May 05, 2020 Xherald --
FPSO Market - Growth, Trends And Forecast (2020 - 2025), This report presents a profound evaluation of basic elements of FPSO industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews thorough analysis of vital segments and regional markets.
The global FPSO market to is expected to grow at a CAGR of more than 6.1%.
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Globally, there are approximately 183 operating FPSO, as of 2018 , with maximum fleets owned by the operators. Contractors do have their own FPSO vessels, but has lower market share than that of the operators. The significant factors that drive the market include the increase in offshore drilling activities, flexibility and the cost associated with the installing the offshore assets as a FPSO is less expensive than building or installing permanent structures. Moreover, FPSO is flexible towards movements, as the aggregate processing and storing facilities are built on a ship, and it can be connected to any pipeline present on an offshore asset. Despite its numerous advantages, FPSO does have few limitations. The conversion time of a ship to FPSO, self-competition of the companies having offshore pipeline infrastructure, and lastly, in few conditions, the initial cost associated with an FPSO is more as compared with the permanent structures.
- FPSO market is segmented by four factors i.e., by Construction, by Ownership, by Water-Depth, and by Geography. During 2018, more than 50% of the market share is dominated by operator owned FPSO while the rest are owned by the contractors.
- FPSO market is more concentrated on the South American region. There are other regions in which offshore drilling activities are taking place. North America and the Middle East are the major untapped regions which has negligible numbers of FPSO and is expected to create an ample opportunity for FPSO market in the near future.
- Geographically, South America is the largest market as compared to other regions as of 2018.
The FPSO Market is competitive owing to the presence of various international and domestic manufacturers. The market appears to be fragmented with the vendors competing in terms of price, capacity, volume, product quality, and technological innovation in the market. Some of the major players in the market are Petrobras, China National Offshore Oil Corporation (CNOOC), Total, Exxon Mobil, Royal Dutch Shell Plc., and Chevron Corporation.
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Operator Owned FPSO to Dominate the Market:
- As of 2018, there are approximately 215 FSPOs (including operational, under-construction and on order) across the world, of which more than 50% of the FPSO is owned by the operators, while the rest are by the contractors. Of the total FPSOs available, nearly 70% of the total FPSO available are constructed by conversion of existing transportation ships.
- During the year 2018, more than 80% of the total FPSOs, owned by the operators and the contractors, are operational. In contrast, less than 10% are available for operation as per market demand, and few are under construction i.e., on order.
- The Petrobras operated P-68 FPSO is one of the prominent operator owned FPSO that has begun oil and gas production from the pre-salt Santos Basin offshore Brazil. Royal Dutch Shell Plc and Total SA are the consortium players along with Petrobras, with minimum share.
- Petrobras, China National Offshore Oil Corporation (CNNOC) and Total S.A are the key operators, that owns nearly 51 FPSO during 2018, with 85% of the FPSO are operational, while rest are on available and on-order.
Furthermore, this study will help to solve the following issues:
Cyclical dynamics -Report foresees dynamics of industries by using core analytical and unconventional market research approaches.
Identifying key cannibalizes - Strong substitute of a product or service is that the most prominent threat. Report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
Spotting emerging trends - Report helps to identify upcoming hot market trends. Report also track possible impact and disruptions which a market would witness by a specific emerging trend.
Interrelated opportunities -This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.