The
FPSO market was valued at US$15.86 bn in 2014 and is expected to
reach US$43.39 bn by 2021, growing at a CAGR of 16.2% from 2015 to
2021.
Oil
remains the major choice of fuel for the purpose of transportation
and is not expected to change materially in the foreseeable future.
Deepwater oil discoveries is gaining significant importance
attributed to the rapid depletion of onshore existing oil fields and
no significant discoveries of new fields in the past few years. Due
to this factor, oil and gas companies have pushed exploration
offshore for discovering new oil reserves. During the past six years,
around 50% of the offshore discoveries have been in deepwater and
ultra-deepwater. Due to this factors demand for FPSOs for offshore
oil and gas production is expected to see a robust growth during the
forecast period.
FPSO
industry is capital intensive in nature. It requires high initial
investment and substantially huge financing for construction or
building of a new FPSO unit. Building a new FPSO cost around USD 2.5
to 3 billion, however a cost of conversion of a surplus oil tanker or
aging hull is around USD 1.5 to 2.0 billion. Additionally, operation,
testing and deployment costs add to the total investment in a FPSO
vessel. Furthermore, rising cost of materials and high labor cost due
to inflation is further affecting the return of investments (ROI) of
FPSO operators. All these factors are posing as a major restraint for
the growth of FPSO market during the forecast period.
Presently,
the market is dominated by converted FPSO unit than a new build FPSO
vessel. Opportunities in FPSO market lies in increasing demand for
conversion of oil tankers into a FPSO vessel. FPSO builders are
increasingly focusing on acquiring former oil tankers and converting
it into an advanced FPSO vessel. Moreover, opportunities lies in
collaboration and partnership among various players present in
different stages of the value chain of FPSO industry aimed at faster
deployment and construction of FPSO vessel.
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Geographically,
Americas led the FPSO market in 2015 and the region is expected to
continue its dominance till 2021. Growth in this region is attributed
to the increasing investment in exploration in offshore of Brazil and
development of new oil fields in the region. Additionally, Africa
region is also expected to see a robust growth during the forecast
period attributed to the rise in demand for installation of FPSO
units in the fields of Angola, Ghana, Nigeria and Guinea.
Key
players have also been profiled on the basis of company overview,
financial overview, business strategies and recent developments in
the field of FPSO industry. Major market participants profiled in
this report include MODEC, Inc. (Japan), SBM Offshore N.V.
(Netherlands), BW Offshore (Norway), Bluewater Energy Services
B.V.(Netherlands), Aker Solutions ASA (Norway), Hyundai Heavy
Industries Co., Ltd. (South Korea), Bumi Armada Berhad (Malaysia),
Yinson Holdings Berhad (Malaysia), Teekay Corporation (Bermuda) and
Samsung Heavy Industries Co., Ltd.
The
report studies the global FPSO market, and provides estimates in
terms of revenue (USD Billion) from 2015 to 2021. Market estimates on
the basis of type and water depth for each region. The market has
been segmented as follows
Global
FPSO Market: By Type
Converted
New-build
Redeployed
Global
FPSO Market: By Water Depth
Shallow
water
Deepwater
Ultra-deepwater
The
report provides a cross-sectional analysis of all the above segments
with respect to the following regions:
Global
FPSO Market: By Geography
Americas
U.S.
Canada
Mexico
Brazil
Europe
U.K.
Norway
Italy
Asia
India
China
Southeast
Asia
Africa
West
Africa
Rest
of Africa
Oceania
Australia
New
Zealand
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Contact
Mr.
Sudip S.
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