Adoptability for operation in deep well and high return on investment create new growth opportunities for the Floating, production, storage, and offloading (FPSO) market.
Floating, production, storage, and offloading (FPSO) unit is used in oil & gas industry to manufacture and process hydrocarbons and for storage of oil. This unit is designed to accumulate hydrocarbons produced by the production plant, and stores them until they are offloaded into a tanker or transferred through a pipeline.
In addition, these units are effective in deep water or remote locations, where seabed pipelines are not affordable. Moreover, the need to install long-distance pipelines from the processing facility to onshore points is eliminated, which presents an affordable solution for smaller oil fields.
Furthermore, on depletion of fields, the unit can be shifted to a new location.
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Growth in demand for exploration & production in offshore fields and increase in demand for converted FPSO are factors that fuel the growth of the FPSO market. However, low crude oil prices limit the market growth.
The global FPSO market is segmented on the basis of product type, depth, and geography. Based on product type, the market is classified into converted, redeployed, and newly built.
Water depth segment is categorized into shallow water, deep water, and ultra-deep water. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key players operating in the global FPSO market are
-SBM Offshore N.V.,
-Hyundai Heavy Industries Co. Ltd.,
-Yinson Holdings Berhad,
-Aker Solutions ASA,
-Samsung Heavy Industries Co. Ltd.,
-Bluewater Energy Services B.V., and others.
These players have adopted product launches, merger & acquisition, expansion, collaborations, joint ventures, partnerships, and others to strengthen their position in the industry.
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