Floating Production, Storage, and Offloading (FPSO) Market
Floating Production, Storage, and Offloading (FPSO), as the name suggests, is a vessel used for production, storage, and offloading of oil & gas. FPSO systems nearly account one-third of all the floating systems used globally. An FPSO system reduces the requirement of pipelines for transporting oil to the mainland. In deepwater and ultra-deepwater locations, it reduces the transportation cost as pipelines required for transporting oil & gas from deep water are rather expensive. FPSO systems are more efficient than other fixed production systems due their capability of withstanding the harsh environmental conditions.
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The global FPSO market is expected to grow at a CAGR of 15.6% from 2017 to 2025.
Based on the type, the global FPSO market is divided into newly built, converted, and deployed FPSO systems. On the basis of water depth, the market segmentation includes shallow water, deepwater, and ultra-deepwater. Based on application, it is categorized into fuel gas treatment, crude oil separation, nitrogen generation, chemical injection, and seawater injection. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.
Floating Production, Storage, and Offloading (FPSO) Market Dynamics:
Floating Production, Storage, and Offloading (FPSO) Market Drivers:
- Problems associated with installing fixed production and processing facilities is fueling the demand for FPSO.
- Increase in offshore exploration and oil production activities is also expected to drive the global FPSO market.
Floating Production, Storage, and Offloading (FPSO) Market Restraints:
- High cost of building and further testing and deployment of newly built FPSO units may lower the demand for FPSO.
- The falling oil prices are responsible for weakening the demand for FPSOs since 2014.
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Floating Production, Storage, and Offloading (FPSO) Market Players:
The top players in the global FPSO market include Samsung Heavy Industries Ltd., COSCO Shipyard Group Co. Ltd., TOTAL S.A., PetroleoBrasileiro S.A., Sembcorp Marine Limited SGX, SBM Offshore N.V., MODEC, Inc., Keppel Offshore & Marine Ltd., Aker Solutions ASA, and Hyundai Heavy Industries Co. Ltd.
MARKET LANDSCAPE
Floating Production, Storage, and Offloading (FPSO) Market By Type
- Newly Built
- Converted
- Redeployed
Floating Production, Storage, and Offloading (FPSO) Market By Water Depth
- Shallow Water
- Deepwater
- Ultra-deepwater
Floating Production, Storage, and Offloading (FPSO) Market By Application
- Fuel Gas Treatment
- Crude Oil Separation
- Nitrogen Generation
- Chemical Injection
- Seawater Injection
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Floating Production, Storage, and Offloading (FPSO) Market By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Table of Content for Floating Production, Storage, and Offloading (FPSO) Industry
1. Executive summary
2. Introduction
3. Market landscape
4. Market By Type
5. By Water Depth
6. Market By Application
7. Market By Geography
8. Company profiles in for Floating Production, Storage, and Offloading (FPSO) Industry
- Samsung Heavy Industries Ltd.,
- COSCO Shipyard Group Co. Ltd.,
- TOTAL S.A.,
- Petroleo Brasileiro S.A.,
- Sembcorp Marine Limited SGX,
- SBM Offshore N.V.,
- MODEC, Inc.,
- Keppel Offshore & Marine Ltd.,
- Aker Solutions ASA
- Hyundai Heavy Industries Co. Ltd.
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