The global floating production storage and offloading FPSO market is competitive and segmented. Transparency Market Research Market (TMR) report states that there are a few major players in the industry who are relentlessly developing new and innovative designs to penetrate the global market during the forecast period. These prominent players are focused on introducing new strategies like collaborations and partnerships to provide new in the global market. Some of the prominent players operating in the global FPSO vessel market include MODEC, Inc., BW Offshore, Bumi Armada Berhad, Blue Water Energy Services, and SBM Offshore N.V.
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Growing demand for alternative sources of oil due to continual depletion of existing oil reserves drives the global FPSO market. The global FPSO market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO market is projected to reach up to US$8.30 bn by the end of 2026.
On the basis of geography, Latin America held a large share until 2016. In the upcoming years Brazil is projected to hold a major share in the global floating production storage and offloading vessel market. Growth in this region is attributed to huge investments in deep water zones. The global FPSO vessel market is segmented on the basis of type such as converted, new build, and redeployed. But, the converted type is likely to hold its prominence in the global FPSO market during the forecast period
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Increased Deep Water Activities Stimulates the Growth of Global FPSO Market
Due to ever going modernization and industrialization across the globe, there’s rising demand for reliable power. This enhances the growth in the global FPSO market. Alternatively, the rise in offshore activities such as deep waters and ultra-deep waters due to rising investments in this area stimulates the FPSO vessel market to grow at a stellar rate. Additionally, increasing consumption oil and gas is expected to increase in development in oil and gas fields. Thus, boosts the global FPSO market to strengthen.
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This review is based upon the TMR report titled,” FPSO Market (Propulsion - Self-propelled, Towed; Hull Type - Single-hull, Double-hull; Application - Shallow Water, Deep Water, Ultra-deep Water; Type - Converted, New-build, Redeployed; Operator - Small Independent, Large Independent, Leased Operator, Major and National Oil Companies - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
The global FPSO vessel market is segmented into:
Propulsion
- Self-propelled
- Towed; Hull Type - Single-hull
- Double-hull
Application
- Shallow Water
- Deep Water
- Ultra-deep Water
Type
- Converted
- New-build
- Redeployed
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