ALBANY, New York, April 22, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "FPSO Market, By Type (Converted, New-build, and Redeployed), By Water Depth (Shallow water, Deepwater, and Ultra-deepwater) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021," market was valued at USD 15.86 billion in 2014; and is expected to reach USD 43.39 billion in 2021, growing at a CAGR of 16.2% from 2015 to 2021.
FPSO vessels are classified as a type of FPS, capable of offshore production, storage, and offloading of oil and gas. Generally, appearance of an FPSO unit is similar to a ship, integrated with processing and production facilities onboard. The global FPSO market is expected to see a robust growth during the forecast period attributed to increasing investment for offshore exploration of oil and gas, driven by depletion of existing onshore reserves. FPSO vessels are capable of avoiding emergency situations such as typhoons, cyclones, and icebergs by shifting or moving it to safe locations when required. Moreover, after depletion of the operational oil fields, FPSOs can be moored to other oil fields providing mobility and flexibility of operations to FPSO operators and contractors. The FPSO market is expected to witness robust growth, attributed to the huge demand for cost effective solutions for offshore oil and gas production and increasing application of FPSOs in harsh environments and remote locations.
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However, requirement of high initial investment and substantially huge financing for the construction and building of a new FPSO unit are restraining the market growth. Additionally, the cost of operation, testing, and deployment ads up to the total investment in an FPSO vessel. Furthermore, factors such as rising cost of materials and labor due to inflation is further affecting the return of investments (ROI) of FPSO operators. Moreover, fluctuation in petroleum prices typically influence a company's decision to invest in a new project development, upgrade of existing facilities, and improve recovery from producing fields. All these factors are acting as major restraints for growth of the FPSO market during the forecast period.
Geographically, Americas dominated the FPSO market in 2014 and the region is anticipated to continue its leading position till 2021. Key contributors to the FPSO market in Americas include the U.S., Canada, Mexico, and Brazil. Growth in this region is attributed to the rise in investment for exploration of oil reserves offshore of Brazil. This in turn is leading to development of new oil fields in the region. Capital expenditure in Latin America, predominantly offshore of Brazil, is expected to constitute majority of the share of the global FPSO capex during the forecast period. Due to this factor, demand for FPSOs is expected to remain high in the region during the forecast period.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/global-fpso-vessels-equipments-market.htm
Key contributors to the FPSO market in Europe includes: the U.K., Italy, and Norway. Investments for deepwater explorations in North Sea and Barents Sea have gained significantly during the past few years. Due to this factor, the demand for installation of FPSO units in Europe region is expected to expand, driving the market growth during the forecast period.
The market in Asia is expected to witness robust growth during the forecast period. Growth in the FPSO market in the region is attributed to ongoing exploration in deepwater by the countries in Southeast Asia. In addition, development of deepwater oil fields in countries such as Malaysia and Indonesia is also expected to be the key factor boosting the installation of FPSOs during the forecast period.
Africa FPSO market is further segmented into West Africa and rest of Africa. West Africa held the majority of the market share in 2014, in terms of revenue. Development of oil fields offshore of Ghana, Angola, Nigeria, and Guinea is the major factor driving the growth of the FPSO market in the Africa region.
Growth of FPSO market in Oceania is attributed to the presence of Australia and New Zealand in the region. On the basis of type, converted FPSO segment dominated the Oceania FPSO market in 2014. Rising demand for converted FPSOs for deployment in proposed fields offshore of Australia and New Zealand is driving the growth of the region during the forecast period.
Key players have also been profiled on the basis of financial overview, company overview, business strategies and recent developments in the field of FPSO industry. Major market participants profiled in this report include MODEC, Inc. (Japan), BW Offshore (Norway), Bumi Armada Berhad (Malaysia), Hyundai Heavy Industries Co., Ltd. (South Korea), SBM Offshore N.V. (Netherlands), Yinson Holdings Berhad (Malaysia), Bluewater Energy Services B.V. (Netherlands), and Teekay Corporation (Bermuda) among others.
Research Blog on FPSO Industry: http://www.tmrblog.com/2016/03/global-fpso-market.html
The report studies the global FPSO market, and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. Market estimates on the basis of type and water depth for each region. The market has been segmented as follows
Global FPSO Market: By Type
Global FPSO Market: By Water Depth
- Shallow water
Global FPSO Market: By Geography
- Southeast Asia
- West Africa
- Rest of Africa
- New Zealand
Browse Other Research Reports:
- Floating Production Systems Market: http://www.transparencymarketresearch.com/floating-production-system-market.html
- Offshore Support Vessels Market: http://www.transparencymarketresearch.com/offshore-support-vessel-market.html
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