Shibuya-ku, Tokyo, Japan, Japan, Jan 07, 2022, 01:50 /Comserve / -- 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.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
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. 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.
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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.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Floating Production Storage and Offloading Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)
Breakdown of Primaries:
In-depth interviews were conducted with key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I–60%, Tier II–27%, and Tier III–13%
By Designation: C-level–55%, Managers–30%, and Others*–15%
By Region: Americas- 42%, Asia Pacific- 24%, Europe- 18%, Middle East & Africa- 16%
The floating production storage and offloading market is dominated by a few major players that have a wide regional presence. 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).
Research Coverage:
The report defines, describes, and forecasts the floating production storage and offloading market, on the basis of type, propulsion, hull type, usage, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, future trends, and market estimates, in terms of value, in the floating production storage and offloading market.
TABLE OF CONTENT
TABLE OF CONTENTS
1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 MARKET SEGMENTATION 17
1.3.2 REGIONAL SCOPE 17
1.3.3 YEARS CONSIDERED FOR THE STUDY 18
1.4 CURRENCY 18
1.5 LIMITATIONS 18
1.6 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 SCOPE 20
2.2 MARKET SIZE ESTIMATION 21
2.2.1 DEMAND-SIDE ANALYSIS 21
2.2.1.1 Assumptions 21
2.2.2 SUPPLY-SIDE ANALYSIS 21
2.2.2.1 Assumptions 21
2.2.2.2 Calculation 21
2.2.3 FORECAST 22
2.3 SOME OF THE INSIGHTS OF INDUSTRY EXPERTS 22
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