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Asia Pacific FPSO Market Share to Get Significant Proceeds by 2025
Published Date: 2020-03-05
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According to the Graphical Research new growth forecast report titled “Asia Pacific FPSO Market Size By Product, Water Depth, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025”, to Get Significant Proceeds by 2025. Asia Pacific FPSO market size will witness significant growth on account of increasing investments toward oil & gas exploration activities across shallow and deep-water locations. Depleting onshore oil reserves along with the continuous advancements in subsea exploration technologies are among the key factors propelling the industry growth across the region. Furthermore, discovery of unconventional resources including gas hydrates, tight oil and shale gas will further complement the installation of FPSO units across the region.
FPSOs ability to function without a fixed support structure coupled with the growing investments toward marginal oilfields across remote subsea locations are some of the prominent factors favoring the product deployment. Moreover, lower abandonment cost, and lower CAPEX are some of the key features which will further augment the business outlook.
Converted FPSO deployment demand will witness growth on account of ease of availability of retired FPSO and oil tankers. The CAPEX for a converted FPSO is considerably lower when compared to new built vessels of the same category. In addition, minimal resources requirement for the manufacturing of a converted FPSO will further stimulate the product demand in the forthcoming years.
Proximity to onshore support along with the ease of transportation of produced hydrocarbon are some of the paramount factors that will boost the FPSO demand across the shallow water locations. Ease of availability of resources including manpower and materials for shallow water operations will further propel the product deployment over the forecast timeframe. However, susceptibility to bad weather, low damping level, and higher probability of rollover are some of the critical factors that may hamper the product installations across shallow water locations.
Asia Pacific FPSO market will witness substantial growth from deep & ultra-deep subsea locations on account of the growing investment toward the exploitation of existing oil reserves. In addition, growing number of deep & ultra-deep oil exploration projects along with the advancement in drilling technologies are some of the eminent factors that will further complement the business growth.
China FPSO market is set to grow on account of high concentration of vessel manufacturers in the country along with the growing production rate. For instance, According to UNCTAD 2019 statistics, China manufactured around 60% of overall global bulk containers and 45% of offshore vessels in 2018. In addition, adoption of advanced E&P technologies along with the favorable investment scenario will stimulate the industry growth in the country
Key players operating across the Asia Pacific FPSO Market include CNOOC Limited, Bumi Armada Berhad, MODEC, KBR Inc., Woodside Petroleum, BW Offshore, SBM Offshore, Chevron Corporation, Petrobras, Hyundai Heavy Industries, Exmar, Samsung Heavy Industries Co. Ltd., Daewoo Shipbuilding & Marine Engineering, Saipem, Royal Dutch Shell PLC, Technip FMC amongst others.
Asia Pacific FPSO Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Market Share, By Product
- New Built
Market Share, By Water Depth