market to Exhibit 16.2% CAGR 2015-2021. The global floating, production, storage, and offloading (FPSO) market has been analyzed in a recent market research report published by Transparency Market Research. The report is titled “FPSO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021,” and is available on the company’s website for sale.The report states that the market will expand at an exponential 16.2% CAGR over the forecast period, rising to a valuation of US$43.39 bn by 2021 from US$15.86 bn in 2014.
FPSO refers to the floating vessels located near oil and gas exploration and processing platforms, where oil is processed and stored until it can be transported. FPSOs can either be built especially for the purpose or can be converted from former supertankers.
FPSOs are installed in remote locations at the cost of complex technological installment procedures and high expenses. However, as these vessels eliminate the need for installing large fixed production platforms, their demand has continued to rise over the years.
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In the past few years, the demand for FPSOs has also significantly increased owing to the rising offshore exploration activities across the globe. As onshore oil and gas resources continue to deplete at a constant rate and the demand for oil and gas continues to rise worldwide, oil and gas companies are on the lookout for new resources in deep and ultra-deep sea sites.
This trend will have a major impact on the overall development of the FPSO market over the forecast period.
The market has been segmented on the basis of three broad criteria: Type, depth of water, and geography. The market has been segmented on the basis of type into new-build, redeployed, and converted.
From the perspective of water depth, the market has been examined for shallow water, deep water, and ultra-deep water. From a geographic standpoint, the market has been segmented into Asia, Americas, Europe, Oceania, and Africa.
Of the FPSO vessel types examined in the report, the segment of converted FPSOs dominates the global FPSO market. The primary factor ruling in the favor of this vessel type is the high cost of constructing a new FPSO unit, which, in comparison to the cost of converting an aging hull or a surplus oil tanker, is almost double.
Looking at the rising costs of material and labor, the segment of converted FPSOs can be projected to lead in the coming years as well.
Of the key regional markets for FPSO examined in the report, Americas held the dominant position in 2015 and is expected to lead the global market over the forecast period as well. The presence of vast offshore resources and several leading global oil and gas companies in the region will be the major drivers for FPSO vessels over the forecast period.
The report also includes detailed insights into the competitive landscape of the global FPSO market wherein a thorough overview of the business profile alongside other crucial market-related details pertaining to some of the most influential vendors in the market is provided. The report profiles companies such as MODEC, Inc., Aker Solutions ASA, SBM Offshore N.V., Hyundai Heavy Industries Co., Ltd., Yinson Holdings Berhad, Teekay Corporation, Samsung Heavy Industries Co., Ltd., BW Offshore, Bumi Armada Berhad, and Bluewater Energy Services B.V.
The market has been segmented as follows:
Global FPSO Market: By Type
Global FPSO Market: By Water Depth
- Shallow water
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