Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) -- The "Floating Production Storage and Offloading (FPSO) Market: Analysis By Type , By Propulsion, By Hull Type, By Usage, By Region Size and Trends - Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global FPSO market value stood at US$23.04 billion in 2023, and is expected to reach US$33.32 billion by 2029. The market is expected to grow at a CAGR of 6.34% over the projected period of 2024-2029.
The global FPSO market has seen steady growth in recent years, driven by several key factors, including increasing focus on marginal fields, rising adoption of lease-based FPSO models, high energy demand, positive growth in the upstream oil & gas enterprise, global push towards sustainable energy solutions, ongoing depletion of existing oil and gas fields, and increasing rate of new onshore oil discoveries and improved technology enabling efficient deepwater oil exploration in unprecedented ocean depths.
At the same time, new FPSOs are installed to replace the existing infrastructure, which is further augmenting the overall market growth. Growing oil & gas consumption worldwide particularly in power generation and transportation sectors has been further forcing companies to explore more hydrocarbon reserves globally.
Market Segmentation Analysis:
By Type: Converted FPSO are more economically viable to build as they repurpose existing vessels. Converted is the largest segment of global FPSO market owing to, growing energy demand, rising preference for lease & charter models, increasing availability of decommissioned or underutilized oil tankers, rising demand in mature offshore fields, increasing emphasis on sustainability, global presence of shipyards with expertise in FPSO conversion, and low capital expenditure & short procurement cycles associated with converted FPSOs. New built is the fastest growing segment of global FPSO market owing to growing global push for energy security, reduced maintenance & downtime, increasing demand in large-scale & long term projects, rising demand for customization among operators, greater processing & storage capacities associated with new built FPSOs, increased preference of new built FPSOs for harsh and ultra-deepwater fields, ongoing integration of enhanced mooring and dynamic positioning systems, and increased capital investments in offshore oil and gas exploration, particularly in regions like Brazil, West Africa, and the Gulf of Mexico.
By Propulsion: Self-propelled FPSO segment witness high preference, as it can move without any external propulsion and the transportation cost is lower than the towed FPSOs. Also, self-propelled vessels have the advantage of being able to navigate on their own, which gives them increased maneuverability and precise positioning capabilities. Self propelled is the largest and fastest growing segment of global FPSO market owing to increased preference for long-term asset flexibility, growing demand for FPSO vessels in remote and ultra-deepwater oil & gas fields, increased focus on offshore field redevelopment, reduced cost efficiency of self propelled FPSOs in long-term operations, rapid expansion of offshore natural gas projects, minimal dependence of self propelled FPSOs on shore infrastructure, ongoing innovations in FPSO propulsion systems, and presence of favorable financing options for mobility-oriented assets.
By Hull Type: Single hull is the largest and fastest growing segment of global FPSO market owing to increasing demand in shallow water and nearshore oil fields, growing trend of refurbishing and upgrading existing single hull FPSOs, rising energy demand, positively expanding oil and gas industry, presence of long-lasting operational history of single hull FPSOs in oil & gas supply chains, increased demand in economically viable offshore projects, and lower initial investment and operational costs associated with single hull FPSOs. The global double hull FPSO market is expected to positively grow in the forecasted period owing to increased emphasis on enhanced safety and environmental protection, rising demand in deepwater and harsh environment operations, increasing oil prices, growing demand in floating LNG and gas export solutions, increasing investment in sustainable & long-term oil production, growing preference for modular FPSO designs, and increasing strategic partnerships and joint ventures between oil and gas companies.
By Usage: Shallow water is the largest and fastest growing segment of global FPSO market as a result of abundance of shallow water reserves, growing offshore activities in emerging markets, increasing focus of companies on producing oil from continental shelves & continental slopes, high demand for cost-effective & flexible offshore solutions in mature fields, increased discovery of oil & gas reserves in shallow water areas, short development & production timeline for shallow water FPSOs, and rising demand for oil and gas in coastal regions. Deepwater FPSO market is expected to rapidly grow in the forecasted period owing to increasing energy demand, positive growth in offshore drilling activities to secure long-term hydrocarbon supplies, increased investment in exploration & development of deepwater resources by major oil companies, rising crude oil prices, and increasing innovations in subsea production systems, risers, & mooring technologies.
