Impact Assessment of COVID-19 Outbreak on FPSO Market
The global floating production storage and offloading FPSO market is competitive and segmented. Transparency Market Research Market (TMR) report states that there are a few major players in the industry who are relentlessly developing new and innovative designs to penetrate the global market during the forecast period. These prominent players are focused on introducing new strategies like collaborations and partnerships to provide new in the global market. Some of the prominent players operating in the global FPSO vessel market include MODEC, Inc., BW Offshore, Bumi Armada Berhad, Blue Water Energy Services, and SBM Offshore N.V.
Growing demand for alternative sources of oil due to continual depletion of existing oil reserves drives the global FPSO market. The global FPSO market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO market is projected to reach up to US$8.30 bn by the end of 2026.
On the basis of geography, Latin America held a large share until 2016. In the upcoming years Brazil is projected to hold a major share in the global floating production storage and offloading vessel market. Growth in this region is attributed to huge investments in deep water zones. The global FPSO vessel market is segmented on the basis of type such as converted, new build, and redeployed. But, the converted type is likely to hold its prominence in the global FPSO market during the forecast period
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Increased Deep Water Activities Stimulates the Growth of Global FPSO Market
Due to ever going modernization and industrialization across the globe, there’s rising demand for reliable power. This enhances the growth in the global FPSO market. Alternatively, the rise in offshore activities such as deep waters and ultra-deep waters due to rising investments in this area stimulates the FPSO vessel market to grow at a stellar rate. Additionally, increasing consumption oil and gas is expected to increase in development in oil and gas fields. Thus, boosts the global FPSO market to strengthen.
Furthermore, FPSO vessel has capabilities of avoiding emergencies such as cyclones, typhoons, and icebergs by relocating to safer zone. It also extracts the hydrocarbons from the sea bed to process it further. This further act as a catalyst in the expansion of the global FPSO vessel market.
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High Capital Investment to Weaken the FPSO Vessel Market
FPSO vessel market is huge and extensive in nature. Installation of FPSO vessel units require huge capital investments and large financing to support its installation. Moreover, additional costs such as testing, operation, and deployment needs large investments. Increasing labor cost and raw material also adds to the cost. On the other hand, the return on investment is less. Production infrastructure in remote areas are highly challenging and a costly affair. These factors may act as a restraint for the global FPSO vessel market in upcoming years.
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Despite the constraints, the global FPSO vessel market is likely observe an astounding growth due to its ability to remove the need for installing large and fixed oil production platforms anywhere across the globe inclusive of remote areas. Also increasing demand for oil and gas across the globe is expected be an ongoing trend that will stimulate the expansion of the global FPSO vessel market in upcoming years.
This review is based upon the TMR report titled,” FPSO Market (Propulsion – Self-propelled, Towed; Hull Type – Single-hull, Double-hull; Application – Shallow Water, Deep Water, Ultra-deep Water; Type – Converted, New-build, Redeployed; Operator – Small Independent, Large Independent, Leased Operator, Major and National Oil Companies – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
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