Rising investment in offshore oil and gas exploration, especially in ultra-deepwater and deepwater sites, is expected to propel the growth of the global FPSO market.
Pune, March 31, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global floating generation storage and offloading (FPSO) market is expected to grow from USD 10.29 billion in 2021 to USD 24.36 billion. USD by 2030, at a CAGR of 10.05% over the forecast period 2022-2030.
The ability to float production storage and offloading to operate without a fixed structure is expected to increase the demand for the floating production storage and offloading (FPSO) market during the projection period. Factors such as rising crude oil prices, rising trend in ultra-deepwater oil and gas exploration and production, increased focus on production and exploration activities offshore are driving the growth of the market.
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Moreover, the various technological advancements and digitalization of floating production, storage and offloading vessels are expected to boost the market growth in the coming year. Furthermore, the increase in energy consumption coupled with the requirement for highly efficient generation and storage technologies is helping to drive the growth of the market over the forecast period. Furthermore, high initial CAPEX and harsh environmental conditions at sea, volatile oil and gas prices and high initial investment in offshore field exploration are the factors restraining the growth of the market. Additionally, technological advancement of floating production storage and offloading over other production systems, increasing focus of key players on R&D activities and new product development are opportunities for market growth .
Leading players operating in the Global Production Floating Storage and Offloading (FPSO) Market are:
• Keppel Offshore
• Tekay Corporation
• Dommo Energy
• Exxon Mobil
• Chevron Corporation
• China National Offshore Oil Corporation (CNOOC)
• SBM Offshore
• Navy and Hyundai
• Royal Dutch Shell
• Bumi Armada Berhad
• Woodside Energy
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To strengthen their position in the global production floating storage and offloading (FPSO) market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures , collaborations and partnerships.
The deep water segment led the market with a market share of 42.17% and a market value of around 8.13 billion in 2021.
The water depth segment is divided into ultra-deep water, deep water, and shallow water. The deep water segment dominated the market with a market share of 42.17% and a market value of around 8.13 billion in 2021. This is due to the advancement in underwater and engineering technologies associated. Moreover, by 2030, the shallow water segment is likely to dominate the market owing to the low price associated with production and exploration.
The self-propelled segment led the market with a market share of 58.13% and a market value of around 11.21 billion in 2021.
The propulsion segment is divided into towed and self-propelled. The self-propelled segment leads the market with a market share of 58.13% and a market value of around 11.21 billion in 2021. This growth is attributed to easy and fast connection and connection.
The new construction type segment dominated the market with a market share of 45.19% and a market value of approximately 8.71 billion in 2021.
The type segment is divided into redeployed, converted and new construction. The new construction type segment dominated the market with a market share of 45.19% and a market value of around 8.71 billion in 2021. oil and gas exploration. Moreover, by 2030, converted type segment is likely to dominate the market due to low capital requirement and faster deployment.
The double hull type segment dominated the market with a market share of 56.21% and a market value of around 10.84 billion in 2021.
The hull type segment is divided into double hull and single hull. The double hull type segment led the market with a market share of 56.21% and a market value of around 10.84 billion in 2021. Storage and offloading of double hull floating production has a double or two waterproof outer layers that protect the entire structure of the vessel. This helps drive the growth of the market.
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Regional Segment Analysis of Floating Production, Storage and Offloading (FPSO) Market:
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The South America region emerged as the largest market for the global floating generation storage and offloading (FPSO) market with a market share of 42.32% and a market value of around $8 .16 billion in 2021. South America currently dominates floating production storage and offloading (FPSO) due to increased investment in offshore oil and gas exploration in ultra-deepwater sites and in deep water in the regions. Additionally, the vast upstream premeditated assets in deep-sea hydrocarbon reserves are also helping to drive the market growth in this region. Additionally, the North America region is expected to post the fastest CAGR of 16.14% over the projection period. This growth is attributed to the high production targets of regional agencies and the presence of different markets. Additionally, increased oil and gas expenditure and production along with improved drilling technologies are likely to support the market growth over the projection period.
About the report:
Global Floating Generation Storage and Offloading (FPSO) Market is analyzed based on value (USD Billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
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About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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