Press Release

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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