San Francisco, California, May 25, 2017: An extensive rise in the number of oil and gas exploration activities is expected to fuel the progress of the floating production, storage, and offloading (FPSO) market in the coming years, states TMR Research in a research report. The report is titled, “FPSO Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.”
A floating production, storage, and offloading facility refers to a vessel that is being employed broadly by numerous offshore oil and gas industries. These types of vessels are employed for the production and processing of hydrocarbons and are further used for storing oil. The employment of FPSO vessel also aids in the transportation of oil through pipeline, thus helping in saving time along with resources of gas and oil companies. Thus, the global FPSO market is likely to witness a significant growth in the near future.
A substantial rise in the exploration activities of oil and gas worldwide is one of the main reasons behind the expected exponential growth of the global FPSO market over the forecast period. The growing focus of major players of research activities for the development of new products and this is thus expected to generate lucrative growth prospects in the near future. Furthermore, the growing number of exploration sites pertaining to oil and gas for catering to the growing demand for energy resources from consumers is expected to considerably benefit the global FPSO market over the forecast period.
An FPSO is capable of carrying out all sorts of activities pertaining to production, storage, and offloading. It is a voluminous vessel which is similar to a ship and finds significant use in extracting raw hydrocarbons from the bed of the sea. Coupled with processing amenities delivered onboard, a FPSO can transport gas and oil to respective onshore locations employing shuttle tanker. The global FPSO market is expected to exhibit exponential growth over the coming years owing to growing number of countries manufacturing their personal FPSOs and rising sales achieved by companies.
With the view to enhance productivity and controlled capital expenditure, the companies operating in the market are focusing on converting the tank vessels into FPSOs. Region-wise, North America and Europe are likely to exhibit stable growth in the coming years owing to growing exploration activities in the region. The competition in the global FPSO market is also expected to intensify owing to rising mergers and acquisitions. The crème players in the market are Samsung Heavy Industries Ltd., TOTAL S.A., SBM Offshore N.V., MODEC, Inc., COSCO Shipyard Group Co. Ltd., PetroleoBrasileiro S.A., and Sembcorp Marine Ltd.