Fuel consumption has increased over the years, leading to increased pressure on the production of oil and gas
Albany, NY -- (SBWIRE) -- 10/12/2017 -- A recent market research report published by Transparency Market Research gives a thorough analytical account of the present state of the global FPSO market and forecasts the future growth prospects of key market segments over the period between 2015 and 2021.The report, titled "FPSO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021," states that the market will expand at an exponential CAGR of 16.2% between 2015 and 2021, and rise to a valuation of US$43.4 bn by 2021, from US$15.9 bn in 2014.
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Floating, production, storage, and offloading (FPSO) vessels are used for extracting or receiving raw hydrocarbons from sea beds, which are then processed in onboard processing facilities. These vessels are a part of floating production systems and are also equipped with temporary onboard storage facilities. As the installation of fixed processing and production facilities in remote oil and gas production areas is technically complex and costly, the demand for FPSOs, which exclude the need for fixed processing facilities, has seen a significant rise in the past few years. The rise in demand corresponds to the global rise in oil and gas production activities from remote locations (deepwater and ultra-deepwater).
The report segments the global FPSO market on the basis of type, water depth, and geography.
On the basis of type, the market has been segmented into converted FPSO systems, new-build FPSO systems, and redeployed FPSO systems. Of these, the market is presently dominated by converted FPSO systems and the demand for new-build FPSO systems has come down as oil and gas exploration companies are keen on cutting costs post the historic steep decline in oil prices during 2014-2015.
On the basis of water depth, the market has been segmented into shallow water, deepwater, and ultra-deepwater systems.
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On the basis of geography, the global FPSO market has been segmented into Americas, Oceania, Asia, Europe, and Africa. Americas led the global FPSO market in 2015 and is also expected to continue its dominant stance over the report's forecast period. Growth in the FPSO market in Americas can be attributed to the rising investments in exploration activities in countries such as Brazil and the development of several new oilfields in the region.
The market is also expected to witness robust growth in Africa owing to the rise in demand for FPSOs in countries such as Ghana, Guinea, Nigeria, and Angola.
The report also presents a detailed overview of the competitive landscape of the global FPSO market wherein data pertaining to business profiles, revenues, finances, recent technological developments, and other key aspects of some of the major vendors in the market have been discussed in the report.
The most prominent vendors in the global FPSO market discussed in the report include Bumi Armada Berhad, BW Offshore, MODEC, Inc., Yinson Holdings Berhad, Bluewater Energy Services B.V., Teekay Corporation, Hyundai Heavy Industries Co., Ltd., and SBM Offshore N.V.
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