Press release
FPSO Market is Set to Grow at a CAGR of 6.5% Between 2024 and 2031 | BP Plc, Aker Solutions AS, Shell Global.
FPSO Market
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What is the projected growth of the Global FPSO market?
The Global FPSO Market reached USD 14.2 billion in 2022 and is expected to reach USD 23.5 billion by 2030, growing with a CAGR of 6.5% during the forecast period 2024-2031.
What is FPSO Market?
The Floating Production Storage and Offloading (FPSO) market focuses on vessels used for offshore oil and gas production, processing, and storage. FPSOs enable deepwater and remote field development, reducing infrastructure costs. Market growth is driven by rising global energy demand, increasing offshore exploration, and technological advancements in vessel design and efficiency.
Who are the major players in the FPSO market?
The prominent players in FPSO market research report are:
BP Plc, Aker Solutions AS, Shell Global, Bluewater Energy Services B.V., Bumi Armada Berhad, BW Offshore, Chevron, ExxonMobil Corporation, MODEC, Inc. and Petrobras.
The companies are primarily focusing on strategies such as new product launches to penetrate the fastest-growing emerging markets across the world.
Key Development
In June 2023, U.S.-based oil and gas contractor Petrofac secured an extension for the service of the FPF-003 FPSO off the coast of Thailand. This floating production, storage, and offloading unit (FPSO) has a production capacity of 20,000 barrels per day (bpd), supporting the region's offshore energy operations.
On June 6, 2022, Petrobras, Brazil's state-owned oil and gas giant, announced the start of FPSO production at the Buzios offshore field. The FPSO Almirante Barroso is set to produce an impressive 150,000 barrels of oil per day, further strengthening Brazil's offshore oil production capabilities.
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Market Segments
By Type: Oil, LPG, LNG, Others.
By Carrier Type: Converted Ship, New Build Ship, Redeployed.
By Water Depth: Shallow Water, Deep & Ultra-deep Water.
By Hull Type: Single Hull, Double Hull.
The FPSO industry is experiencing rapid growth, driven by advancements in medical technologies, increased demand for innovative therapies, and a rising focus on patient-centered care. As these sectors evolve, the need for comprehensive market analysis becomes crucial to understand trends, regulatory changes, and emerging opportunities.
Regions Covered:
The global FPSO Market report focuses on six major regions: North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
☞ North America - US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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