Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Escalating demand for oil products coupled with depleting oil reserves has increased the demand for Floating Production Storage and Offloading (FPSO) vessels and equipments. In the offshore oil and gas industry, FPSO is a unit chiefly used for production, storage of oil and processing of hydrocarbons. It is designed to receive produced hydrocarbons from a FPSO unit or subsea template, process them, and further store oil than can be transported through a pipeline or offloaded onto a tanker. These units are usually preferred in the offshore region as they do not require a local pipeline structure to transport oil and are easy to install. Floating production is regarded as a cost-effective method of developing oil and gas fields worldwide. This type of system is increasingly used as the production moves into deepwater. Increased adoption of this unit is likely to be observed in the near future owing to their benefits such as storage capacity and relocation after depletion of the field.
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The overall market for FPSO vessels and equipments can be broadly classified into two categories: FPSO equipments and geographies. On the basis of FPSO equipments, the global FPSO vessels and equipments market can be segmented by identifying the purpose of equipments. The identified purposes of FPSOs are for produced water, seawater injection, crude oil separation, nitrogen generation, fuel gas treatment, and chemical injection. Market segmentation on the basis of equipments for produced water can be done as hydro-cyclones and degassers. On the basis of seawater injection, the market segmentation can be done as reactors, fine filters, and coarse filters. Segmentation on the basis of crude oil separation can be given as desalter and coalescers, electrostatic dehydrators, and heat exchangers. Use of FPSO for nitrogen generation includes storage tanks as one of the major components. Equipments used for fuel gas treatment includes heat exchangers, drums and filter vessels. On the basis of equipments used for chemical injection, the market can be segmented as tanks and vessels.
The market for FPSO vessels and equipments is anticipated to grow substantially in the near future. The primary demand for FPSO vessels and equipments is expected to be fuelled by increased oil and gas demand. Increasing deepwater discoveries in Latin America particularly in Brazil can act as one of the main driver facilitating growth in this market. Depleting oil reserves along with increasing energy consumption substantially increase the need for exploration and production in deepwater and ultra-deepwater discoveries, which involves immense complexities and harsher environment. On the other hand, FPSOs is considered to be one of the most suitable technology for production of oil in extreme climatic conditions and deepwater. Thus, the market is likely to grow significantly with the increased adoption of FPSO vessels and equipments in the near future. Moreover, increasing deepwater discoveries in oil and gas subsea sector is likely to augment growth in the FPSO vessels and equipments market. Ample opportunities of growth exist in areas with largely untapped oil and gas fields.
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Rest of the World (RoW) is one of the leading FPSO vessels and equipments market and is expected to a hold major market share over the forecast period. RoW was dominated majorly by Latin American countries, particularly Brazil. The future growth in this region can be ascribed mainly to increased demand from African and South American countries such as South Africa and Brazil. Asia Pacific and North America accounted for a substantial market share in the FPSO vessels and equipments market and are having moderate demand for the product. The global FPSO vessels and equipments market has witnessed significant growth over the last few years and the same trend is expected to contribute over the forecast period.
Some of the key players in the global FPSO vessels and equipments market include BW Offshore, Exxon Mobil Corporation, JND Technologies, Mitsubishi Heavy Industries Ltd., Minahassa Mechanical Engineering, M. I. LLC., Modec, Inc., Petrobras, and SBM Offshore.
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This research report analyzes this market on the basis of its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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