Albany, New York, May 16, 2018 (GLOBE NEWSWIRE) -- The global floating production storage and offloading (FPSO) market was valued at around US$ 25 Bn in 2017 and is anticipated to expand at a CAGR of around 12% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled ‘FPSO Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2026.’ FPSO is a converted tanker or a purpose built vessel that can be multi-hull production semi-submersible, cylindrical shaped production spar/ mono hull, or ship shaped. In FPSOs, hydrocarbon processing facilities are installed that process well stream fluids into oil, LPG, and LNG.
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Rise in Offshore Activities in Deep Water and Ultra-deep Water Areas Drives the Market
The world is moving toward the usage of renewable sources of energy. However, the demand for oil & gas has not declined. Reliable power is a basic necessity due to the continuous development and modernization of society. Therefore, the demand for oil & gas is rising, but at a sluggish pace in comparison to its previous growth. Furthermore, rapid depletion of oil reserves is influencing the outlook of the global oil & gas industry. Hence, efforts are being undertaken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, in order to cater to this ever increasing demand. Thus, rise in offshore activities with an increase in investment in subsea areas drives the FPSO Market.
Installation of fixed processing and production infrastructure in remote locations is technically complex and also less cost effective. However, deployment of FPSOs in remote locations eliminates the need for installation of large fixed oil and gas production platforms. Moreover, offloading of an FPSO into oil tankers to transport processed oil and gas eliminates the requirement to lay expensive long-distance seabed pipelines from oil fields to the receiving platforms. Additionally, FPSO vessels can avoid emergency situations such as typhoons, cyclones, and icebergs by moving to safe locations when required. Moreover, after depletion of the operational oil fields, FPSOs can be moored to other oil fields, providing mobility and flexibility of operations to FPSO operators and contractors. The FPSO market is expected to expand at a rapid pace, which is attributed to the high demand for cost-effective solutions for offshore oil and gas production and increasing application of FPSOs in harsh environments and remote locations.
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Converted Type Segment to Lead the Global FPSO Market
Based on type, the global FPSO market can be divided into converted, new-build, and redeployed. In terms of value, the converted segment dominated the global FPSO market in 2017. Low capital requirement and faster deployment of converted FPSOs as compared to new-build FPSOs are likely to drive the segment during the forecast period.
Rise in Number of Small Independent Operators in the Global FPSO Market
Based on operator, the global FPSO market can be categorized into small independent, large independent, leased operator, major & national oil companies. The small independent segment accounted more than 40% share of the FPSO market in 2017, and the trend is expected to continue during the forecast period.
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Increasing Deep Water and Ultra-deep Water Subsea Projects Augment the FPSO Market
Based on application, the FPSO market can be classified into shallow water, deep water, and ultra-deep water. Shallow water is described as FPSOs deployed at a water depth of up to 499 meters from the sea level. Deepwater is between 500 meters and 1,499 meters. Ultra-deep water is 1,500 meters and above from the sea level.
Increasing Usage of Double Hull FPSO over Single Hull
New regulations on the prevention of oil pollution from oil tankers when carrying heavy grade oil (HGO) are currently in place. According to the regulations, single hull tankers are banned from carrying heavy grade oil if the capacity of the tanker is more than 5,000 tons DWT. Thus, single-hull oil tankers can carry HGO of capacity between 600 tons DWT and 5,000 tons DWT. Double- hull tankers can be used for HGO cargo with capacity of more than 5000 tons DWT. Currently, offshore oil and gas exploration activities are on the rise, which increases the capacity of FPSOs. Thus, the double-hull segment is expected to account for a major market share during the forecast period.
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Towed Segment Dominates over Self-propelled Propulsion System Segment in the FPSO Market
The towed segment dominates the FPSO market. Towed FPSOs are widely used because the shape of FPSOs may not be such that they can support easy propulsion and navigation. The towed segment accounted for more than 75% market share in 2017.
Rise in Offshore Activities and Increase in FPSO Units in Brazil Drives the FPSO Market in Latin America
In terms of region, the global FPSO market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Rise in demand for FPSOs is attributed to increasing investment in offshore exploration of oil and gas in deep water and ultra-deep water areas in regions primarily including Africa and Latin America. Major offshore fields located on Brazilian coasts include Santos, Campos, and Espirito Santo basins among others. Brazil accounted for more than 50 FPSOs in 2017.
FPSO Market Dominated by a Few Major Players
Key players operating in the global FPSO market are MODEC, Inc., SBM Offshore N.V., BW Offshore, Bluewater Energy Services B.V., Bumi Armada Berhad, Yinson Holdings Berhad, and Teekay Corporation.
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Global FPSO Market, by Type
- Converted
- New-build
- Redeployed
Global FPSO Market, by Operator
- Small Independent
- Large Independent
- Leased Operator
- Major National Oil Companies (NOCs)
Global FPSO Market, by Application
- Shallow Water
- Deep Water
- Ultra-deep Water
Global FPSO Market, by Hull
- Single Hull
- Double Hull
Global FPSO Market, by Propulsion
- Self-propelled
- Towed
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