Published on : Jun 20, 2018
Albany, New York, June 20, 2018: A fresh study, titled “FPSO Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026” has been recently publicized to the vast repository of Market Research Hub (MRH), which offers a comprehensive perspective on global FPSO market’s evolution throughout the above-mentioned forecast period in terms of revenue (in US$ Mn) and CAGR. According to the report findings, the global floating production storage and offloading (FPSO) market was valued at around US$ 25 Bn in 2017 and is anticipated to expand at a CAGR of around 12% from 2018 to 2026.
Firstly, the report begins with an overview of the global FPSO market, evaluating market performance followed by analysis of key trends, drivers, and restraints witnessed in the past few years. Furthermore, the geographical segmentation is also included in the report which analyzes the scope of the market in different regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Highlights from the Report
It has been analyzed that increasing application of FPSOs in harsh environments and remote locations has given a significant rise to its global market growth. A floating production storage and offloading (FPSO) vessel is a type of floating production system used for offshore production, storage, and offloading of oil and gas prior to either offloading it to a tanker or being transported through a pipeline.
For the purpose of providing readers with a comprehensive overview of the market, the report segments the market on the basis of type, application, operator, hull, and propulsion. By type, the FPSO market can be classified into converted, new-build, and redeployed. Based on the operator, the market can be categorized into small independent, large independent, leased operator, and major national oil companies (NOC’s). In terms of application, the market can be divided into shallow water, deep water, and ultra-deepwater.
As per the analyst investigation, the FPSO market is expected to expand at a rapid pace during the forecast period due to rise in investment in offshore oil and gas exploration, especially in deep-water (500 to 1,499 meters) and ultra-deepwater (1,500 meters and above) areas.
On the basis of geographical scenario, the study finds that Latin America dominated the global FPSO market in 2017. This is mainly due to the presence of a huge number of FPSOs in the region.
The study also offers a broad scrutiny of the prominent players and important strategies devised by the companies to succeed in this market. Some of the players operating in the global FPSO market are Bumi Armada Berhad, MODEC, Inc., Bluewater Energy Services B.V., SBM Offshore N.V., BW Offshore, Yinson Holdings Berhad, and Teekay Corporation.
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