21 Mar

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FPSO Market Poised to Grow at a CAGR of 12% by 2024

  • By admin

  • January, 1970

Infinium Global Research has added a new report on FPSO Market. The report presents analysis of global as well as regional markets of market over the period of 2016 to 2024. Floating Production Storage and Offloading vessels, or FPSOs, are offshore production facilities that stock both processing equipment and storage for produced hydrocarbons. Floating Production Storage, Offloading has become the primary method for many offshore oil and gas producing regions around the world. An  FPSO is a floating production system that receives fluids such as crude oil, water and a host of other things from a subsea reservoir through risers that then separate fluids into crude oil, natural gas, water, and impurities within the topsides production facilities on the ship. The main advantage of FPSO are reduced sincere investment and retained value as they can be relocated to other fields.  FPSOs are especially useful in newly established offshore oil regions where there is no pipeline infrastructure in place, or in remote locations where building a pipeline is cost-prohibitive.

 

The oil and gas companies have pushed the exploration of oil and gas from onshore and offshore areas, which is driving the growth of the FPSO market. In addition, FPSOs have also become more popular in the oil industry because of their lower cost relative to traditional offshore oil platforms. The demand for FPSO is anticipated to rise owing to the expansion in the oil and gas industries along with the incentives that are supported by the government that is boosting the growth of the FPSO market. However, construction and building of new FPSO require high initial investment, which is the restraining factor for the growth of the FPSO market. Furthermore, demand for new-build and converted FPSO vessels have increased due to the declining rate of new onshore oil discoveries to historic low levels and from technology that enables efficient deep-water oil exploration in extraordinary ocean depths. This, in turn, is providing huge growth opportunities for the key players in the FPSO market. Among the geographies, South America dominated the FPSO market. The growth in the FPSO is due to the huge investment in the upstream activity related to reserves of hydrocarbons. Moreover, the National Oil Company of Brazil, Petroleo Brasileiro (Petrobras) has the most constructive plans for the development of the country's sub-salt hydrocarbon resources in the Santos and Campos basins through FPSO. Expansion in the FPSO market in Brazil is attributed to the increasing investment in exploration of deep-water areas. Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global FPSO market but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for forecast period of 2018-2024.

 

Get 15% discount for early purchase of global FPSO market report by clicking the following link, Use code IGRD15 to request the discount in the given form

 

https://www.infiniumglobalresearch.com/reports/request-discount/1583

 

The recent report identified that South America dominated the global FPSO market over the last couple of years, while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the FPSO market worldwide.

 

The report segments the global FPSO market on the basis of Product Type and Carrier Type.

 

Global FPSO Market by Product Type

·         Oil

·         LPG

·          LNG

 

Global FPSO Market by Carrier Type 

·         Converted Ship   

·         New Build Ship      

·         Redeployed

 

Companies Profiled in the Report

·         MODEC, Inc.

·         SBM Offshore N.V

·         BW Offshore

·         Bluewater Energy Services B.V

·         Bumi Armada Berhad

·         Yinson Holdings Berhad

·         Teekay Corporation

 

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