By Region: North America is the largest region of global FPSO market as a result of rising demand for offshore oil and gas production, increased investment in developing energy infrastructure, high production targets from the regional agencies, growing industrialization of the deep sea, high capital investment by oil companies, increasing focus on decommissioning of aging infrastructure, growing emphasis on energy independence, high access to skilled personnel and cutting-edge technology providers, and presence of mature oil & gas reserves, particularly in the Gulf of Mexico. The Gulf of Mexico has favorable geology and well-established infrastructure conducive to FPSO operations. Also, North America is home to a number of premier oil and gas corporations including Emerson Electric Co., ExxonMobil, Chevron Corporation, etc., with substantial offshore operations experience and a proven track record of successfully deploying FPSOs, positively contributing to market growth.
Asia Pacific is the fastest growing region of global FPSO market as a result of rapidly rising energy demand among the developing economies, growing emphasis on renewable energy & greenfield developments, increasing focus on developing smaller and marginal offshore fields, growing LNG and natural gas demand, presence of favorable geopolitical climate for offshore projects, strong regional demand for crude oil exports, and presence of large untapped offshore oil and gas potential, particularly in Malaysia, Indonesia, and Australia. On the basis of region, Asia pacific FPSO market is divided into six segments, namely, China, Japan, South Korea, India, Indonesia, and rest of Asia Pacific, where China FPSO market is the largest and fastest growing region of global FPSO market.
Key Market Dynamics
Growth Drivers
- Increasing Offshore Oil and Gas Exploration and Production Activities
- Rising Natural Gas Production
- Expanding Global Energy Demand and Consumption
- Increasing Emphasis On Cost Efficiency
- Growing Focus on Marginal and Stranded Fields
Challenges
- Fluctuating Oil Prices
- High Capital Investment
Market Trends
- Increasing Focus On Redeployment Of Existing FPSOs
- Rising Emphasis on Emissions Reduction & Environmental Stewardship
- Ongoing Technological Advancements
- Positive Shift Towards Modular Designs
- Ongoing Collaborative Efforts & Long Term Contracts Among Companies
Competitive Landscape:
The global FPSO market is moderately consolidated, with majority of regional and domestic players catering to the global demand.
The key players of the market are:
- ABB Group
- Bumi Armada Berhad (BAB)
- MODEC, Inc.
- SBM Offshore
- BW Offshore
- Emerson Electric Co.
- Teekay Corporation Ltd.
- Yinson Holdings Berhad
- SAIPEM SpA
- Offshore Oil Engineering Corp CNOOC Ltd.
- Aker Solutions
- Bluewater Energy Services
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 167 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $23.04 Billion |
| Forecasted Market Value (USD) by 2029 | $33.32 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Floating Production Storage and Offloading (FPSO) Overview
2.2 Floating Production Storage and Offloading (FPSO) Segmentation
3. Global Market Analysis
4. Regional Market Analysis
4.1 North America Floating Production Storage and Offloading (FPSO) Market
4.2 Europe Floating Production Storage and Offloading (FPSO) Market
4.3 Asia Pacific Floating Production Storage and Offloading (FPSO) Market
4.4 Rest of the World Floating Production Storage and Offloading (FPSO) Market
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Offshore Oil and Gas Exploration and Production Activities
6.1.2 Rising Natural Gas Production
6.1.3 Expanding Global Energy Demand and Consumption
6.1.4 Increasing Emphasis On Cost Efficiency
6.1.5 Growing Focus on Marginal and Stranded Fields
6.2 Challenges
6.2.1 Fluctuating Oil Prices
6.2.2 High Capital Investment
6.3 Market Trends
6.3.1 Increasing Focus On Redeployment Of Existing FPSOs
6.3.2 Rising Emphasis on Emissions Reduction & Environmental Stewardship
6.3.3 Ongoing Technological Advancements
6.3.4 Positive Shift Towards Modular Designs
6.3.5 Ongoing Collaborative Efforts & Long Term Contracts Among Companies
7. Competitive Landscape
7.1 Global Floating Production Storage and Offloading (FPSO) Market: Competitive Landscape
8. Company Profiles
- ABB Group
- Bumi Armada Berhad (BAB)
- MODEC, Inc.
- SBM Offshore
- BW Offshore
- Emerson Electric Co.
- Teekay Corporation
- Yinson Holdings Berhad
- SAIPEM SpA
- Offshore Oil Engineering Corp CNOOC Ltd.
- Aker Solutions
- Bluewater Energy Services
For more information about this report visit https://www.researchandmarkets.com/r/b4jsg9
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