FPSO Market size worth over $117 Billion by 2024
Increasing demand of tank vessel conversion into offloading and floating production storage owing to its low cost coupled with enhanced productivity will drive the global FPSO market during the forecast period.
Converted FPSO market in terms of volume was 9 units in 2015, projected to witness gains over 18% subject to its low cost when compared with new built construction. These vessels find wide applications in shallow and deep-water offshore field.
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As of 2016, over 260 floating vessels units are installed mainly in offshore field out of which semis represent 15%, FPSO accounted for 64%, tension lag platform accounts for 10%, production barges represent 2% and production spars 8% of installation.
Redeployed FPSO market size was valued over USD 719 million in 2015, anticipated to witness gains at above 22.3%. It reduces the execution timeline when compared with new built.
Increasing production and exploration in ultra-deep offshore fields will drive new built FPSO market in the near future. Shifting of E&P activities toward offshore field has witnessed moderate growth rate subjected mainly by ultra-deep activities.
Increasing exploration activities in ultra-deep water of offshore field will further compliment the industry in near terms. Global FPSO market size is classified on the basis of products as converted, new-built, and redeployed. Converted product accounted for over 63% of global revenue in 2015 owing to increasing offshore E&P activities.
On the basis of water depth, FPSO market size has been segmented into shallow water and deep-water, and ultra-deep-water. Deep water segment accounted for over 59% of global revenue share in terms of water depth in 2015.
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Key insights from the report include:
Norway is forecast to reach above USD 3.1 billion in 2024. Growing exploration activities in the country is likely to drive industry growth up to 2024.
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.
Shallow water depth FPSO is projected to expand at over 19.5% during the forecast period.
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.
Major industry participants include Samsung Heavy Industries Co. Ltd, Hyundai Heavy Industries Co. Ltd. (South Korea), SBM Offshore, MODEC Inc. (South Korea), (Japan), BW Offshore, Yinson Holdings Berhad (Malaysia), Teekay Corporation (Bermuda), Bluewater Energy, and Aker Solutions ASA (Norway).
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