The latest report on FPSO Market by Infinium Global Research gives complete coverage of the FPSO Market by product type (oil, LPG and LNG), carrier type (converted ship, new build ship and redeployed), region (North America, Europe, Asia-Pacific) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of FPSO such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Oil and Gas Companies have Pushed the Exploration of Oil and Gas from Onshore and Offshore Areas, Which is Driving the Growth Of the FPSO Industry
Floating Production Storage and Offloading vessels, or FPSOs, are offshore production facilities that stock both processing equipment and storage for produced hydrocarbons. Floating Production Storage, Offloading has become the primary method for many offshore oil and gas producing regions around the world. An FPSO is a floating production system that receives fluids such as crude oil, water and a host of other things from a subsea reservoir through risers that then separate fluids into crude oil, natural gas, water, and impurities within the topsides production facilities on the ship.
The main advantage of FPSO is reduced sincere investment and retained value as they can be relocated to other fields. FPSOs are especially useful in newly established offshore oil regions where there is no pipeline infrastructure in place, or in remote locations where building a pipeline is cost-prohibitive.
The oil and gas companies have pushed the exploration of oil and gas from onshore and offshore areas, which is driving the growth of the FPSO market. In addition, FPSOs have also become more popular in the oil industry because of their lower cost relative to traditional offshore oil platforms. The demand for FPSO is anticipated to rise owing to the expansion in the oil and gas industries along with the incentives that are supported by the government that is boosting the growth of the FPSO market.
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Providing Huge Growth Opportunities for the Key Players in the FPSO Industry
However, construction and building of new FPSO require a high initial investment, which is the restraining factor for the growth of the FPSO market. Furthermore, demand new-build and converted FPSO vessels have increased due to the declining rate of new onshore oil discoveries to historic low levels and from technology that enables efficient deep-water oil exploration in extraordinary ocean depths. This, in turn, is providing huge growth opportunities for the key players in the FPSO market.
Among the geographies, South America dominated the FPSO market. The growth in the FPSO is due to the huge investment in the upstream activity related to reserves of hydrocarbons. Moreover, the National Oil Company of Brazil, Petroleo Brasileiro (Petrobras) has the most constructive plans for the development of the country’s sub-salt hydrocarbon resources in the Santos and Campos basins through FPSOs. Expansion in the FPSO market in Brazil is attributed to the increased investment in the exploration of deep-water areas.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the FPSO.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.