FPSO Market: Introduction

The global FPSO market is competitive. Transparency Market Research Market (TMR) report states that a few major players in the industry are relentlessly developing new and innovative designs to penetrate the global market. These prominent players are focused on introducing new strategies such as collaborations and partnerships. Some of the prominent players operating in the global FPSO market include MODEC, Inc., BW Offshore, Bumi Armada Berhad, Blue Water Energy Services, and SBM Offshore N.V.

The 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 expand at a robust rate of 11.90% during the forecast period of 2021 to 2031.

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Latin America held large share of the global market in 2020. Brazil is projected to hold major share of the global FPSO market. The growth in this region can be attributed to significant investments in deepwater zones. Based on type, the global FPSO market has been segmented into converted, new build, and redeployed. The converted type is likely to hold its prominent position in the global FPSO market during the forecast period.

Increase in Deep Water Activities Boosting Global FPSO Market

Rise in modernization and industrialization across the globe is driving the demand for reliable power. This enhances the growth of the global FPSO market. Alternatively, rise in offshore activities such as deep waters and ultra-deep waters due to increase in investments in this area is stimulating the FPSO market. Additionally, increasing consumption of oil and gas is expected to boost the development of oil and gas fields. In turn, this is likely to augment the global FPSO market.

FPSO vessel has capabilities of avoiding emergencies such as cyclones, typhoons, and icebergs by relocating to a safer zone. It also extracts the hydrocarbons from the sea bed to process it further. This further acts as a catalyst in the expansion of the global FPSO market.

High Capital Investment to Weaken FPSO Market

The FPSO market is extensive in nature. Installation of FPSO vessel units requires huge capital investments and large financing. Moreover, additional costs such as testing, operation, and deployment need large investments. Increase in labor and raw material costs puts pressure on the market. On the other hand, the return on investment is less. Production infrastructure in remote areas is highly challenging and a costly affair. These factors may act as a restraint of the global FPSO market in the next few years.

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Despite constraints, the global FPSO market is likely observe astounding growth due to its ability to remove the need for installing large and fixed oil production platforms anywhere across the globe (inclusive of remote areas). Rise in demand for oil and gas across the globe is also expected be an ongoing trend that is estimated to stimulate the global FPSO market.

Global FPSO Market: Segmentation

FPSO Market, by Type

Converted
New Build
Redeployed

FPSO Market, by Operator

Small Independent
Large Independent
Leased Operator
Major National Oil Companies (NOCs)

FPSO Market, by Application

Shallow Water
Deep Water
Ultra-deep Water

Increase in Deep Water Activities Boosting Global FPSO Market

There is a growing demand for alternative sources for oil, as industrial growth and advancement have led to an increasing demand for reliable power. This factor is positively influencing the growth of the global FPSO market. Rise in the number of offshore activities such as deep waters and ultra-deep waters due to increase in investments in this area is stimulating the FPSO market. Additionally, increasing consumption of oil and gas is expected to boost the development of oil and gas fields. In turn, this is likely to augment the global FPSO market.

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FPSO unit is responsible for the production of oil in deeper water and remote areas with advanced technologies such as fixed piled structures. FPSO also store processed crude oil and are equipped with an offloading system to transfer the crude oil to tankers for shipment to refineries. FPSO market is driven by the ability of FPSOs to sustain in harsh working environments in the oil & gas industry across the globe.

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