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NEW YORK , April 21, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "FPSO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Water Depth (Shallow Water, Deep Water, and Ultra-Deep Water), Hull (Single Hull and Double Hull), Mooring (Spread Mooring and Disconnectable Mooring), and Construction (Newly Built and Converted)", the global FPSO market was valued at $11.91 billion in 2021 and is expected to reach $21.83 billion by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
The FPSO market growth is driven by the increasing oil and gas production in deep-water and ultra-deep-water drives the demand for the integration of FPSOs into the ships used to explore oil and gas, the advancements in subsea technology would increase the adoption of advanced oil & gas extraction and production processes.
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No. of Charts & Figures
Water Depth, Hull, Mooring, and Construction
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
FPSO Market: Competitive Landscape and Key Developments
MODEC, PETROBRAS, BUMI ARMADA , SBM OFFSHORE, CHINA NATIONAL OFFSHORE OIL, ROYAL DUTCH SHELL , EQUINOR ASA, TOTAL, EXXONMOBIL, and BW OFFSHORE are among the key players that are profiled during the FPSO market study. In addition, several other essential FPSO market players were studied and analyzed to get a holistic view of the global FPSO market and its ecosystem.
In 2021, Petrobras signed contracts with the companies Yinson Bergenia Production B.V. and Yinson Bergenia Serviços de Operação LTDA, both from Yinson Production PTE Ltd. Group, for the chartering and provision of services of Maria Quitéria FPSO for the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin.
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In 2021, MODEC, Inc. and Mitsui & Co., Ltd. launched Shape Pte. Ltd., an advanced analytics and machine learning service startup, with the mission to transform data into substantial and sustainable business value through innovative digital solutions for heavy industries players.
The FPSO market is stimulated by an expansion in offshore operations in deepwaters and ultra-deep seas due to increased investments in this area. According to Energy Information Administration (EIA), Brazil , the US, Angola , and Norway produce the bulk of oil & gas from deepwater and ultra-deepwater. Since the last decade, the share of crude oil output from deepwater or ultra-deepwater developments has grown in these countries. Moreover, according to the US Energy Information Association, in 2020, the US exported ~8.51 MMb/d and imported ~7.86 MMb/d of petroleum, making the US a yearly petroleum exporter since 1949. Also, in 2020, the US produced ~18.40 million barrels of petroleum per day (MMb/d) and consumed ~18.12 MMb/d. The growing oil imports and exports are propelling the demand for comprehensive FPSO units in North America . Growing industrialization and surging population propel the demand for oil in Europe . . As crude oil requires less refining and is less hazardous to the environment the adoption of crude oil is increasing rapidly. Moreover, owing to their availability and low cost, crude oil and petroleum are widely used in essential sectors such as transportation, medicine, agriculture, textiles, plastics, hygiene products, heating, road asphalt, and metallurgy. As a result of the increasing use of oil in the region, the FPSO market continues to grow.
The rise in the development of marginal oil reserves in remote offshore areas is anticipated to fuel the market growth. For example, in 2018, an oil field with an estimated reserve of 170 million barrels of oil was discovered on newly developed Australia's Northwestern Shelf. Further, the International Energy Agency (IEA) estimates that annual capital investment in Brazil's offshore oil & gas production activities will reach US$ 60 billion by 2040, which will drive to the FPSO market size. Moreover, technological advancements have made new areas accessible. According to Energy Information Administration (EIA), the technological innovation in drilling and production propelled the production of oil and natural gas in the US. Thus, the advancements in subsea technology would increase the adoption of advanced oil & gas extraction and production processes, which is expected to drive the FPSO market in the near future.
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Moreover, due to rising investments in oil & gas extraction and production across deep-sea locations, the demand for FPSO across offshore reserves is expected to increase significantly. Due to the rapid growth of the world's population, the rising energy requirements will increase technological demand over the forecast period and eventually drive the FPSO market. Furthermore, according to OPEC, China is the region's largest oil producer, producing 5 million barrels of oil per day. So, the increasing oil production in the region is further driving the FPSO market. In addition, the technological advancements in floating production storage and offloading over other production systems, such as digitalization of FPSO and penetration of IoT and automation in the oil & gas industry, increased focus of FPSO market players on R&D activities, and the development of new products would create trends for the FPSO market growth in the coming years.
