Ocean View, Delaware, Oct. 17, 2016 (GLOBE NEWSWIRE) --
FPSO Market size is expected to reach over USD 117 billion by 2024, according to a new research report by Global Market Insights, Inc.
Increasing demand of tank vessel conversion into offloading and floating production storage owing to its low cost coupled with enhanced productivity will drive the global FPSO market during the forecast period.
Converted FPSO market in terms of volume was 9 units in 2015, projected to witness gains over 18% subject to its low cost when compared with new built construction. These vessels find wide applications in shallow and deep-water offshore field.
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As of 2016, over 260 floating vessels units are installed mainly in offshore field out of which semis represent 15%, FPSO accounted for 64%, tension lag platform accounts for 10%, production barges represent 2% and production spars 8% of installation.
Redeployed FPSO market size was valued over USD 719 million in 2015, anticipated to witness gains at above 22.3%. It reduces the execution timeline when compared with new built.
Increasing production and exploration in ultra-deep offshore fields will drive new built FPSO market in the near future. Shifting of E&P activities toward offshore field has witnessed moderate growth rate subjected mainly by ultra-deep activities.
Increasing exploration activities in ultra-deep water of offshore field will further compliment the industry in near terms.
Global FPSO market size is classified on the basis of products as converted, new-built, and redeployed. Converted product accounted for over 63% of global revenue in 2015 owing to increasing offshore E&P activities.
On the basis of water depth, FPSO market size has been segmented into shallow water and deep-water, and ultra-deep-water. Deep water segment accounted for over 59% of global revenue share in terms of water depth in 2015.
Browse key industry insights spread across 94 pages with 221 market data tables & 10 figures & charts from the report, “FPSO Market Size By Product (Converted, Redeployed, New Built), By Water Depth (Shallow, Deep, Ultra-Deep), Industry Analysis Report, Regional Outlook (U.S., Norway, UK, Indonesia, China, Brazil, Venezuela, Saudi Arabia, Iran, Nigeria, Angola), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/floating-production-storage-and-offloading-fpso-market
Key insights from the report include:
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FPSO market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in units & revenue in USD million from 2013 to 2024, for the following segments:
FPSO Market By Product
FPSO Market By Water Depth
The above information is provided on a regional and country basis for the following:
North America
Europe
Asia Pacific
Latin America
Middle East
Africa
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.