Currently, the market is controlled by the improved FPSO systems sector. On the other hand, the demand for new-build FPSO systems has reduced owing to the decreased costs of oils in oil and gas exploration industries.
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In addition to this, the political and territorial disagreements, and environmental disputes related with offshore oil production are also hindering the market growth. But, as the need for oil is only growing, the oil price issue and territorial arguments will find itself being solved.
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Shallow water depth was expected to reach a larger market size from its current size as it is expected to have high CAGR during the forecast period. Ultra-deep segment will observe reasonable growth in the forecast period owing to transfer of exploration and manufacturing activities towards offshore field.
FPSOs eradicate the need to lay exclusive long-distance pipelines from the processing capacity to an onshore terminal. This can provide an economically eye-catching solution for minor oil fields, which can be drained in a few years and do not justify the expenditure of installing a pipeline.
Furthermore, once the field is exhausted, the FPSO can be moved to a new location.
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North and Latin America are leading the market followed by the other regions. This is due to the growth in the investments in the investigation and production, especially in Brazil and Gulf of Mexico, which are acting as the most potential markets for FPSOs in the Americas.
Some of the key players of global FPSO Market are Bumi Armada Berhad, MODEC, Inc., BW Offshore, Bluewater Energy Services B.V., COSCO Shipyard Group Co. Ltd., Yinson Holdings Berhad, Sembcorp Marine Ltd., Hyundai Heavy Industries Co., Ltd., Teekay Corporation, and SBM Offshore N.V.
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