The global FPSO market is likely to gain impetus from the persistent depletion of onshore gas and oil reserves across the globe. This has led to a rise in the investments in “FPSO market“. According to a report by Fortune Business Insights, titled, “FPSO Market Size, Share and Global Trend by Storage Capacity (Less than 1 MMBBL, 1 MMBBL – 2 MMBBL, more than 2 MMBBL), by Construction Type (Converted, New-Build, Redeployed), by Ownership (Contractor Owned, Operator Owned), by Water Depth (Shallow Water, Deepwater, Ultra-Deepwater) and by Geography Forecast till 2027,” FPSOs hold certain advantages, such as, the capability to work in remote locations as well as in deep waters where implementing pipelines is neither practical nor cost-effective. This is one of the major factors that will contribute to the global FPSO market growth during the forthcoming years.
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Top Players Overview:
- Bumi Armada
- SBM Offshore
- BW Offshore
- MODEC, Inc.
- Blue Quail Energy Services, LLC
The report classifies the global FPSO market on the bases of five segments, namely, by storage capacity, by construction type, by ownership, by water depth, and by geography. By storage capacity, the market is divided into less than 1 MMBBL, 1 MMBBL – 2 MMBBL, and more than 2 MMBBL. In terms of construction type, the market is grouped by new-build, converted, and redeployed. By ownership, the market is segmented into operator owned and contractor-owned.
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Key Market Driver – New offshore discoveries and easy operation
Key Market Restraint – High initial cost and time required for conversion or new-build.
Capacity Expansion by Key Players to Bode Well for Overall Market
Petrobras, a semi-public multinational corporation in the petroleum industry headquartered in Rio de Janeiro, announced that it has begun producing gas and oil from the P-76 FPSO in February 2019. P-76 has the capacity to compress around 6 million cubic meters of natural gas and can process approximately 150,000 barrels of oil. It is the second most FPSO to start up in 2019 which is followed by the P-67 FPSO. The company has planned to add a couple more FPSOs in 2019.
1. By Storage Capacity
- Less than 1 MMBBL
- 1 MMBBL – 2 MMBBL
- More than 2 MMBBL
2. By Construction Type
3. By Ownership
- Contractor Owned
- Operator Owned
4. By Water Depth
- Shallow Water
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, M Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the FPSO market Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the FPSO market Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/fpso-market-100429
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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