Global FPSO Market Feeding Off Rising Oil and Gas Exploration

San Francisco, California, August 23, 2018: TMR Research’s latest report, titled, “FPSO Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” throws light on the prospects of floating production, storage, and offloading unit as a vessel. It finds that gas and offshore oil industries are at the forefront of driving demand in the global FPSO market. Such vessels find application in producing and processing hydrocarbons and also for storing and transporting of oil via pipeline.

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With rising oil and gas exploration worldwide in response to pressing demand for energy from end users, the global FPSO market is predicted to see good progress in the near term. Additional boost to the market would be provided by the continued research and development of more effective products. More and more nations are seen manufacturing their own FPSOs to cater to the rising demand. All these would likely help the global FPSO market to pull in record revenues by the end of the forecast period.

From a geographical standpoint, the North America and Europe FPSO market have reached a level of saturation and hence would rise at a tepid pace over the course of the next few years. The regions that are projected to spearhead the growth in the market are Asia Pacific and Latin America. While the former would be stoked primarily by China, the latter by Brazil. Besides, offshore oil field discoveries in East Africa and South America are also expected to have a positive impact on the global FPSO market.

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Rising competition is predicted to provide tailwinds to the global FPSO market in future. Already, the market is seeing deal-making such as mergers and acquisitions among savvy players wanting to diversify their product offerings and tap into new markets. Some such keen players that have come to hold a dominant position in the global FPSO market are COSCO Shipyard Group Co. Ltd., Sembcorp Marine Ltd., TOTAL S.A., PetroleoBrasileiro S.A., MODEC, Inc., Samsung Heavy Industries Ltd., and SBM Offshore N.V.

FPSO Market to Exhibit 16.20% CAGR 2015-2021; Surge in Exploration Activities in Brazilian Oilfields to Prove Favorable

The vast rise in offshore exploration activities, especially across mature oil and gas reserves across regions such as North America and Europe have led to promising growth avenues for companies operating in the global floating, production, storage, and offloading (FPSO) market in the recent years. The rising set of growth opportunities has brought in several players in the market, making it competitive, observes Transparency Market Research in a recent report. Some of the leading companies in the market are Bumi Armada Berhad, SBM Offshore N.V. Bluewater Energy Services B.V., Teekay Corporation, and Hyundai Heavy Industries Co., Ltd.

According to the report, the global floating, production, storage, and offloading (FPSO) market is expected to expand at an impressive CAGR of 16.20% from 2015 to 2021, rising from a valuation of US$15.8 bn in 2014 to US$43.3 bn by 2021.

Americas to Witness Robust Growth in Coming Years
In 2015, the combined America market (North America and Latin America) dominated the worldwide FPSO market and is anticipated to maintain the lead through 2021, fueled by the development of new oilfields in the region and the surge in investments in the exploration of offshore oilfields in Brazil. Africa is projected to witness strong growth over the next five years thanks to the rising demand for the installation of floating, production, storage, and offloading units in the fields of Ghana, Angola, Guinea, and Nigeria. On the basis of type, the segment of converted FPSO held the dominant share in the overall market in 2014.

Massive Rise in Offshore Exploration Activities Spell Growth for Market
The promising growth prospects of the market can be chiefly attributed to the massive rise in offshore exploration activities in the oil and gas sector and the rising investments towards these activities. The depletion of existing onshore oil and gas fields in the recent years has led to this increase in deepwater and ultra-deepwater explorations, a trend expected to remain strong in the coming years as well. Funds pouring in for offshore exploration of oil and gas fields are expected to remain steady in the coming years as well, with activities focused in areas such as Brazil, the North Sea, and West Africa expected to gain traction. Other factors such as support from the governments in the form of incentives, the promising rise in the upstream oil and gas industry, and the overall global surge in consumption of oil- and gas-based products are also expected to drive the market.

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Capital Intensive Nature of FPSO Activities a Key Restraint to Market Growth
Owing to its capital intensive nature, the global FPSO market is constantly in need for vast financing and high initial investments for the construction of new FPSO units. However, the cost of the conversion of a surplus aging hull or oil tanker can turn out to be a mere half of the estimated cost required for setting up a new FPSO unit. The total investment in a FPSO unit also includes costs related to deployment, testing, and operation. Thus oil and gas companies are favoring converted FPSO units over new ones. The return on investment of FPSO operators is further affected by the high cost of labor and materials brought on by inflation. These factors could hamper the growth of the global FPSO market to a degree.

FPSO Market to Witness Comprehensive Growth by 2025

Global FPSO Market : Snapshot

A floating production, storage, and offloading unit is considered as a vessel that is being used widely by a large number of gas and offshore oil industries. These vessels are used for the purpose of manufacturing and processing of hydrocarbons and further for the storage of oil. The use of FPSO vessels helps in storing oil and transporting it through a pipeline, which saves time as well as resources of the oil and gas companies. As a result, the global FPSO market is anticipated to witness a robust growth in the next few years.

