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Global Floating Production Storage and Offloading Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 34.2 Bn by 2028, Likely to Grow with the CAGR of 5.9% During the Forecast Period.
Demand for ultra-deep-water and deep-water oil & gas, cost-efficient procedure of oil and gas production are the key factors projected to boost the demand of the Floating Production Storage and Offloading (FPSO) Market. New discoveries of deep water fields in the offshore of Brazil, Africa, and Guyana are the key drivers for the demand of FPSO. Other factors such as increasing oil and gas consumption across the globe, especially in transportation and power generation, are boosting the exploration of more hydrocarbon reserves. Also, high investments to support growth of energy infrastructure and high demand for offshore oil and gas production in countries such as Brazil and Mexico are likely to boost the growth of market during forecast period. However, Increase in environmental concerns in developing the offshore assets is one of the factors that hamper the market growth. In recent few years, High demand is witnessed from companies that are involved in transportation, energy and construction plants to provide accountability, security and accuracy for fluid assets.
The Converted Segment Is Projected To Dominate the Market During Forecast Period
Converted segment accounted for a maximum share of xx% in 2019 and is expected to remain dominant during the forecast period. Converted FPSOs are preferred over new-build FPSO as time taken to construct a new-build FPSO is high. Less time taken to convert a tanker into FPSO is one of the factors boosting the share of the segment in the market. Various key players in the market are focusing on old transportation vessels and reconstructing these for various applications and this is one of the key trends in the market. These factors are boosting th dominance of converted segment during forecast period.
The Self-Propelled Segment Is Expected To Witness FPSOs Market During The Forecast Period
Self-Propelled Segment accounted for a significant share of xx% in 2019 and is expected to remain dominant during the forecast period. Self-propelled storage and offloading takes less time and low
Transportation costs to transport natural gas and crude oil to end-user industries are the common factors expected to boost the share of self-propelled segment during forecast period.
North America Is Expected To Dominate the FPSOs Market During Forecast Period
North America accounted for a maximum share of xx% in 2019 and is expected to dominate due to various factors such as increasing investments in North America. Increasing investments by the government to support energy infrastructure growth is expected to boost the growth. Moreover, rising production of offshore oil and gas in countries such as Brazil and Mexico are factors that are projected to boost the growth of the market.
The global floating production storage and oflloading market is consolidated with some key global players that include Bumi Armada, Shell, SBM Offshore, Chevron, Petrobras, BP, ExxonMobil, Teekay, Smart Flow Technologies Limited, Trimble Inc. , Telenav , Inc.
Segmentation of Global Floating Production Storage And Offloading Market Floating Production Storage And Offloading Market by Type:
Floating Production Storage And Offloading Market by Hull Type:
Floating Production Storage And Offloading Market by Propulsion:
Floating Production Storage and Offloading Market by End-User:
- Road Transportation
- Air Transportation
- Others (Power Plants, Construction etc)
Floating Production Storage And Offloading Market by Usage:
- Shallow water
Floating Production Storage And Offloading Market by Region:
- North America
- Latin America
- Middle East & Africa