Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The global floating production storage and offloading or FPSO market size is expected to showcase significant growth by reaching USD 17.30 billion by 2027 backed by rising discoveries of offshore reserves and the increasing demand for hydrocarbons worldwide that will favor the adoption of advanced FPSO units. Fortune Business Insights published this information in its latest report, titled, “FPSO Market Size, Share & COVID-19 Impact Analysis, By Storage Capacity (Less than 1 MMBBLs, 1-2 MMBBLs, and More than 2 MMBBLs) By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), By Construction Type (Converted and New Build), By Hull Type (Single Hull and Double Hull), By Ownership (Contractor Owned {Contractor Managed and Operator Managed} and Operator Owned {Contractor Managed and Operator Managed}), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 13.06 billion in 2019 and is projected to exhibit a stellar CAGR of 14.3% between 2020 and 2027.
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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The floating production storage and offloading (FPSO) unit is primarily adopted in the oil & gas industry that helps to store high quantities of hydrocarbons extracted from offshore basins. They are extensively used to store and process oil before it is transferred through a tanker for refining purposes.
What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
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.
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SEGMENTATION
Less than 1 MMBBLs Segment Held 20.8% Market Share in 2019
Based on storage capacity, the less than 1 MMBBLs segment held a market share of about 20.8% in 2019 and is expected to experience significant growth during the forecast period. The growth is attributed to increasing demand for such vessels for near the shore exploration activities across the globe.
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.
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.
List of the Companies Profiled in the FPSO 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)
- Saipem (Italy)
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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
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