Press release
FPSO Market to grow over 19% from 2016 to 2024 Major industry participants include SBM Offshore N.V. (Netherlands), MODEC Inc. (Japan), (South Korea), Hyundai Heavy Industries Co. Ltd. (South Korea), Yinson Holdings Berhad (Malaysia), BW Offshore (Norway)
FPSO Market
The rapid expansion of upstream oil & gas industry coupled with favorable government policies to promote offshore oil & gas exploration activities is projected to boost the market size over the next few years. As per Global Market Insights Inc. report, the FPSO Market share worth USD 21 billion in 2015, is predicted to surpass USD 117 billion by 2024, growing at a CAGR of 19% over the period of 2016-2024.
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The U.S. FPSO market share worth USD 20 billion in 2015, is expected to witness a noticeable surge over the forecast timeframe owing to the growing production and exploration of natural gas, rise in offshore activities and the discovery of untapped reservoirs. The Norway market is anticipated to touch USD 3.1 billion mark by 2024.
The China FPSO market size worth USD 687 million in 2015, is predicted to witness a significant growth, recording a CAGR of 22% over the period of 2016-2024. The growth can be attributed to the rise in offshore as well as onshore exploration coupled with production activities in the region.
The Angola FPSO market share, growing at a CAGR of 26.4% over the period of 2016-2024, is estimated to reach over 11 units in 2024 in terms of volume. Factors such as growing offshore production and exploration activities carried out in Deepwater reservoirs are expected to contribute towards the regional growth. Firms like Eni, Exxon Mobil, and Chevron have offshore projects in Angola and adds about 1MMbbl/d to the capacity.
In April 2016, about 260 floating production units were set up in offshore oil & gas fields of which FPSO accounted for approximately 64%. Conversion of tank vessels into FPSO units is predicted to support the industry growth over the next few years. For instance, 1995 built shuttle tanker converted to a Libra FPSO unit in 2015 was designed to achieve the production of crude oil. The converted FPSO market is predicted to record a CAGR of 18.9% over the period of 2016-2024 owing to low capital investments coupled with the ability to operate in small and medium fields.
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The redeployed FPSO market worth USD 719.8 million in 2015, is anticipated to witness a substantial growth, growing at a CAGR of 22.3% over the forecast period. The growth can be credited to the product’s ability to minimize the project execution time. The new built FPSO market is predicted to witness a noticeable growth over the forecast timeframe due to growing ultra-deep-water offshore exploration & production activities.
Key market players include SBM Offshore, MODEC Inc., BW Offshore, Samsung Heavy Industries, Aker Solutions, Hyundai Heavy Industries Co. Ltd., Teekay Corporation, Yinson Holdings Berhad, and Bluewater Energy Services B.V. These industry players will try to increase their market share through product innovation and mergers & acquisitions.
U.S. FPSO market size may exceed USD 20 billion by 2015. Increasing exploration and production of natural gas, increasing offshore activities, discovery of unexploited reservoirs will further compliment the growth.
Browse key industry insights spread across 94 pages with 221 market data tables & 10 figures & charts from the report @ https://www.gminsights.com/industry-analysis/floating-production-storage-and-offloading-fpso-market
Angola is estimated above 11 units in 2024 in terms of volume and is estimated to grow at over 26.4% CAGR subjected to increasing exploration and production of deep-water reserves. Exxon Mobil and Chevron have offshore project in Angola adding capacity is approximately 1MMbbl/d.
China was valued at over USD 687 million in 2015 and is expected to witness a significant growth. Increasing production and exploration activities at onshore and offshore fields will propel the China FPSO market over the near future.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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