DUBLIN--(BUSINESS WIRE)--The "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 Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The floating production storage and offloading market is projected to reach USD 26.0 billion by 2024 from an estimated USD 19.5 billion in 2019, recording a CAGR of 5.9% during the forecast period.
An increase in the deep- and ultra-deepwater oil & gas production and cost-efficient procedure of oil & gas production are factors projected to drive the demand for the floating production storage and offloading market, globally.
The converted segment is projected to dominate the floating production storage and offloading market during the forecast period
Utilizing the old transportation vessel for various applications is projected to be one of the leading trends due to various challenges related to the decommissioning of existing structures, such as decommissioning methodology, cost, technology, facility removal regulations, and disposal routes. Hence, the demand for converted FPSOs remains higher than the new-build FPSOs.
The self-propelled segment is projected to dominate the floating production storage and offloading global market during the forecast period
Low transportation costs and time to transport crude oil and natural gas to end-user industries, such as refineries and gas liquefaction plants, directly from the offshore production facilities are factors that are projected to drive the demand for self-propelled FPSOs in the floating production storage and offloading market.
The Americas is projected to dominate the floating production storage and offloading market during the forecast period.
The floating production storage and offloading market in the Americas is projected to grow at the fastest rate during the forecast period. Increasing investments by the government to support energy infrastructure growth and rising demand for offshore oil & gas production in countries such as Mexico and Brazil are factors that are projected to drive the growth of the floating production storage and offloading market.
The leading players include the Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), Petrobras (Brazil), Chevron (US), MODEC (Japan), Teekay (Bermuda), SBM Offshore (Netherlands), and BW Offshore (Norway).
- Increased Focus on Offshore Exploration & Production Activities
- Increase in Deep- and Ultra-Deepwater Oil & Gas Production
- High Initial Cost of Building FPSOs
- Volatile Oil & Gas Prices
- Technological Advancement of FPSOs Over Other Production Systems
- Increasing Usage of Renewable Energy
- Decommissioning of Existing Infrastructures
- Bluewater Energy Services
- Bumi Armada
- BW Offshore
- SBM Offshore
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