Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global FPSO market size was valued USD 13.06 billion in 2019. Worldwide growing demand for energy and new offshore reserves discovery boosting the growth of market. Also factors such as, growing preference for FPSOs over traditional fixed platforms and growing emphasis on environmental sustainability in the oil and gas industry contributing the growth of FPSO market. The global market size for FPSO market to grow worth USD 17.30 billion during forecast period of 2020 to 2027.
Rising demand for cost-effective production solutions, increasing Deepwater exploration activities, growing preference for FPSOs over traditional fixed platforms, and advances in floating production technology are driving the growth of the FPSO market.
Industry Development
October 2020 – SBM Offshore announced the securing of a contract to deliver the Prosperity FPSO vessel to ExxonMobil that received government approval for its third offshore development activity in Guyana. As per the contract, SBM Offshore is likely to construct, install, and operate the floating production storage and offloading vessel.
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Geophysical Services Market Scope:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 14.3% |
| 2027 Value Projection | USD 17.30 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 13.06 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 220 |
| Segments covered | Storage Capacity; Water Depth; Construction Type; Hull Type; Ownership; and Region |
| Growth Drivers | Continuous Discoveries of New Offshore Reserves with High Output Potential to Augment Growth |
| Increasing Energy Demand Globally to Aid Market Growth |
Drivers & Restraints:
Increasing Demand for Hydrocarbons to Promote Growth
Hydrocarbons are naturally-occurring compounds that help to produce water, carbon dioxide, and heat during their burning process. They are an important source of fuel and store a large amount of energy. Due to the fast depleting fossil fuels, hydrocarbons are vital for energy generation. Therefore, the growing demand for these compounds is expected to boost the adoption of FPSO units for exploration activities globally. In December 2020, Petrobras, a Brazil-based company, announced its discovery of a new oil reserve in the Santos Basin located offshore Brazil. Such offshore reserve discoveries propel the adoption of floating production storage and offloading vessels that will bode well for the global FPSO market growth in the forthcoming years.
COVID-19 Impact
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Segmentation of Report:
By Storage Capacity:
Less than 1 MMBBLs
1-2 MMBBLs
More than 2 MMBBLs
By Water Depth:
Shallow Water
Deepwater
Ultra-Deepwater
By Construction Type:
Converted
New Build
By Hull Type:
Single Hull
Double Hull
Regional Insights
Presence of Established Players in North America to Propel Growth
Geographically, North America is expected to experience exponential growth in the global FPSO market in the forthcoming years. This is attributable to the presence of established manufacturers such as ExxonMobil, Chevron, and others that are focusing on developing advanced FPSO units in the region between 2020 and 2027.
The market in Asia-Pacific is expected to showcase considerable growth backed by the increasing focus on discovering new offshore reserves to suffice the surging demand for energy in the region.
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Competitive Landscape
Product Innovation by Prominent Companies to Brighten Their Market Positions
The global market for FPSO is consolidated by the presence of major players that are focusing on developing innovative FPSO units to strengthen their market positions. In addition to this, other key players are adopting strategies such as merger and acquisition, collaboration, and facility expansion to maintain their presence in the fiercely competitive market in the forthcoming years.
List of Key Players Present in the Market
- Petrobras (Brazil)
- CNOOC (China)
- Total (France)
- Royal Dutch Shell (Netherlands)
- Chevron (U.S.)
- ExxonMobil (U.S.)
- BP (UK)
- Equinor (Norway)
- Woodside Energy (Australia)
- Aker Solutions (Norway)
- Dana Petroleum Limited (UK)
- Vår Energi (Norway)
- Vietsovpetro (Vietnam)
- Eni (Italy)
- Dommo Energia (Brazil)
- Keppel Offshore & Marine (Singapore)
- BW Offshore (Norway)
- Teekay (Bermuda)
- Bumi Armada Berhad (Malaysia)
- SBM Offshore (Netherlands)
- Yinson Holdings Berhad (Malaysia)
- Bluewater (Netherlands)
- MISC Berhad (Malaysia)
- Modec Inc. (Japan)
- Rubicon Offshore (Singapore)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the FPSO Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Storage Capacity
- Less than 1 MMBBLs
- 1-2 MMBBLs
- More than 2 MMBBLs
- Market Analysis, Insights and Forecast – By Water Depth
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By Construction Type
- Converted
- New Build
- Market Analysis, Insights and Forecast – By Hull Type
- Single Hull
- Double Hull
- Market Analysis, Insights and Forecast – By Ownership
- Contractor Owned
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- Contractor Managed
- Operator Managed
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- Operator Owned
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- Contractor Managed
- Operator Managed
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- Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Analysis, Insights and Forecast – By Region
- Competitive Analysis
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- Company Market Share Analysis, 2019
- By Operator
- By Contractor
- Company Profile
- Company Profiles of FPSO Operators
- Petrobras
- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
- Petrobras
- Company Profiles of FPSO Operators
- Company Market Share Analysis, 2019
Continued…
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