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FPSO Market significant CAGR during 2017-2025 : PetroleoBrasileiro S.A., MODEC, Inc., TOTAL S.A., SBM Offshore N.V., and Samsung Heavy Industries Ltd
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With rising oil and gas exploration worldwide in response to pressing demand for energy from end users, the global FPSO market is predicted to see good progress in the near term. Additional boost to the market would be provided by the continued research and development of more effective products. More and more nations are seen manufacturing their own FPSOs to cater to the rising demand. All these would likely help the global FPSO market to pull in record revenues by the end of the forecast period.
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From a geographical standpoint, the North America and Europe FPSO market have reached a level of saturation and hence would rise at a tepid pace over the course of the next few years. The regions that are projected to spearhead the growth in the market are Asia Pacific and Latin America. While the former would be stoked primarily by China, the latter by Brazil. Besides, offshore oil field discoveries in East Africa and South America are also expected to have a positive impact on the global FPSO market.
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Rising competition is predicted to provide tailwinds to the global FPSO market in future. Already, the market is seeing deal-making such as mergers and acquisitions among savvy players wanting to diversify their product offerings and tap into new markets. Some such keen players that have come to hold a dominant position in the global FPSO market are COSCO Shipyard Group Co. Ltd., Sembcorp Marine Ltd., TOTAL S.A., PetroleoBrasileiro S.A., MODEC, Inc., Samsung Heavy Industries Ltd., and SBM Offshore N.V.
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