Albany, NY, Jan. 12, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “FPSO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021,” the FPSO market was valued at US$15.86 bn in 2014 and is expected to reach US$43.39 bn by 2021, growing at a CAGR of 16.2% from 2015 to 2021.
Oil remains the major choice of fuel for the purpose of transportation and is not expected to change materially in the foreseeable future. Deepwater oil discoveries is gaining significant importance attributed to the rapid depletion of onshore existing oil fields and no significant discoveries of new fields in the past few years. Due to this factor, oil and gas companies have pushed exploration offshore for discovering new oil reserves. During the past six years, around 50% of the offshore discoveries have been in deepwater and ultra-deepwater. Due to this factors demand for FPSOs for offshore oil and gas production is expected to see a robust growth during the forecast period.
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http://www.transparencymarketresearch.com/fpso-vessels-equipments-market.html
FPSO industry is capital intensive in nature. It requires high initial investment and substantially huge financing for construction or building of a new FPSO unit. Building a new FPSO cost around USD 2.5 to 3 billion, however a cost of conversion of a surplus oil tanker or aging hull is around USD 1.5 to 2.0 billion. Additionally, operation, testing and deployment costs add to the total investment in a FPSO vessel. Furthermore, rising cost of materials and high labor cost due to inflation is further affecting the return of investments (ROI) of FPSO operators. All these factors are posing as a major restraint for the growth of FPSO market during the forecast period.
Presently, the market is dominated by converted FPSO unit than a new build FPSO vessel. Opportunities in FPSO market lies in increasing demand for conversion of oil tankers into a FPSO vessel. FPSO builders are increasingly focusing on acquiring former oil tankers and converting it into an advanced FPSO vessel. Moreover, opportunities lies in collaboration and partnership among various players present in different stages of the value chain of FPSO industry aimed at faster deployment and construction of FPSO vessel.
Geographically, Americas led the FPSO market in 2015 and the region is expected to continue its dominance till 2021. Growth in this region is attributed to the increasing investment in exploration in offshore of Brazil and development of new oil fields in the region. Additionally, Africa region is also expected to see a robust growth during the forecast period attributed to the rise in demand for installation of FPSO units in the fields of Angola, Ghana, Nigeria and Guinea.
Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of FPSO industry. Major market participants profiled in this report include MODEC, Inc. (Japan), SBM Offshore N.V. (Netherlands), BW Offshore (Norway), Bluewater Energy Services B.V.(Netherlands), Aker Solutions ASA (Norway), Hyundai Heavy Industries Co., Ltd. (South Korea), Bumi Armada Berhad (Malaysia), Yinson Holdings Berhad (Malaysia), Teekay Corporation (Bermuda) and Samsung Heavy Industries Co., Ltd.
The market has been segmented as follows
Global FPSO Market: By Type
- Converted
- New-build
- Redeployed
Global FPSO Market: By Water Depth
- Shallow water
- Deepwater
- Ultra-deepwater
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