Global FPSO Market: Rise In Offshore Exploration of Oil and Gas Fuel the Demand
Published On : Nov 13, 2018 | Category : Energy & Natural Resources
The global Floating Production Storage Offloading (FPSO) market is growing at a stupendous rate owing to significant development of offshore oil and gas production. Oil and gas are used at an extensive rate in generating energy, which powers various applications all across the world. Rapid industrialization along with rising urbanization has pushed the oil and gas producers to explore more offshore oil and gas. Aggressive growth of automobile sector is considered to be one most important factors favoring the growth of market as, vehicles these days mostly run on fossil fuels. Rise in disposable income and rising preference to lead a healthy lifestyle is considered to catapult the market growth. Generally, FPSO are used by offshore oil and gas production as these vessels are utilized for processing and manufacturing of hydrocarbons. These are even used for storing and transporting oils through pipelines, thus helping offshore and oil gas producers to concentrate on exploring various areas.
Cost Effective and Efficient Production to Favor Market Growth
FPSO market is anticipated to reach new heights owing to rising share in ultra deep offshore regions. FPSO vessels are cost effective and are considered to be efficient in production, thus making it ideal ultra deep offshore regions. Exorbitant installation costs for oil and gas production allowing with expensive transportation facilities in deep and ultra deep is likely to favor the growth of the market. Apart from these, growing environmental concerned population all over the world is tail winding the market growth.
Numerous Collaborations to Accelerate Development of FPSOs
FSPSO building requires procurement, constructions, commissioning, and engineering. Lot of players in the market are unable to have it at a heavy expense, thus undergo strategic partnerships with major players in the market. This helps the major players to produce floating systems along with FPSOs. It has been duly noted that rising trend of collaboration and partnerships is likely to create new avenues for the market to grow.
Introduction of IoT in FPSO to Boost the Market Growth
Recently, it has been noted that Internet of Things have successfully entered various industries owing to various benefits associated with it. Internet of Things have been seen to enter FPSOs market to change the traditional operational paradigms into digital. The goal to increase the production and reduce costs is making FPSO contractors to tune their various assets. Addition of numerous data is likely to increase the efficiency of a vessel.
North America to Rise above All Due To Mature Oil and Gas Reserves
On the basis of geography, the market is stretched across Middle East and Africa, Europe, North America, Latin America and Asia Pacific. Amongst these Latin America holds a significant share due to presence of numerous players in the region. Important offshore fields are as well present in the region.