Global Floating Production Storage and Offloading Market 2017-2021
About Floating Production Storage and Offloading
Floating production storage and offloading vessels are offshore production facilities that club both storage and processing equipment for produced hydrocarbons. The basic design of most floating production storage and offloading vessel comprises a boat molded vessel with processing equipment or topsides on the vessel's deck and hydrocarbon storage underneath the dual hull. Floating production storage and offloading vessels store oil or gas after processing and periodically shuttle it to tankers.
Technavio’s analysts forecast the global floating production storage and offloading market to grow at a CAGR of 4.91% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global floating production storage and offloading market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Floating Production Storage and Offloading Market 2017-2021
Technavio recognizes the following companies as the key players in the global floating production storage and offloading market: Bumi Armada, BW Offshore, MODEC, Petrobras, and SBM Offshore.
Other Prominent Vendors in the market are: Bluewater, MISC Berhad, Saipem, Teekay, and Yinson Holdings.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in the number of deepwater and ultra-deepwater drilling projects. As per the US Energy Information Administration, the current oil shock resulted in crude oil price as low as $30.70/bbl. in January 2016, which was the lowest since 2003. As on August 2017, the crude oil price has recovered to $51.70/bbl. Deepwater and ultra-deepwater projects on an average require the oil price to stay above $60/bbl. mark to remain profitable.”
According to the report, one driver in the market is increasing popularity of floating production storage and offloading vessels. Floating production storage and offloading vessels have been in use in the oil and gas industry for over three decades. Such vessels are effective solutions for subsea or deepwater drilling because laying down pipeline infrastructure for offshore production platforms can be very expensive. FPSOs are economical in small and marginal oil fields that deplete in a few years and therefore installing a fixed platform is not cost-effective. With floating production storage and offloading vessels in place, there is no requirement to lay down long-distance pipelines from the oil well to the onshore field.
Further, the report states that one challenge in the market is increasing use of renewable energy. Renewables have now become cost-competitive with fossil fuels and are being used as primary sources of energy in many countries. As per Eurostat, the share of renewables in the gross primary energy consumption in the EU nations is expected to rise by 4% during 2015-2020, owing to supportive government regulations. In 2016, renewable energy accounted for more than 50% share of the energy mix in many countries in Europe, including Norway, Iceland, and Sweden. This is attributed to the imposition of stringent emission norms by the governments all across Europe.
Bumi Armada, BW Offshore, MODEC, Petrobras, and SBM Offshore, Bluewater, MISC Berhad, Saipem, Teekay, and Yinson Holdings.
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