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Floating Production Storage and Offloading Market Will Hit Big Revenues In Future | Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron, MODEC

12-06-2021 10:48 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Floating Production Storage and Offloading Market Will Hit Big

According to the new market research report "Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region - Global Forecast to 2024" The global floating production storage & offloading market is projected to reach USD 26.0 billion by 2024 from an estimated USD 19.5 billion in 2019, recording a CAGR of 5.9% during the forecast period.

The increasing number of offshore exploration & production activities and rise in deep- and ultra-deepwater oil & gas production are factors projected to drive the growth of the floating production storage and offloading market, globally.

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The converted segment is projected to dominate the floating production storage & offloading market during the forecast period.

Converted FPSOs require lower modification cost and lesser construction time to build, as compared to the new-build FPSOs. This is projected to drive the demand for converted FSPOs in the floating production storage and offloading market.
The self-propelled segment is projected to account for a major share in the floating production storage & offloading market during the forecast period.

The self-propelled segment is projected to dominate the floating production storage and offloading market, on the basis of propulsion, during the forecast period. Self-propelled FPSOs offer low transportation costs and require less time to transport crude oil and natural gas to consumers. This is projected to drive the growth of the floating production storage and offloading market during the forecast period.

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The double hull segment is projected to account for the largest share in the floating production storage & offloading market during the forecast period.

The double hull segment is projected to dominate the floating production storage and offloading market, on the basis of hull type, during the forecast period. Double hull FPSOs offer higher protection from marine pollution and water ingression than the single hull FPSOs. This factor is projected to drive the demand for double hull FPSOs in the floating production storage and offloading market during the forecast period.
The shallow water segment is projected to dominate the floating production storage & offloading market throughout the forecast period.

The shallow water segment is projected to dominate the floating production storage and offloading market during the forecast period. FPSOs used in shallow water is required to meet all the regulatory requirements and are cost-efficient, which is projected to drive their demand in the floating production storage and offloading market.
The Americas is projected to dominate the global floating production storage & offloading market during the forecast period.

Increasing focus on offshore exploration & production activities in deep- and ultra-deepwater is projected to drive the growth of the floating production storage and offloading market in the Americas. High demand for FPSOs in countries, such as Brazil and Mexico, is further projected to drive the growth of the floating production storage and offloading market.

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To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), Petrobras (Brazil), Chevron (US), MODEC (Japan), Teekay (Bermuda), SBM Offshore (Netherlands), and BW Offshore (Norway).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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