FPSO Market Overview, Opportunities And Challenges Forecast To 2026 | Fortune Business Insights

(MENAFN- The Express Wire) FPSO Market Overview, Opportunities And Challenges Forecast To 2026 | Fortune Business Insights

Posted on Dec 8 2020 4:43 AM

"FPSO Market Size, Share and Global Trend By Storage Capacity (Less than 1 MMBBL, 1 MMBBL - 2 MMBBL, More than 2 MMBBL), By Construction Type (Converted, New-Build, Redeployed), By Ownership (Contractor Owned, Operator Owned), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater) and By Geography Forecast till 2026 "

The global FPSO market is likely to gain impetus from the persistent depletion of onshore gas and oil reserves across the globe. This has led to a rise in the investments in the "[To enable links contact MENAFN] FPSO market". According to a report by Fortune Business Insights, titled, 'FPSO Market Size, Share and Global Trend by Storage Capacity (Less than 1 MMBBL, 1 MMBBL - 2 MMBBL, more than 2 MMBBL), by Construction Type (Converted, New-Build, Redeployed), by Ownership (Contractor Owned, Operator Owned), by Water Depth (Shallow Water, Deepwater, Ultra-Deepwater) and by Geography Forecast till 2026, FPSOs hold certain advantages, such as, the capability to work in remote locations as well as in deep waters where implementing pipelines is neither practical nor cost-effective. This is one of the major factors that will contribute to the global FPSO market growth during the forthcoming years.

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Top Players Overview:

• BP
• PETRONAS
• Chevron
• ExxonMobil
• Shell
• Bumi Armada
• SBM Offshore
• BW Offshore
• MODEC, Inc.
• Blue Quail Energy Services, LLC
• BV
• Yinson
• Teekay

Queries Addressed In Market Report:

• What opportunities are present for the market players to enhance their business footprint?
• What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
• Which segment is witnessing huge traction from the consumers?
• For what purposes, is the market being utilized?
• How many units are estimated to be sold in 2020?

The report classifies the global FPSO market on the bases of five segments, namely, by storage capacity, by construction type, by ownership, by water depth, and by geography. By storage capacity, the market is divided into less than 1 MMBBL, 1 MMBBL - 2 MMBBL, and more than 2 MMBBL. In terms of construction type, the market is grouped by new-build, converted, and redeployed. By ownership, the market is segmented into operator owned and contractor-owned.

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Developed and Emerging Countries Focus on FPSO Deployment Planning to Boost Sales

The global FPSO market is geographically segmented into the Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. At the end of 2014, the offshore and gas industry had witnessed brutal consequences due to the sharp fall in the prices of crude oil. Also, not a single order for FPSO was booked in 2016 and only one redeployment was announced. The market began showing signs of improvements from the year 2017. In Latin America, Brazil has planned a maximum number of FPSOs deployment by the end of 2026, which is followed by Guyana and the Falkland Islands.

Segmentation

1. By Storage Capacity

• Less than 1 MMBBL
• 1 MMBBL - 2 MMBBL
• More than 2 MMBBL

2. By Construction Type

• Converted
• New-Build
• Redeployed

3. By Ownership

• Contractor Owned
• Operator Owned

4. By Water Depth

• Shallow Water
• Deepwater
• Ultra-Deepwater

5. By Geography

• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (China, India, Australia, M Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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Norway in Europe has planned the maximum deployments of FPSOs followed by the U.S., Emerging nations in Asia Pacific, namely, India has recently planned to procure maximum deployment followed by China and Indonesia. Africa has the highest number of FPSOs deployments planned till 2026. In this, Angola has the maximum number of FPSOs to proceed with the operation followed by Nigeria.

Key Market Driver   New offshore discoveries and easy operation

Key Market Restraint   High initial cost and time required for conversion or new-build.

Market Landscape and Market Scenario Includes:

• Current market size estimate
• Revenues by players Top Companies
• Market size by product categories
• Market size by regions/country

Capacity Expansion by Key Players to Bode Well for Overall Market

Petrobras, a semi-public multinational corporation in the petroleum industry headquartered in Rio de Janeiro, announced that it has begun producing gas and oil from the P-76 FPSO in February 2020. P-76 has the capacity to compress around 6 million cubic meters of natural gas and can process approximately 150,000 barrels of oil. It is the second most FPSO to start up in 2020 which is followed by the P-67 FPSO. The company has planned to add a couple more FPSOs in 2020.

Rystad, an independent energy research and business intelligence company, based in Norway, announced in February 2020 that the company expects at least 33 floating production storage and offloading vessels which are to be sanctioned from 2020 to 2021. This is due to the pick-up in oil and has activities in the offshore sector.

Total, a multinational integrated oil and gas company, headquartered in France, unveiled that it has started with the production on Kaombo Sul in April 2020. Kaombo Sul is considered to be the second floating production storage and offloading unit of the Kaombo project. It is located 260 kilometers off the coast of Luanda, on Block 32, in water depths of 1,400 to 2,000 meters.

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Major Table of Content For FPSO Market:

Introduction

Executive Summary

Market Dynamics

Key Insights

Global FPSO Market Analysis, Insights and Forecast, 2026

North America FPSO Market Analysis, Insights and Forecast, 2026

Europe FPSO Market Analysis, Insights and Forecast, 2026

Asia Pacific FPSO Market Analysis, Insights and Forecast, 2026

Middle East and Africa FPSO Market Analysis, Insights and Forecast, 2026

Latin America FPSO Market Analysis, Insights and Forecast, 2026

Competitive Landscape

Company Profile

Conclusion

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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