A significant rise in the number of exploration activities across the globe is one of the vital factors projected to fuel the growth of the global FPSO market in the next few years. The rising focus of key players on research and development activities and new product development are predicted to generate promising opportunities in the coming years. In addition, the rising number of oil and gas exploration sites in order to cater the rising demand from consumers are projected to accelerate the growth of the global FPSO market in the near future.

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Among the key regions, the developed economies, including Europe and North America are expected to experience a steady growth in the next few years. At present, the global FPSO market is growing at a rapid pace and is likely to witness a high level of competition in the coming years. The increasing number of mergers and acquisition is expected to enhance the competitive scenario of the FPSO market in the near future, encouraging the expansion of product portfolio. As a result, the overall market is likely to supplement the development of the market in the near future.

Global FPSO Market: Overview 

A floating production, storage, and offloading (FPSO) unit could be a newly constructed vessel or converted oil tanker which is equipped with oil and gas processing and production facilities. An FPSO is able to carry out all the activities for which the term stands for. It is a commodious vessel which resembles the shape of a ship and finds extensive usage in extracting raw hydrocarbons from sea beds. With processing facilities provided onboard, it can also transport processed oil and gas to desired onshore locations using a shuttle tanker.

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With more number of countries producing their own FPSOs and higher sales achieved by manufacturers, the world FPSO market is anticipated to rack up a staggering amount of revenue until the end of the forecast period. 

Global FPSO Market: Key Trends 

The substantial degree of growth witnessed in the FPSO market is predicted to be augmented by the soaring demand for enhanced productivity and controlled capital spending. With a view to achieve this, companies are looking to convert tank vessels into FPSOs. The very nature of FPSO to be able to operate at any depth, relocate to any location, and offer high return on investment is deemed to be a strong reason for its incrementing demand.

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The redeployed FPSO market is prognosticated to rise above freshly converted or newly built vessels with the capability to minimize project execution timeline. Suitable for operation in medium and small offshore fields, converted FPSO poses a lesser capital cost compared to new built products.

The rising exploration activities in ultra-deep offshore fields led by maturing onshore oil and gas reserves are expected to provide an aggressive boost to the global FPSO market. More opportunities are envisaged to take birth as the need to counter difficult conditions in ultra-deep and deep sea reserves surges the demand for integrated compact systems. 

Global FPSO Market: Market Potential 

Iran is all set to install its first ever FPSO named ‘FPSO Cyrus’ near South Pars in the Persian Gulf. The vessel is expected to employ pipelines to draw hydrocarbons from subsea wells. On an average, the Iranian FPSO holds the capacity to extract 30,000 barrels per day in the first production phase, which could be increased to a whopping 55,000 to 60,000 barrels per day in the second production phase.

On similar lines, Keppel Offshore & Marine will be delivering its first FPSO unit named ‘John Agyekum Kufuor’ to Yinson Production (West Africa) Pte. Ltd. in 2017. The vessel will be engaged by ENI Ghana Exploration & Production Limited for oil and gas processing at the Offshore Cape Three Points (OCTP) positioned in Offshore Ghana. The unit is studied to boast a 58,000 barrels per day processing capacity and 1.7 million barrel storage capacity. With an approximate 15,000 ton topside weight, it has the potential to be moored in a standard 1,000 meter water depth. 

Global FPSO Market: Regional Outlook 

With ample of support furnished by the government of Brazil, the country is predicted to stand out as a chief FPSO market in the South America region. The prominence of the Brazilian market could also be accredited to the elevating number of oil and gas activities. The oil field discoveries in deep water and latest offshore exploration and production developments of East Africa and South America are envisaged to help the regions register growth at a significant rate.

However, regions such as Europe and North America of the FPSO market are foretold to grow at a stagnant rate but secure a valuable share on account of their mature oil and gas reserves.

In order to curb its dependence on imports of energy resources, China is forecasted to offer profit-making opportunities for vendors in the FPSO market. Besides this, the development of offloading technologies, production advancement, surging area of ultra-deep and deep sea reserves, and maturing shallow water and inland oil and gas fields are envisioned to help China take precedence in the global market. 

Global FPSO Market: Competitive Landscape 

With mergers and acquisitions and fast building of product portfolio, key players in the international FPSO market are foreseen to take charge of a leading share. Some of the tough competitors in the global market are Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., PetroleoBrasileiro S.A., MODEC, Inc., TOTAL S.A., SBM Offshore N.V., and Samsung Heavy Industries Ltd.

FPSO Market to be Benefitted from Rising Oil and Gas Explorations

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.