Cryogenic Equipment Market 2025 Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Revenue

The cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Increasing demand for industrial gases and investments in LNG infrastructure is driving the cryogenic equipment market. Moreover, the increasing demand for industrial gases from cryogenic energy storage and cryoelectronics manufacturing is likely to bring opportunities for the cryogenic equipment market.

The vaporizer segment is expected to grow at the highest CAGR from 2020 to 2025.

Cryogenic vaporizers are used for high volume vaporization and regasification of industrial gases like LNG to release them in a controlled flow. The various types of vaporizers are ambient vaporizers, water bath vaporizers, shell and tube vaporizers, electric vaporizers, and well service vaporizers. Industries like metallurgy and chemicals are observing increasing consumption for industrial gases. For this, the industries have to set up air separation units at their manufacturing sites. These air separation units involve different types of vaporizers for converting the cryogenic liquid back into gaseous form for end-use purposes. These factors have increased the demand for vaporizers.

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The Nitrogen segment is expected to lead the global cryogenic equipment market during the forecast period.

Nitrogen is mostly used in industries like energy & power for enhanced oil recovery. It is mostly used in fertilizer and chemical industries. Fertilizer is the major consumer of nitrogen. In 2019, According to the National Center for Biotechnology Information, every year, 50 million tons of nitrogen are produced. This growth rate stimulated the demand for equipment to handle and manage the Nitrogen. However, the cryogen equipment market for nitrogen is mature; thus, there is a lesser year on year demand for nitrogen handling and cryogenic transportation equipment.

The electronics segment is expected to grow at the highest CAGR in the global cryogenic equipment market during the forecast period.

Cryogenics has vast applications in the electronics industry. Cryogenic processing extends the life of the circuit boards. They are also employed in switching devices, semiconductor, and superconductor devices since low temperature decreases the resistance of materials. Cryogenic milling and freezer grinding are some of the other processes that happen in the electronic industry. Cryogenic equipment such as semiconductor grade vaporizers and tanks are commonly used. Increasing the construction of air separation units for the electric industry is likely to drive the cryogenic equipment market during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the cryogenic equipment market.

Some of the key players are Linde plc (Ireland), Chart Industries (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), and Cryofab (US). The leading players are adopting various strategies to increase their share in the cryogenic equipment market. Contracts & agreements, and mergers & acquisitions have been a widely adopted strategy by the major players in the cryogenic equipment market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Steam Boiler System Market Expected to Witness the Highest Growth during 2018-2023

The steam boiler system market is expected to grow from an estimated USD 17.66 billion in 2018 to USD 21.63 billion by 2023, at a CAGR of 4.13%. Increase in demand for electricity is forcing the National Governments to increase power generation capacity by setting up new power plants which is driving the demand for steam boiler system in power plants. The increasing number of manufacturing and process industry specifically in Asia Pacific is also increasing the demand of steam boiler systems.

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Water-tube boiler is expected to be the fastest growing market for steam boiler system, by type, during the forecast period.

Water-tube boiler segment led the steam boiler system market in 2017. Water-tube boilers are more efficient than fire-tube boilers. Water tube boilers have larger boiler capacities, higher pressure levels, and the ability to provide high steam temperatures of up to 650 °C. Such boilers are mostly used in power generation utilities. The rise in the consumption of electricity and increasing energy prices is likely to drive the steam boiler system market during the forecast period.

Biomass-fired steam boiler, by fuel, is expected to grow at the highest CAGR during the forecast period.

The biomass-fired steam boiler segment is projected to grow at the highest CAGR from 2018 to 2023. The primary source of fuel for such kind of biomass-fired steam boilers includes crops and wastes such as rice husk, wood, sawdust, forest and mill residue, fast-growing trees and plants, and industrial waste. Biomass can be used in two different ways to produce heat, namely, directly via combustion or indirectly by converting it into various types of fuels such as methane gas, ethanol, and biodiesel. The heat produced by burning biomass can be used to heat homes, generate electricity, and power vehicles.

