil & gas sector. It can also used to extract the hydrocarbons from the sea bed to process it further which is also anticipated to foster the market growth within the forecast period. However, longer project schedules and much higher capital expenditure may hamper the deployment of FPSO market. Moreover, increasing focus on collaboration and strategic partnerships among various players are creating opportunities for advanced service providers of FPSOs and faster deployment of new FPSOs.
The Global FPSO Market is segmented into North America, Europe, Asia-Pacific and Rest of the World (ROW). Latin America has accounted for the largest share of the global FPSO market. This is mainly attributed to the presence of a large number of FPSOs in this region. Major offshore fields located on the Brazilian coast include Santos, Campos and Espirito Santo basins among others. Expansion in the FPSO market in Brazil is attributed to the increasing investment in exploration of deep water areas in this region. Europe market growth is largely driven by new project implementations in the U.K. and Norway.
Key Benefits for Global FPSO Market Reports –
- Global FPSO Market report covers in-depth historical and forecast analysis.
- Global FPSO Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global FPSO Market report helps to identify opportunities in marketplace.
- Global FPSO Market report covers extensive analysis of emerging trends and competitive landscape.
FPSO Market Segmentation:-
- Converted FPSO systems
- New-build FPSO systems
- Redeployed FPSO systems
By Water Depth
- Shallow Water
- Ultra-Deepwater Systems
- Nitrogen Generation
- Seawater Injection
- Fuel Gas Treatment
- Produced Water
- Crude Oil Separation
- Chemical Injection
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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