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Growing oil and gas industry to boost the global FPSO market Application Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025

06-10-2019 09:47 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Growing oil and gas industry to boost the global FPSO market

FPSO Market size is anticipated to surpass USD 30 Billion by 2025, as reported in the latest study by Global Market Insights, Inc.

Rise in offshore oil & gas exploration activities across the globe is expected to fuel the demand for the FPSO (Floating Production, Storage, and Offloading) market over the coming years. Currently, the exploration activities are being carried out mainly in offshore oil & gas fields of Brazil, North Sea, and West Africa. Growing oil & gas requirements across the globe will boost investments in new oil & gas fields.

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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.

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.

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.

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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.

New built FPSO market size is set to witness robust growth owing to growing interest of investors toward production from deep and ultra-deep-water oil reserves. Optimal design, lower operating cost and flexibility for field life extension coupled with advanced safety features are the primary features that will boost the product deployment. Moreover, advancements in offshore technologies, including separable turret, cylindrical hull designs and double hull design will keep the business attractive to O&G companies. However, much higher capex compared to converted vessels and longer project schedules may impede the deployment of these units.

Growing inclination toward development of ultra-deep oil fields and advancing drilling and seismic technologies coupled with widespread proven reserves in deeper basins will stimulate the ultra-deep FPSO market growth. According to the U.S. Energy Information Administration, oil produced in Brazil from ultra-deep water has increased from 1.3 million bpd to 2.2 million bpd between 2005 and 2015.

Browse Full Report @ https://www.gminsights.com/industry-analysis/floating-production-storage-and-offloading-fpso-market

Latin America market capex, in 2018 was over USD 18 billion. Favorable government initiatives and strong stance of state-owned enterprises along with discovery of vast reserves of pre salt oil will continue to encourage the business growth in coming years. As per Petrobras, Campos and Santos basins, situated offshore Brazil has an estimated pre salt oil reserve of 16 billion barrels. Moreover, Brazil’s new local content regulation implying simpler and lower requirements with minimized fines for E&P contracts will accelerate the vessel deployment across the country.

Notable industry participants across FPSO market comprise Technip, Saipem, KBR, Samsung Heavy Industries, Hyundai Heavy Industries, DSME, Petrobras, Woodside Petroleum, SBM Offshore, MODEC, CNOOC, BW Offshore and Bumi Armada amongst others.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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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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