FPSO Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025– Advancement in subsea technologies along with growing focus towards fast-track floating solutions continues to drive the growth of the market.
FPSO market report published by the Brandessence Market Research and Consulting Pvt. Ltd. provides the detail information about FPSO market from various aspects. This report consists of drivers, challenges and opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market. This report consists of regional segmentation with product type and applications.
Floating production storage and off boarding (FPSO) vessels are offshore production units that comprise hydrocarbon processing equipment and storage facility for oil and gas on a single platform. The crucial design of an FPSO incorporates a floating vessel, comprising processing equipment, known as topsides, abroad the vessel’s deck and storage facility below in the hull. An FPSO, post processing, store the product before offloading it occasionally to shuttle tankers or transport the processed hydrocarbons via subsea pipeline infrastructure. Depleting onshore oil reserves and growing offshore exploration activities will favor the product adoption over the forecast period of time. The depletion of existing oil and gas fields is leading to a rise in concerns regarding the exploration of new oil and gas fields in a bid to meet energy requirements in the near future. Due to this, oil and gas searching companies have pushed the exploration of oil and gas from onshore to offshore areas, which in turn, is driving expansion of the FPSO market.
Rise in number of exploration activities across the globe, and increasing focus of key players on research & development activities are some factors projected to accelerate the growth of the market. However, construction and building of a new FPSO unit requires high initial investment and substantially large financing. Building a new FPSO cost approximately USD 2.5 billion to USD 3 billion. Moreover, the cost of conversion of an oil tanker is approximately between USD 1.5 billion and USD 2.0 billion. Furthermore, factors such as rising cost of materials and labor due to inflation is further affecting the return of investments (ROI) of FPSO operators. All these factors are likely to restrain the FPSO market during the forecast period.
Key Players of FPSO Market are like 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.
Global FPSO Market Segmentation
By Type
• Converted FPSO systems
• New-build FPSO systems
• Redeployed FPSO systems
By Water Depth
• Shallow Water
• Deepwater
• Ultra-Deepwater Systems
By Equipment
• Nitrogen Generation
• Seawater Injection
• Fuel Gas Treatment
• Produced Water
• Crude Oil Separation
• Chemical Injection
By Regional & Country Level
• North America
o U.S.
o Canada
• Europe
o U.K.
o France
o Germany
o Italy
• Asia Pacific
o China
o Japan
o India
o Southeast Asia
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o GCC
o Africa
o Rest of Middle East and Africa
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