FPSO Market, Size, Share, Outlook and Growth Opportunities 2021-2028
Added: (Fri Nov 26 2021)
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Market Overview
•The Global FPSO Market is expected to grow at a CAGR of 12% during the forecasting period (2019-2026). The global FPSO market is segmented on the basis of type, carrier type, water depth, and by hull type. The double hull type segment is expected to dominate the market share in the forecast period. New regulations on the prevention of oil pollution from oil tankers when carrying heavy grade oil (HGO) are currently in place. According to these regulations, single-hull tankers are restricted from carrying heavy grade oil if the capacity of the tanker is more than 5,000 tons DWT.
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Market Segmentation
•The global FPSO market is segmented by carrier type as Converted Ship, New Build Ship, and Redeployed. The converted carrier segment dominates the market owing to low capital requirements and faster deployment. Converted FPSO refers to the modification of an existing transportation vessel, usually a crude oil shuttle tanker. The conversion of a transportation vessel into an FPSO is a common practice used in multiple situations such as costs reduction, shorter lead time or asset management. Moreover, shipyards may be able to perform this conversion while a few will have the capacity to hold the hull of a new-build FPSO in construction. The shorter time, less expenditure, and easy deployment are the prime drivers boosting the growth of the converted segment in the global FPSO market. The global FPSOs market has witnessed a moderate growth over the past couple of years owing to increased demand for FPSO.
Geographical Analysis
•South America region has the largest share in the global FPSO market, owing to huge investments premeditated in upstream into deep-water reserves hydrocarbons. The increasing oil prices have boosted the market sentiment and would propel market growth. South America is followed by Asia-Pacific and the Rest of the World. The Middle East is a prominent region within rest of the world segment and will provide a lucrative opportunity for the market in the near future. North America FPSO market is estimated to be around 1.33 billion in 2017 and is expected to grow at a CAGR of YY% from 2019 to 2026.
•On November 18th, 2019, International maritime payment solutions provider, Ship Money launched a new initiative: Ship Money Cares. Ship Money Cares will be managed by ISWAN and is designed to provide one-time financial grants to seafarers in need, which could include medical or educational support. Ship Money along with its strategic remittance partners will make a sizable annual donation to the program. There is a maximum grant of $500 and seafarers can apply once a year.
•In June 2019, Ship Money has extended its maritime payment services agreement with the UK-based shipping company Helikon Shipping Enterprises Limited into a long-term multi-year relationship.
•In April 2019, Ship Money rolled out innovative crew payment solutions across Tsakos Columbia Shipmanagement Fleet
•In January 2018, Brightwell Payments, Inc., a maritime payments and technology company has extended its agreement with Norwegian Cruise Line and leveraged the Brightwell Navigator payments platform, a web-based technology that delivers access to money transfer services and Brightwell's
•Ocean Pay® Visa® Prepaid Card, to meet the needs of 16,000 geographically dispersed, multinational shipboard employees across its fleet.
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