Shallow Depth FPSO Vessels to Dominate South America FPSO Vessel Market During Forecast Period
Growing focus on offshore exploration and production
activities is expected to drive the growth of South America FPSO vessel market
According to
TechSci Research report, “South America FPSO Vessel Market By Product Type, By Carrier
Type, By Water Depth, By Propulsion, By Country, Forecast & Opportunities,
2024”, the South America FPSO vessel market is
expected to grow at a formidable rate over the coming years on account of the depleting
onshore oil reserves. Additionally, the increase in spending by oil & gas
companies toward exploration and development of deep-water projects are further
anticipated to propel the market during forecast period. However, the installation of FPSO
vessel units requires high capital investments, this can hamper the growth of
the market in the coming years. Additionally, the return on investment is very less
and setting up production infrastructure in remote areas is highly challenging.
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The South
America FPSO vessel market is segregated into various categories, namely by product
type, carrier type, water depth, propulsion, company and region. Based on water
depth, the market can be categorized into shallow, deep and ultra-deep. The
shallow depth segment dominates the market attributable to the closeness to the
onshore support and easy transfer of processed hydrocarbons. Based on
propulsion, the market can be fragmented into self-propelled, towed,
single-hull and double-hull. The self-propelled segment is expected to dominate
the market since it can move without any external propulsion and the
transportation cost is lower than the other types. The double-hull segment is
expected to witness significant growth during forecast period because they
protect the vessel from marine pollution and water ingression.
Petrobras, ExxonMobil,
Equinor, Premier Oil, Enauta, Karoon Energy, Bumi Armada, BW Offshore Limited, Hyundai
Heavy Industries, Samsung Heavy Industries and others are some of the
leading players operating in South America FPSO vessel market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“The FPSO vessel
market in South America is expected to witness exponential growth during the
forecast period on account of the increasing investments to support energy
infrastructure growth in the region. Additionally, discovery of
vast oil reserves in pre-salt geological layers coupled with favorable
government policies is further anticipated to spur the market growth through
2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“South America FPSO Vessel Market By Product Type, By Carrier
Type, By Water Depth, By Propulsion, By Country, Forecast & Opportunities,
2024” has evaluated the future growth
potential of South America FPSO vessel market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in South
America FPSO vessel market.
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