Technavio, a tech-focused market research firm, has published a new report on the global FPS market, which is expected to experience a progressive growth rate with a CAGR of close to 18% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global FPS market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment global FPS market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global FPS market for 2015 (market share %)
|
Americas |
50% |
|
EMEA |
32% |
|
APAC |
18% |
Source: Technavio
The Americas: Largest revenue generating region for FPS market
The FPS market in the Americas was valued at almost $9 billion in 2015 and is expected to grow at a CAGR of over 21% by 2020. The Americas have a plenty of oil and gas reserves making it the leading region in the market. New discoveries made in the recent times, have increased off-shore drilling activities in Latin American countries like Brazil, Mexico, and Venezuela. Moreover, the ultra-deepwater discoveries in Latin America will boost investments in the sector and propel the demand of FPS in the American market.
“Liquefied natural gas is one of the most cost-effective fuels in terms of transportation over long distances. The US has large shale gas reserves, and Canada has natural gas reserves making the Americas a popular export-oriented region. Such opportunities in the area is also attracting investments and projects from the top FPS vendors,” says Sayani Roy, a lead analyst at Technavio, specializing in research on oil and gas.
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FPS market in EMEA
The FPS market in EMEA was valued at around $5 billion in 2015 and is expected to grow at a CAGR of over 13% by 2020. The major companies are focusing on exploration and increasing offshore drilling activities in the North Sea area. As a result, the market in EMEA has a surge in the demand for FPS. The major shares in some drilled offshore European nations like the UK and Norway will propel the growth of the market in this region. Recently, there has been two new discoveries in Kwanza Basin of Angola and ultra-deepwater discovery in West Africa. These were deepwater pre-salt discoveries and are expected to attract huge investment for FPS units. Moreover, the new construction of LNG re-gasification terminals will boost the investment opportunities in the market in EMEA. Some of the other growth drivers in the market include recent recovery of the crude basket prices, restoration of regasification units which are at various stages of under construction, planning, and proposal, and commencement of new projects.
FPS market in APAC
The FPS market in APAC was valued at around $3 billion in 2015 and is expected to grow at a CAGR of over 13% by 2020. Countries like Japan, China, Taiwan, and India have signed long-term contracts with various countries for the supply of LNG. The largest LNG reserves in APAC is in Australia and its current export capacity is anticipated to increase with more discoveries of natural gas reserves. Recently, in Queensland, Australia the world’s first coal seam gas plant was converted into an LNG plant. Countries like India and China are striving hard to reduce their coal dependency and have shifted to renewables which has led to the construction of three regasification units. Natural gas-based power plants are the most effective solutions to satisfy the expansive power demands and many coal producing countries in the region are focusing on renewable energy plans. The regasification terminals and new discoveries for the natural gas will propel the growth of the FPS market in this region.
The top leading vendors operating in the global FPS market are:
- BW Offshore
- Chevron
- Petrobras
- Shell
Other prominent vendors in the market include Golar LNG, Petronas, MODEC, SBM Offshore, TOTAL, and BP.
A more detailed analysis is available in the Technavio report titled, ‘Global FPS Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Oilfield Market 2016-2020
- Global Floating LNG Market 2015-2019
- Global Floating Production Storage and Offloading (FPSO) Market 2015-2019
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