Floating Production Storage and Offloading (FPSO) Market Industry Insights and Major Players are Keppel Offshore, Teekay Corporation

As per the report published by The Brainy Insights, the global floating production storage and offloading (FPSO) market is expected to grow from USD 10.29 Billion in 2021 to USD 24.36 Billion by 2030, at a CAGR of 10.05% during the forecast period 2022-2030. South America region emerged as the largest market for the global floating production storage and offloading (FPSO) market with a 42.32% share of the market revenue in 2021. The rising investments to support energy infrastructure growth are propelling the market's growth during the forecast period in this region. Additionally, increasing gas & oil activities and significant government help boost market growth during the forecast period. In addition, the North America region is expected to show the fastest CAGR growth over the projection period due to the mature oil & gas reserves. Additionally, the discovery of abnormal resources involving tight oil, shale gas, and gas hydrates will complement the structure of floating production storage and offloading units over the region is expected to improve the competitive strategy of the floating production storage and offloading market.

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/12698

Floating Production Storage and Offloading (FPSO) Market Size by Water Depth (Ultra-Deep Water, Deep Water, and Shallow Water), Propulsion (Towed and Self-Propelled), Type (Redeployed, Converted and New-Build), Hull Type (Double Hull and Single Hull), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Keppel Offshore, Teekay Corporation, Dommo Energia, BP, Exxon Mobil, Chevron Corporation, Petrobras, Saipem, China National Offshore Oil Corporation (CNOOC), SBM Offshore, Marine and Hyundai, Royal Dutch Shell, Bumi Armada Berhad, and Woodside Energy, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The water depth segment is divided into ultra-deep water, deep water, and shallow water. The deep water depth segment led the market with a market share of 42.17 % in 2021. This growth is attributed to the declining rate of new onshore oil discoveries. The propulsion segment is divided into towed and self-propelled. The self-propelled segment led the market with a market share of 58.13 % in 2021. This growth is attributed to the capability to operate with positioning accurateness. The type segment is divided into redeployed, converted, and new-build. The new-build type segment led the market with a market share of 45.19% in 2021. This growth is attributed to the different attributes like the flexibility of field life extension. The hull type segment is divided into the double hull and single hull. The double hull type segment led the market with a market share of 56.21 % in 2021. This growth is attributed to operational safety.

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The increasing energy use along with the requirement for highly efficient production & storage technologies are driving the floating production storage and offloading (FPSO) market's growth. Further, government incentives to expand offshore gas & oil exploration and the progress in subsea technologies also boost the growth of the floating production storage and offloading (FPSO) market. Also, the growing focus against the discovery and expansion of smaller reserves discovered at remote offshore places helps boost market growth during the forecast period.

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