Progressive expansion in oil & gas exploration and production in deep water, ultra deep water, and offshore fields is anticipated to fuel the floating production storage and offloading (FPSO) market growth over the forecast period. Growing oil & gas consumption worldwide particularly in power generation and transportation sectors has been forcing companies to explore more hydrocarbon reserves. Maturing onshore reserves led oil & gas producers to explore in deep water, ultra deep water, and shallow offshore fields. Emerging requirement for integrated compact systems in deep and ultra deep water offshore reserves to counter extreme conditions is expected to augment FPSO market growth in the next six years. The market is further estimated to gain share in ultra deep offshore regions owing to cost-effective and efficient production process with high yield potential. High installation cost for oil & gas production and transportation facilities in ultra deep and deep sea is expected to further stimulate FPSO demand. Marginal fields and challenging environments have been others factors supporting floating production storage and offloading market expansion. New E&P activities in offshore shale fields are expected to bolster FPSO requirements over the next few years. On the basis of equipments, FPSO systems are classified into nitrogen generation, seawater injection, fuel gas treatment, produced water, crude oil separation and chemical injection.
North America and Europe hold substantial market share and are anticipated to witness stagnant growth in the next six years owing to mature oil & gas reserves. South America and East Africa are expected to witness significant growth owing to recent offshore E&P developments and deep water oil field discoveries. Brazil is anticipated to emerge as a major FPSO market in this region due to increasing oil & gas activities coupled with sufficient government support. Recent deep sea oil & gas reserves discovery in South China Sea, North Sea and Gulf of Mexico are projected to positively impact market growth over the forecast period. Maturing inland and shallow water oil & gas fields in China, Indonesia, and India along with increasing acreages in deep sea and ultradeep sea reserves in these regions is estimated to have lucrative opportunities for floating production storage and offloading market in foreseeable future. Advancements in production and offloading technologies may create immense opportunities for market participants.
Some of the major players in the floating production storage and offloading market include Keppel Offshore & Ltd., Samsung Heavy Industries Ltd., SBM Offshore N.V., TOTAL S.A., MODEC, Inc., PetroleoBrasileiro S.A., COSCO Shipyard Group Co. Ltd., and Sembcorp Marine Ltd.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."