FPSO Market - Positive Long-Term Growth Outlook 2021 FPSO Market

Rising
Oil
and
Gas
Exploration
in
Unconventional Locations to Drive Global FPSO
Market to US$43.4 bn by 2021
A recent market research report published by Transparency Market Research gives a
thorough analytical account of the present state of the global FPSO market and
forecasts the future growth prospects of key market segments over the period
between 2015 and 2021.The report, titled “FPSO Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast, 2015 - 2021,” states that the market will
expand at an exponential CAGR of 16.2% between 2015 and 2021, and rise to a
valuation of US$43.4 bn by 2021, from US$15.9 bn in 2014.
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Floating, production, storage, and offloading (FPSO) vessels are used for extracting
or receiving raw hydrocarbons from sea beds, which are then processed in onboard
processing facilities. These vessels are a part of floating production systems and are
also equipped with temporary onboard storage facilities. As the installation of fixed
processing and production facilities in remote oil and gas production areas is
technically complex and costly, the demand for FPSOs, which exclude the need for
fixed processing facilities, has seen a significant rise in the past few years. The rise
in demand corresponds to the global rise in oil and gas production activities from
remote locations (deepwater and ultra-deepwater).
The report segments the global FPSO market on the basis of type, water
depth, and geography.
On the basis of type, the market has been segmented into converted FPSO systems,
new-build FPSO systems, and redeployed FPSO systems. Of these, the market is
presently dominated by converted FPSO systems and the demand for new-build
FPSO systems has come down as oil and gas exploration companies are keen on
cutting costs post the historic steep decline in oil prices during 2014-2015.
On the basis of water depth, the market has been segmented into shallow water,
deepwater, and ultra-deepwater systems.
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