The COVID-19 outbreak across the globe has substantially impacted oil and gas industry, especially in Europe . The rapid industrialization and urbanization in the MEA region is projected to contribute to the FPSO market growth. Oil & gas production is one of the prominent businesses in the region. Libya , the UAE, Saudi Arabia , Iran , and Qatar are a few countries that have seen growth in the oil business. Despite the slowdown in economic growth and substantial macroeconomic imbalances from lower oil prices in the last few years, oil & gas producing countries in the MEA are boosting their oil & gas production by partnering with foreign firms to expand the huge onshore and offshore oil & gas fields, which is creating the demand for FPSO units. Moreover, due to the rising oil & gas extraction and production investment, the demand for FPSO across offshore reserves is expected to increase significantly.
A converted FPSO is a floating production storage and offloading (FPSO) vessel created by modifying an existing transportation vessel, most commonly, a crude oil shuttle tanker. Shell developed the first FPSO in 1977, which was a repurposed oil ship. Oil & gas extraction was more complex and inefficient before the advent of FPSOs. Companies could only collect oil & gas from shallow fields with sea depths of less than 50 meters. In most circumstances, converting an existing tanker into an FPSO is less expensive and takes less time than establishing a new FPSO.
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FPSO Market: Increasing Oil & Gas Production in Deep and Ultra-Deepwater
The FPSO market share is stimulated by an expansion in offshore operations in deepwaters and ultra-deep seas due to increased investments in this area. According to EIA, Brazil , the US, Angola , and Norway produce the bulk of oil & gas from deepwater and ultra-deepwater. Since the last decade, the share of crude oil output from deepwater or ultra-deepwater developments has grown in these countries. Thus, the increasing oil & gas production in deepwater and ultra-deepwater is driving the demand for the integration of FPSO systems into the ships used to explore oil & gas, fueling the FPSO market size.
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Offshore Mooring Systems Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type, Anchorage, Application and Depth
Offshore Wind Turbine Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Capacity (Upto 1 MW, 1 to 3 MW, 3 to 5 MW, 5 MW and Above); Application (Deep Water, Shallow Water) and Geography
Floating Wind Turbine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Foundation (Spar-buoy Foundation, Tension-leg Platform (TLP) Foundation, Semi-submersible Foundation, Others); Depth (Shallow Water, Deep Water) and Geography
Hydrographic Survey Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Sensing System, Positioning System, Subsea Sensor, Others); Application (Hydrographic/Bathymetry Survey, Port and Harbor Management, Offshore Oil and Gas Survey, Cable/Pipeline Route Survey, Charting Application, Others); Platform (Surface Vessels, USVS and UUVS, Aircraft); End User (Commercial, Research, Defense); Depth (Shallow Water, Deep Water) and Geography
Offshore Wind Energy Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Turbine, Substructure, Electrical Infrastructure, Others); Location (Shallow Water, Transitional Water, Deep Water) and Geography
Offshore Supply Vessel Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Anchor handling Tug Vessel (AHTV), Seismic Vessel, Platform Supply Vessel (PSV), Multi-Purpose Supply Vessel (MPSV) and Others); and Application (Shallow Water and Deep Water)
Mooring Inspection Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Below Water Inspection (BWI), Above Water Inspection (AWI)); Technique (Close Visual Inspection, Magnetic Particle Inspection, Ultrasonic Testing, Electromagnetic Detection, Mooring Line Dimension Measurement, Others) and Geography
Vibration Control System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Active, Passive); Industry (Automotive and Transportation, Aerospace and Defense, Manufacturing, Electrical and Electronics, Healthcare, Oil and Gas, Mining, Others) and Geography
Subsea Well Access System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rig-Based, Vessel Based); BOP Type (Annular BOP, RAM BOP); End user (Offshore, Onshore) and Geography
Subsea Cables Installation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Submarine Cable Ship, Joining and Testing Equipment, Submarine Optical Cable Burial Machine, Underwater Remotely Operating Vehicles , Others); End Users (Offshore Wind Power Generation, Inter-country and Island Connection , Offshore Oil Rigs) and Geography
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