London, 19 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the global FPSO market 2015-2019, which is expected to grow at a CAGR of 12.9% during the forecast period of 2014-2019.
Maturing onshore oil reserves coupled with rapidly increasing energy consumption is substantially increasing the need for deepwater exploration and production, which involves immense complexities and harsh environments. FPSO is considered to be one of the most suitable FPS technologies for production of oil in extreme climatic conditions and deepwater areas.
“The huge energy demand requires operators to search for reserves in remote deep and ultra-deepwater locations, which involves coping with harsh environments and associated complexities,” says Faisal Ghaus, Vice President of Technavio.
“FPSO technology is considered the most suitable technology for oil production in deepwater and extreme climatic conditions.”
Key Market Drivers
- Advantages of FPSO
- Maturing Onshore Oil Reserves
- Increase in Global Oil and Gas Consumption
- Growing Need for Energy Security
Key Market Trends
- Rapid Advances in Technology
- Increase in Deep and Ultra-deepwater Discoveries
- Growing Demand for FPSO Units
- Increase in Investment by Market Vendors
Key Market Vendors
- BW Offshore AS
- Chevron Corp.
- China National Offshore Oil Corp. (CNOOC)
- ExxonMobil Corp.
- Petrobras
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
