Dallas, Texas, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The FPSO (Floating Production Storage and Offloading) industry is expanding as a result of increased emphasis on offshore oil and gas production growth. The worldwide FPSO market is anticipated to increase at a CAGR of more than 6.1% during the next five years. As of 2018, there were around 183 operational FPSOs worldwide, with the operators owning the majority of the fleets. Contractors have their own FPSO vessels, although their market share is lesser than that of operators. The rise in offshore drilling operations, flexibility, and the cost involved with establishing offshore assets as an FPSO is less expensive than building or installing permanent structures are the major drivers driving the industry.
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Major FPSO Market Manufacturers:
Exxon Mobil
Petrobras
Chevron Corporation
China National Offshore Oil Corporation (CNOOC)
Saipem
Bumi Armada Berhad
SBM Offshore
Royal Dutch Shell
BP
Teekay Corporation
Woodside Energy
Dommo Energia
Keppel Offshore
Marine and Hyundai
FPSO Market Types
Converted
Redeployed
New-Build
FPSO Market Applications
Shallow Water
Deepwater
Ultra-Deep Water
Furthermore, because the aggregate processing and storage facilities are installed on a ship, an FPSO may be linked to any pipeline existent on an offshore site. Despite its various benefits, FPSO has a few drawbacks. The time it takes to convert a ship to an FPSO, the self-competition of businesses with offshore pipeline infrastructure, and, finally, in some cases, the initial cost of an FPSO is more than that of permanent structures.
The FPSO market will expand rapidly as a result of increased investments in offshore exploration and development operations, as well as advancements in deepwater technology. According to the International Energy Agency (IEA), yearly capital investment on offshore oil and gas production operations in Brazil alone would exceed USD 60 billion by 2040. Likewise, the depletion of onshore oil deposits, along with the high costs of infrastructure construction, will encourage the deployment of FPSOs as an alternative. The potential of these units to cheaply speed oil and gas procurement will increase their deployment in the future years.
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The increasing number of finds and exploitation of marginal oil reserves in distant offshore areas, along with the capacity of FPSOs to operate without fixed structure support, will have a favorable impact on market growth. Similarly, the capacity of these units to be redeployed to a new oil field following the exhaustion of one field, as well as their resistance to extreme weather conditions will accelerate their deployment.
The global FPSO market is basically segregated into type, hull type, propulsion, end-use, as well as geography. On considering the type, the market is segregated into redeployed, converted, and new-build. In 2018, the converted segment had an annual deployment of 7 units. Some of the important factors that will expedite vessel deployment include cheaper Capex, a shorter construction period, and increased flexibility. Furthermore, the conversion's low resource consumption, along with the simplicity of obtaining obsolete FPSOs and oil tankers, will contribute to the company's expansion. In terms of hull type, the industry is fragmented into the single hull as well as the double hull. Based on propulsion, the market is fragmented into towed and self-propelled. In terms of end-user, the industry is fragmented into deepwater, shallow water, and ultra-deepwater.
The Latin American market was accounted for over USD 18 BL in the year 2018. The detection of enormous oil reserves in pre-salt geological layers, along with several government policies will fuel industry growth. According to Petrobras, the pre-salt oil reserves in Brazil's Santos and Campos basins total more than 16 billion barrels. Furthermore, the implementation of new local content laws in Brazil, indicating simpler and lower criteria with lower fines for E&P contracts, would significantly enhance the country's FPSO deployment. The expansion of the European market is being driven mostly by new project implementations in the United Kingdom and Norway. The region's rigorous commitments to emission reduction objectives, as well as the rising importance of diversifying energy suppliers, are primarily responsible for market expansion.
Table Of Contents
1. Introduction
1.1. Introduction
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions, and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. Porter’s Five Forces Analysis
3.4. PEST Analysis
4. Floating Production Storage and Offloading Market by Type, 2018-2028 (USD Billion)
4.1. Converted
4.2. Redeployed
4.3. New-Build
5. Floating Production Storage and Offloading Market by Hull Type, 2018-2028 (USD Billion)
5.1. Single Hull
5.2. Double Hull
6. Floating Production Storage and Offloading Market by Propulsion, 2018-2028 (USD Billion)
6.1. Self-Propelled
6.2. Towed……continued
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