Floating Production Storage and Offloading (FPSO) Market: Global Analysis,Share, Trends, Application Analysis And Forecast To 2024
PUNE, MAHARASHTRA, INDIA, October 17, 2019 /EINPresswire.com/ — Floating Production Storage and Offloading (FPSO) Industry
Floating Production Storage and offloading (FPSO) is a unit for both processing and storage of oil and gas. FPSO installation is a floating facility that is usually based on a converted oil tanker hull. It is equipped with a hydrocarbon processing appliance for the treatment and separation of crude oil, gases, and water coming on board from subsea oil wells through flexible pipelines. FPSO stores the content until it’s enough to store in a tanker and it sends contents through hose & ships to ashore.
FPSO vessels are useful as they store and transport oil & gas. It is better than using fixed pipes for oil and gas transport. As the field gets depleted of oil reserves, FPSO can move to the next location without much trouble. Progressive development in oil & gas exploration and production in ultra-deepwater, deep water, and offshore segments is foreseen to fuel the floating production storage and offloading market growth over the forecast period. Rising oil & gas consumption, especially in power generation and transportation industries, has been forcing organizations to analyze new hydrocarbon reserves.
Growing onshore reserves led the oil & gas industries to explore in ultra-deepwater, deep water, and shallow offshore fields. The market is further expected to attain large shares in ultra-deep offshore regions owing to the efficient and cost-effective production method with high yield capacity. The increased installation cost for oil & gas production and transportation facilities in the deep and ultra-deep sea is predicted to further accelerate FPSO demand. Challenging environments and marginal fields are the other factors supporting FPSO market development. Advanced E&P activities in offshore fields are anticipated to strengthen FPSO requirements over the forecast period.
The following Manufacturers are Covered in this Report: Jiangsu Qili, HFM, Nantong Metal forming, Zhejiang Weili, Rongcheng Metal Forming, Schuler, Jier Machine-tool
The global floating production storage and the offloading market can be analyzed on the basis of the following segments-
Based on propulsion, the global FPSO market can be segmented into self-propelled, single-hull, and double-hull. Based on the crucial applications, the global FPSO market can be segmented into deep water, shallow water, and ultra-deepwater. Based on the product type, the global FPSO market can be segmented into new-built, redeployed, and converted. Based on the major operators, the global FPSO market can be segmented into national oil companies, leased operators, large independents, and small independents. Newly built and redeployed product segments are expected to register a considerable growth rate during the forecast period.
South America holds a substantial share in the global FPSO market, owing to enormous investments planned in upstream activity pertaining to ultra-water and deep-water reserves of hydrocarbons. Brazil is foreseen to lead the overall FPSO market on account of extensive development of offshore exploration fields. The National Oil Corporation of Brazil has the most assertive plans for the development of the country's sub-salt hydrocarbon resources, mainly through FPSOs. The development of such efficient programs would offer a huge thrust to the global FPSO market during the forecast period. The Asia Pacific is expected to account for a substantial market share during the forecast period.
Growing privatization and relaxation in the FDI standards are the factors facilitating growth in the FPSO market. Also, government organizations are actively investing in power projects, which in turn, may support the demand for FPSO across the world. The penetration of renewable sources is enhancing, fueling the need for energy and which is anticipated to drive the global FPSO Market.
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Source: EIN Presswire