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Scope of the Report:

By Component

• Boiler
• Economizer
• Superheater
• Air Preheater
• Feed Pump

By Type

• Water tube Boiler
• Fire tube Boiler

By Fuel

• Coal-fired Steam Boiler
• Gas-fired Steam Boiler
• Biomass-fired Steam Boiler
• Oil-fired Steam Boiler
• Electric Steam Boiler

By End-User

• Power Generation
• Oil & Gas
• Chemical
• Process Industry
• Primary Metals

By Region

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Asia Pacific: The leading market for Steam Boiler System

In this report, the steam boiler system market has been analyzed with respect to 5 regions, namely, the Asia Pacific, North America, South America, Europe, the Middle East, and Africa. The Asia Pacific led the global steam boiler system market in 2017. China is expected to lead the Asia Pacific steam boiler system market during the forecast period and is projected to grow at the highest CAGR from 2018 to 2023. Power plants are one of the major end-users of steam boiler systems in China.  The country is one of the largest consumers of electricity in the world and to meet the growing demand for power; it is investing heavily in setting up new plants across all provinces to ensure steady power supply across industries. According to the EIA’s International Energy Outlook 2017, China is the world’s largest consumer of coal and consumption of coal in the power sector is expected to reach 4,800 million metric tons by 2018. Thus, factors such as increased investments in the power generation sector to meet the increasing demand for power is likely to drive the steam boiler system market during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the steam boiler system market. The key players include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea). The leading players are adopting various strategies to increase their shares in the steam boiler system market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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CNG Dispenser Market 2018: key players, growth and demand drivers to 2023

The CNG dispenser market is projected to reach USD 225.5 million by 2023. The global CNG dispenser market is expected to grow from an estimated USD 155.2 million in 2018 to USD 255.5 million by 2023, at a CAGR of 7.76% from 2018 to 2023. The market is set to grow due to stringent emission policies across all countries. Many other countries across the world planned to reduce emissions by a certain level by 2020 at the United Nations Framework Convention on Climate Change held in 2015. New emission policies are likely to get introduced by 2019 or 2020, depending on the largest achievement and are expected to create opportunities for CNG vehicles.

The fast fill segment is expected to hold the largest share of the CNG dispenser market, by type, during the forecast period.

The CNG dispenser market has been segmented, by type, into fast fill and time fill. The fast fill segment is expected to be the largest because CNG at fast fill stations is often stored in vessels at high service pressure, which helps in delivering the fuel faster.

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Company owned & company run segment is the fastest growing CNG dispenser market, by distribution, during the forecast period.

The CNG dispenser market has been segmented, by distribution, into company owned & company run, company owned & dealer run, and dealer owned & dealer run. The company owned & company run segment is estimated to hold the largest share of the market during the forecast period because the operational improvement program reduces the cost and complexity in line. The primary purpose is to focus on the structure and size of the organization. 

The 1–100 kg/min segment is expected to dominate the CNG dispenser market, by flow rate, in 2018.

The CNG dispenser market has been segmented, by flow rate, into up to 15 kg/min, up to 50 kg/min, and up to 100 kg/min. The up to 100 kg/min segment is estimated to hold the largest market share by 2023. This type of flow is suited for light-duty vehicles that require quick filling. For instance, vehicles such as vans, pickups, and sedans need random refueling.

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Asia Pacific is expected to be the leading market for CNG dispenser during the forecast period.

Asia Pacific is expected to dominate the CNG dispenser market during the forecast period. A wide variety of industries such as manufacturing, mining, oil & gas, textiles, and automation in the region is expected to drive the CNG dispenser market in the Asia Pacific region during the forecast period.

Bennett (US), Censtar (China), Compac (New Zealand), FTI (Canada), Kraus (Canada), Lanfeng (China), Sanki (China), Scheidt & Bachmann (Germany), Tulsa (India), Tatsuno (Japan), Dover (US), Parker (US), and Fortive (US) dominated the market in 2017.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Comprehensive Report on Thermoplastic Pipe Market Set to Witness Huge Growth by 2025

The global thermoplastic pipe market size is expected to reach USD 3.6 billion by 2025 from an estimated value of USD 2.8 billion in 2020, at a CAGR of 5.2% during the forecast period. The growing deep- and ultra-deepwater oil & gas production & exploration activities in the countries such as US & Canada and increasing mining activities in China, Australia, and India along with stringent water & wastewater treatment regulation in European countries is anticipated to drive the demand of the thermoplastic pipe market.

The oil & gas segment is expected to be the largest thermoplastic pipe market, by application, during the forecast period

Thermoplastic pipe in the oil & gas segment finds its applications in high-pressure water injection pipelines, water transport & distribution, effluent water disposal, temporary surface lines, well intervention, seawater intake & discharge lines, and recirculating water systems in petroleum refineries & petrochemical plants. The benefits of using thermoplastic pipes in high pressure and deep-water applications is expected to propel the oil & gas segment in the thermoplastic pipe market.

