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 “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:
Queries Addressed In Market Report:
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
2. By Construction Type
3. By Ownership
4. By Water Depth
5. By Geography
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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:
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 2019. 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 2019 which is followed by the P-67 FPSO. The company has planned to add a couple more FPSOs in 2019.
Rystad, an independent energy research and business intelligence company, based in Norway, announced in February 2019 that the company expects at least 33 floating production storage and offloading vessels which are to be sanctioned from 2019 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 2019. 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.
Important Features that are under Offering and Key Highlights of the Market Report:
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Key Features of Market Research Report:
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Major Table of Content ForFPSOMarket:
An Overview of the Impact of COVID-19 on this Market:
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