Bizizz Market Research has recently published a research report, “Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region – Global Industry Demands Estimation & Forecast 2019-2027”.
As per the report, Global Floating Production Storage and Offloading Market was valued at USD ~19 Bn in 2018 and is anticipated to reach a market value of US $ xx Bn by 2027, witnessing a CAGR of around 5.9% during the forecast period. Key drivers of the market are increase in investments by government to support energy infrastructure growth, rising demand for offshore oil and gas production in countries such as Brazil and Mexico. Moreover, an increase in ultra-deepwater oil and gas production is expected to boost Floating Production Storage and Offloading Market (FPSO) market.
Despite is numerous benefits, FPSO have some limitations such as high conversion time of a ship to FPSO, high competition among companies having offshore pipeline infrastructure. Moreover, high cost of FPSO as compared with permanent structures are expected to hamper the growth of the market.
Floating Production Storage and Offloading Market is Anticipated to register a CAGR of 5.9% during the forecast period
To Have A Glimpse Of The Report Or To Avail The Free Sample Click The Link Below:
The self-propelled segment is estimated to witness major share of floating production storage and offloading global market during the forecast period
Self-propelled segment accounted for a significant share in 2018 and is expected to remain dominant during the forecast period. High initial cost of FPSOs is a barrier for the growth of the market. Many end users prefer self-propelled as it is transportation cost is less and moreover, it takes less time to transport crude oil and natural gas.
North America is estimated to dominate the floating production storage and offloading market during the forecast period.
Increased focus on production activities and offshore exploration in the US are one of the main driving factors boosting the dominance of North America in the market. Increasing investments by the government to support energy infrastructure and rising demand for gas and offshore production in countries are projected to drive the growth of the market. Technological advancements related to FPSOs in the US are expected to boost the growth of the market. Increase in deep and uttra-deepwater oil and gas production in North America is expected to contribute to the growth of the market. Followed by North America, Latin America holds significant share of the market by widespread development of offshore exploration fields. Country holds recoverable reserves from its offshore oil fields and holds maximum number of reserves from its offshore oil fields. Moreover, Petrobras had operated P-68 FPSO as one of the prominent operator FPSO that has begun oil and gas production.
Key players in the floating production storage and offloading market are Keppel Offshore & Ltd, Bumi Armada, Teekay, SBM Offshore, MODEC, Chevron, Shell, ExxonMobil and, Petrobras.
Total S.A., China National Offshore Oil Corporation (CNNOC) and Petrobras are the key operators, that owns nearly 51 FPSOs.
Common strategies followed by key players is to focus on expanding the share of low carbon energy products. For instance, Shell (Netherlands) is focusing on this strategy by increasing the proportion of biofuels, hydrogen and natural gas in its product mix. Some players in the market such as Bumi Armada (Malaysia) utilizes various technologies such as topsides, high-pressure swivels, and marine solutions for designing FPSO. This strategy would help companies to boost their revenue generation in its floating, production, storage, and offloading business.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
About Bizizz Market Research:
Bizizz Market Research (BMR) is an unique market research, consulting, and business solution organization that offers best strategic and tactical support to customers to enhance their business decision process. BMR team is full of impassioned & dedicated experts who thrives to give their very best to their clients and always ready to take any challenge.
Our expanding team of professionals & experts from a wide array of streams and vertical has critical problem solving skills, innovative approaches and research techniques to deliver best solution to our clients. We continuously pushing our capabilities to enhance our services and setting higher quality goals each day. BMR offers syndicated reports, custom reports and consulting services to our clients. We are capable of catering the market research demands of individuals and organizations of various industries across different geographies with utmost data accuracy in minimal turnaround time.
Contact Us :
Bizizz Market Research
410 E Santa Clara Street, Unit #762
San Jose, CA 95113
Phone :+1 408-622-0123
Email : email@example.com
Website : www.bizizzmarketresearch.com