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The reinforced thermoplastic (RTP) segment is projected to account for a significant share of the thermoplastic pipe during the forecast period

The reinforced thermoplastic pipe (RTP) is likely to dominate the market during the forecast period. RTP includes a thermoplastic pipe, which is qualified to maximum 30-meter water depth. Growing usage of reinforced thermoplastic pipe (RTP) in water & wastewater applications is likely to fuel its demand in the thermoplastic pipe market.

This research report categorizes the thermoplastic pipe market by application, product type, polymer type, and region.

By Application

• Oil & Gas
• Water & Wastewater
• Mining & Dredging
• Utilities & Renewables

By Product Type

• Reinforced Thermoplastic Pipe (RTP)
• Thermoplastic Composite Pipe (TCP)

By Polymer Type

• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinylidene Fluoride (PVDF)
• Polyvinyl Chloride (PVC)
• Others

By Region:

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa

The polyethylene (PE) segment is projected to account for the largest of the thermoplastic pipe market share during the forecast period

The polyethylene (PE) is predicted to dominate the thermoplastic pipe market based on its application. There are two variants of PE pipes available in the market, i.e. HDPE (high-density polyethylene pipes) and PEX (cross-linked polyethylene). The crosslinked structure of polyethylene enhances the toughness and temperature resistance of the material. This enables the material to be specified for use in more harsh environments both at lower and higher temperatures. Lightweight, flexible, and easy to weld properties of polyethylene (PE) is expected to foster its demand in the thermoplastic pipe market.

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Asia Pacific is projected to dominate the global thermoplastic pipe market during the forecast period

In this report, the thermoplastic pipe market has been analyzed concerning five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the market during the forecast period. Urbanization and industrialization growth, along with increasing mining activities in China, Australia, and India, are likely to drive the thermoplastic pipe market in the region.

To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players such as Advanced Drainage Systems (Ohio, US), TechnipFMC (London,UK), National Oilwell Varco (Texas, US), Airborne Oil & Gas (The Netherlands),  Magma Global (Portsmouth, UK), Baker Hughes Company (Texas, US), Chevron Philips Chemical Company (Texas, US), Prysmian (Milan, Italy), Georg Fischer (Switzerland), Shawcor (Toronto, Canada), and Uponor Corporation (Vantaa, Finland).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Lithium Iron Phosphate Batteries Market SWOT Analysis by Key Players: BYD, A123 Systems, K2 Energy, Electric Vehicle Power System Technology, OptimumNano Energy

The lithium iron phosphate batteries market size is expected to grow from an estimated USD 8.3 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 5.0%. Rising demand for electric and hybrid electric vehicles and high requirement of renewable energy storage are driving the lithium iron phosphate batteries industry.

Automotive: The largest segment of the lithium iron phosphate batteries market, by industry

The lithium iron phosphate batteriesmarket is segmented by industry, power capacity, application, and region. The market is segmented, by industry, into automotive, power, industrial, and others. The automotive segment accounted for the largest share of the market in 2018. The automotive industry includes battery-driven vehicles such as electric vehicles, which further include hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided vehicles, which are major consumers of lithium iron phosphate batteries.

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The 16,251–50,000 mAh segment is estimated to have the highest growth rate in the lithium iron phosphate batteries market, by power capacity

The market is segmented, by power capacity, into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh. The 16,251-50,000 mAh application segment is estimated to lead the market in terms of growth. The growth of the segment is mainly because of its rising demand from various applications like automobile, power, industrial, and others.

This research report categorizes the lithium iron phosphate batteries market by power capacity, industry, application, and region.

By Power Capacity

• 0–16,250 mAh
• 16,251–50,000 mAh
• 50,001–100,000 mAh
• 100,001–540,000 mAh

By Industry

• Automotive
• Power
• Industrial
• Others

By Application

• Portable
• Stationary

By Region

• Europe
• North America
• Asia Pacific
• Middle East & Africa
• South America

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Asia Pacific is expected to dominate the global lithium iron phosphate batteries market

Asia Pacific was the largest lithium iron phosphate batteries market in 2018, driven mainly by activities in China. Increasing adoption of electric vehicles is one of the key drivers of the growth, where each country in the region has a supportive policy for the growth of electric vehicles in place. This further drives the demand for lithium iron phosphate batteries and creates growth opportunities for all major battery manufacturers in the region. The US is the second-largest market, closely behind Europe, with a large number of renewable energy storage projects commissioned each year.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the lithium iron phosphate batteries market. These players include BYD (China), A123 Systems (US), K2 Energy (US), Electric Vehicle Power System Technology (China), OptimumNano Energy (China), and Contemporary Amperex Technology (China).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Power-to-gas Market Segmentation, Application, Technology, Analysis Research Report and Forecast to 2024

The global power-to-gas market is projected to reach USD 42 million by 2024 from an estimated USD 26 million in 2019, at a CAGR of 10.1% during the forecast period. Effective utilization of renewable energy resources and integrated management of power and gas network are driving the growth of the global industry.

