FPSO market value is expected to surpass USD 117 billion by 2024. Growing conversion of tank vessel into FPSO unit to increase efficiency and minimize capital investments is anticipated to push FPSO market size over the coming years. As of April 2016, FPSO (Floating production, storage, and offloading) accounted for nearly 64% of the total 260 floating production units installed across offshore destinations. Moreover, rise in the number of production and exploration activities across deep offshore fields will drive the industry trends in the near future.
Request for key industry insights spread across 94 pages with 221 market data tables & 10 figures & charts from the report, “FPSO Market Size By Product (Converted, Redeployed, New Built), By Water Depth (Shallow, Deep, Ultra-Deep), Industry Analysis Report, Regional Outlook (U.S., Norway, UK, Indonesia, China, Brazil, Venezuela, Saudi Arabia, Iran, Nigeria, Angola), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Considering the product trends, the industry is segmented into new built, converted, and redeployed products. Converted FPSO market is expected to register maximum gains of 18% over the coming seven years, driven by low costs along with its extensive use across shallow as well as deep-water offshore exploration & production activities. Redeployed FPSO industry size, estimated over USD 719 million in 2015, is anticipated to witness a high surge over the forecast period due to its ability to reduce execution time.
Below are the regional trends impacting FPSO market over 2016-2024
- Discovery of unexplored oil & natural gas reserves is expected to boost U.S. FPSO market revenue over the coming few years, having attained a revenue of over USD 20 billion in 2015.
- Angola FPSO market size is forecast to experience a significant growth over the next few years, with many of the key players expanding their production capacities in the region.
- Norway FPSO industry size is expected to witness a considerable growth over 2016-2024, driven by rise in the number of drilling activities.
Key industry players include MODEC Inc., Hyundai Heavy Industries Company Limited, BW Offshore Company, Aker Solutions ASA, Bluewater Energy Services B.V., SBM Offshore N.V., Teekay Corporation, Samsung Heavy Industries Company Limited, and SBM Offshore N.V.