Yahoo Finance By 2028, Global Demand for Floating Production Storage and Offloading Market Will Surpass USD 33.61 Billion at 6.29% CAGR Growth: Says Vantage Market Research (VMR)
WASHINGTON, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global Floating Production Storage and Offloading Market size is expected to reach USD 33.61 billion by 2028, exhibiting a CAGR of 6.29% during the forecast period. This is attributable to the increase in deep and ultra-deep-water oil & gas production coupled with technological advancements of FPSOs over other production system. Moreover, rise in oil & gas consumption chiefly in power generation and transportation industry is likely to shift global floating production storage and offloading market, states Vantage Market Research, in a report, titled “Floating Production Storage and Offloading Market Size, by Type (Converted, and New-Build), Propulsion (Self-Propelled, and Towed), Hull Type (Single Hull, and Double Hull), and Usage (Shallow Water, Deepwater, and Ultra-Deepwater): Global Market Assessment, 2021 - 2028
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the floating production storage and offloading. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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Impact Analysis 160 Pages Research Report (Including latest research)
Provide chapter-wise guidance on request 2020 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using VMR research methodology.
The report on Floating Production Storage and Offloading Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Market Overview:
Increased Focus on Offshore Exploration & Production Activities to Stimulate Floating Production Storage and Offloading Demand
Currently, offshore production signifies one-third of the global crude oil output and one-fourth of global gas production, thus playing a crucial role in the global energy supply demand. Oil and gas exploration and production continue to be undertaken by developed countries like U.S., UK, Denmark, Norway and the Netherlands. Denmark, which is considered as a global leader in renewable energy, was awarded with exploration licences in 2016, with both Norway and the UK introducing exploration authorizing in 2017. In Europe, 178 exploration wells were estimated to be drilled in 2018 which was slightly more than 169 in 2017, and in 2016, 137 exploration wells were projected to be drilled. Furthermore, in 2019, CNOOC Company discovered large volumes of gas/condensate in the Central Graben Glengorm well; around 250 MMboe recoverable resources were estimated. Thus, the increasing production and exploration activities are expected to open new opportunities for floating production storage and offloading market.
Browse 305 market data Tables and 50 Figures spread through Pages and in-depth TOC on "Floating Production Storage and Offloading Market, by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" Report at https://www.vantagemarketresearch.com/insight/press-release/floating-production-storage-and-offloading-market-market-083531
Rise in Energy Demands to Shift Global Floating Production Storage and Offloading Market
The emerging demand from developing economies is the primary driver for floating production storage and offloading market. According to IEA report on global energy demand, an intergovernmental organisation, the worldwide energy demand estimated to increase by 4.6% in 2021 that is more than offsetting the 4% contraction in 2020. It also projected that, almost 70% of the increase in demand is from emerging markets and developing economies, where demand is set to rise to 3.4% above 2019 levels. Additionally, the current economic outlooks of global GDP are anticipated to surpass the 2019 levels, which will further increase the global energy demand.
Advancements in Technologies to Support the Growth of the Market
The oil and gas is undergoing digitization for operational procedures in order to stimulate efficiency and reduce costs. The rise in integration of technologies like big data, analytics, IoT has resulted in increased efficiency. These technologies have the ability to automate highly sensitive tasks and perform them very precisely. The analytical tools and predictive analytics can be used to determine the success rates, scope and also estimates topside components. The technological advancements in FSPO have helped extend the life of many older vessels and also help in measuring the fatigue of vessels. With the employment of data technologies, the companies can now have data on mooring systems, hulls, processing equipment and other components. Furthermore, companies are adopting drone technologies to reduce costs and this is set to accelerate the growth of the market.
Regional Analysis:
The Middle East & Africa is Likely to Dominate the Global Floating Production Storage and Offloading Market
The Middle East & Africa is predicted to be prominent region in the global floating production storage and offloading market during the forecast period. This is owing to the increase in investments in the oil and gas exploration and production and deep-water oil field discoveries in the region. Furthermore, Brazil also shows lucrative growth in the years to come. This is owing to the supportive government measures and initiatives towards the development of upstream operations, including energy and power.
The Asia Pacific and Europe are likely to witness substantial growth in the floating production storage and offloading market during the forecast period. This is attributable to the rising energy demand from economies like the China, Japan, and India.
Browse Summary of this Research Report: https://www.vantagemarketresearch.com/industry-report/floating-production-storage-and-offloading-market-market-0970
List Of Prominent Players in the Floating Production Storage and Offloading Market:
Sr. No. | Companies | Headquarters |
1. | Petrobras | State of Rio de Janeiro, Brazil |
2. | China National Offshore Oil Corporation (CNOOC) | Beijing, China |
3. | Exxon Mobil Corporation | Texas, United States |
4. | Total S.A | Courbevoie, France |
5. | Chevron Corporation | California, United States |
6. | SBM Offshore | Amsterdam, Netherlands |
7. | BW Offshore | Oslo, Norway |
8. | MODEC, Inc. | Tokyo, Japan |
Important questions answered in this report:
What is the estimated market size and growth rate of the floating production storage and offloading market?
Which segments are included in the floating production storage and offloading market?
Which top companies are active in the floating production storage and offloading market?
What are the major driving factors for the growth of the floating production storage and offloading market?
How can I get free sample reports or study of floating production storage and offloading market?
Recent Developments in the Industry:
1. November 2021: Petrobras announced that it signed a Letter of Intent with Yinson Production PTE Ltd. for the chartering and provision of FPSO services for the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the northern part of the Campos Basin.
2. September 2021: ExxonMobil announced it made a discovery at Pinktail in the Stabroek Block offshore Guyana. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs.
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This market titled “Floating Production Storage and Offloading Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Report Attribute | Details |
2028 Value Projection | USD 33.61 billion |
Forecast Period 2021 to 2028 CAGR | 6.29% |
Base Year | 2020 |
Historic Years | 2016 - 2019 |
Forecast Years | 2021 - 2028 |
Segments Covered | Type:- Converted, and New-Build |
Quantitative Data - Units | Revenue in USD Million/Billion |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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