Browse 117 market data Tables and 38 Figures spread through 174 Pages and in-depth TOC on "Power-to-gas Market - Global Forecast to 2024"

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Electrolysis segment is expected to lead the power-to-gas market by technology

Highly effective ways of generating hydrogen and its ability to incorporate excess renewable energy for the production of hydrogen effectively are the factors, for which electrolysis segment is expected to lead and grow at the fastest rate within all the segments.

1000 kW and Above segment is expected to capture the major share of the power-to-gas market by capacity

1000 kW and Above segment, by capacity, is expected to grow faster than others. This is mainly because of key projects that focus on the generation of large scale hydrogen using power-to-gas in industries. In addition to this, there is also substantial investment and development of power-to-gas technology in this capacity range.

The utilities segment is expected to capture the major share of the power-to-gas market by end-user

With the growing demand for hydrogen consumption and blending with the gas network to reduce natural gas consumption, the utilities segment is expected to grow. This is evident from the developments that have been executed from 2016 to 2018. Furthermore, there is also a need to effectively integrate excess renewable energy electricity into green hydrogen for various purposes.

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Europe is expected to dominate the global power-to-gas market

The Europe power-to-gas market is expected to dominate by growing power-to-gas projects in countries such as Germany, France, Denmark, and the Netherlands for effective utilization of renewable energy sources, predominantly wind energy. Furthermore, the utilities and commercial sector are also driving the demand for the power-to-gas technology to meet the carbon emission norms from their operations effectively.

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany),MAN Energy Solutions (Germany), Nel Hydrogen (Norway), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark) along with other prominent providers of power-to-gas technology.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Floating Production Storage and Offloading Market is Expected to Grow at a Healthy CAGR with top players Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron

According to the new marke research report "Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region - Global Forecast to 2024" The global floating production storage & offloading market is projected to reach USD 26.0 billion by 2024 from an estimated USD 19.5 billion in 2019, recording a CAGR of 5.9% during the forecast period. The increasing number of offshore exploration & production activities and rise in deep- and ultra-deepwater oil & gas production are factors projected to drive the growth of the floating production storage and offloading market, globally.

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The converted segment is projected to dominate the floating production storage & offloading market during the forecast period.

Converted FPSOs require lower modification cost and lesser construction time to build, as compared to the new-build FPSOs. This is projected to drive the demand for converted FSPOs in the floating production storage and offloading market.

The self-propelled segment is projected to account for a major share in the floating production storage & offloading market during the forecast period.

The self-propelled segment is projected to dominate the floating production storage and offloading market, on the basis of propulsion, during the forecast period. Self-propelled FPSOs offer low transportation costs and require less time to transport crude oil and natural gas to consumers. This is projected to drive the growth of the floating production storage and offloading market during the forecast period.

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The double hull segment is projected to account for the largest share in the floating production storage & offloading market during the forecast period.

The double hull segment is projected to dominate the floating production storage and offloading market, on the basis of hull type, during the forecast period. Double hull FPSOs offer higher protection from marine pollution and water ingression than the single hull FPSOs. This factor is projected to drive the demand for double hull FPSOs in the floating production storage and offloading market during the forecast period.

The shallow water segment is projected to dominate the floating production storage & offloading market throughout the forecast period.

The shallow water segment is projected to dominate the floating production storage and offloading market during the forecast period. FPSOs used in shallow water is required to meet all the regulatory requirements and are cost-efficient, which is projected to drive their demand in the floating production storage and offloading market.

The Americas is projected to dominate the global floating production storage & offloading market during the forecast period.

Increasing focus on offshore exploration & production activities in deep- and ultra-deepwater is projected to drive the growth of the floating production storage and offloading market in the Americas. High demand for FPSOs in countries, such as Brazil and Mexico, is further projected to drive the growth of the floating production storage and offloading market.

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To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), Petrobras (Brazil), Chevron (US), MODEC (Japan), Teekay (Bermuda), SBM Offshore (Netherlands), and BW Offshore (Norway).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
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