North America FPSO Market
A significant increase in oil and gas production in deep and ultra-deepwater is the major factor driving the North America FPSO market growth. The industrialization of the deep sea is growing globally. Deepwater areas are one of the important fields for increasing oil and gas reserves and production. Hence, they are emerging as a hotspot for North America oil and gas exploration due to the depletion of easily accessible oil and gas resources and technological improvements.
The FPSO market is stimulated by rising offshore operations in deepwater and ultra-deep seas due to increased investments in such areas. According to EIA, the US produces the bulk of oil and gas from deepwater and ultra-deepwater. Since the last decade, the share of crude oil output from deepwater or ultra-deepwater developments has been growing in this country.
The oil & gas exploration companies, such as Equinor ASA, increasingly focus on deepwater and ultra-deepwater oil and gas extraction. For instance, in 2022, Shell started producing oil at the PowerNap field, with the highest estimated production of 20,000 barrels of oil equivalent per day. Further, in 2018, Equinor ASA Corporation announced that the Equinor ASA-operated Big Foot deepwater project, located in the US has started crude oil and natural gas production. Thus, rising oil and gas production in deepwater and ultra-deepwater is driving the demand for the integration of FPSOs into the ships used to explore oil and gas, which fuels the growth of the FPSO market.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America FPSO market at a notable CAGR during the forecast period.
The North America FPSO market is segmented into water-depth, hull, mooring, construction, and country. Based on water depth, the market is segmented into shallow water, deep water, and ultra-deep water. The shallow water segment held the largest market share in 2021. Based on hull, the market is bifurcated into single hull and double hull. The double hill segment held a larger market share in 2021. Based on mooring, the market is divided into spread mooring and disconnectable mooring. The spread mooring segment held a larger market share in 2021. Based on construction, the market is bifurcated into newly built and converted. The converted segment held a larger market share in 2021. Based on country, the North America FPSO market is segmented into the US, Canada, and Mexico. Further, the US held the largest market share in 2021.
BW Offshore; CNOOC Limited; Energies; Equinor ASA; Exxon Mobil Corporation; MODEC, Inc; Petrobras; SBM Offshore; and Shell Plc are among the leading companies operating in the North America FPSO market.
Strategic insights for the North America FPSO provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,650.80 Million |
| Market Size by 2028 | US$ 2,477.67 Million |
| Global CAGR (2021 - 2028) | 5.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Water Depth
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America FPSO refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America FPSO Market is valued at US$ 1,650.80 Million in 2021, it is projected to reach US$ 2,477.67 Million by 2028.
As per our report North America FPSO Market, the market size is valued at US$ 1,650.80 Million in 2021, projecting it to reach US$ 2,477.67 Million by 2028. This translates to a CAGR of approximately 5.9% during the forecast period.
The North America FPSO Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America FPSO Market report:
The North America FPSO Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America FPSO Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America FPSO Market value chain can benefit from the information contained in a comprehensive market report.
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