FPSO Market (Converted, New-build, and Redeployed), By Water Depth (Shallow water, Deepwater, and Ultra-deepwater) - Global Industry Analysis Forecast - 2024

A floating, production, storage, and offloading (FPSO) is a vessel or a floating production system that is being used for storage, offshore production, and offloading of oil and gas. An FPSO vessel looks quite similar to a ship; however, it is equipped with several processing and production facilities. The global FPSO market is projected to witness progressive growth in the next few years, thanks to the increasing investments in oil and gas exploration activities across the globe. As per a market intelligence study by Transparency Market Research, in 2014, the global FPSO market was worth US$15.9 bn and is projected to reach a value of US$43.4 bn by the end of 2021. The market is likely to register a progressive 16.20% CAGR between 2015 and 2021.

In this blog, Transparency Market Research (TMR), addresses most of the important questions related to the development of the global FPSO market. Some of them have been mentioned below:

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How are the increasing oil and gas exploration activities expected to augment the global FPSO market?

In the last few years, there has been a substantial exhaustion of existing oil and gas fields, which is resulting in rising concerns related to the exploration of new reserves of oil and gas fields. These exploration activities have been increasing tremendously in order to meet energy requirements in the next few years. As a result, leading oil and gas exploration companies are encouraging exploration of oil and gas from onshore to offshore which is likely to fuel the growth of the global FPSO market. In addition, the ability of FPSOs to sustain and offer effective results in harsh working environments is anticipated to encourage the growth of the overall market in the coming years.

Which factors are likely to restrict the growth of the global FPSO market?

The global FPSO market is considered as a capital-intensive market. The requirement of high initial capital investment is one of the important factors estimated to hamper the growth of the global market in the near future. In addition, the increasing cost of labor and materials, owing to high inflation are expected to restrict the market’s growth. The volatility in oil prices and several environmental concerns related to accidents and leakages are anticipated to curtail the growth of the global FPSO market in the next few years.

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Which geographical segment is projected to witness high growth in the coming years?

From a geographical perspective, the Americas segment is expected to lead the global FPSO market and account for a key share in the next few years. The increasing investments in the exploration activities and the development of new oilfields are some of the key factors likely to encourage the growth of the FPSO market in this region. In addition, the rising number of strategic partnerships and collaborations is another factor expected to augment the market in the coming years. Furthermore, technical challenges in the installation processes of fixed production units in remote locations is predicted to fuel the growth of the FPSO market in the Americas.

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