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.
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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.
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.
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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.