About FPSO
An FPSO, or Floating Production, Storage, and Offloading unit, is a vessel used in the offshore oil and gas industry. It is designed to process, store, and offload crude oil and natural gas produced from nearby wells. FPSOs are typically moored to the seabed in deep water, and they can operate in harsh and remote environments. They offer cost-effective solutions for remote and deepwater oil and gas exploration, as they eliminate the need for fixed infrastructure. The FPSO market has gained momentum due to its flexibility, scalability, and reduced time-to-production. Key drivers of the FPSO market include rising global energy demand, increased exploration in deepwater regions, and the need for cost-efficient solutions. However, market challenges include the volatility of oil prices, regulatory compliance, and environmental concerns. The FPSO market is witnessing technological advancements, with a focus on safety, automation, and environmental sustainability.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global FPSO market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SBM Offshore N.V, MODEC, Inc., BW Offshore Limited, MISC Berhad, Emerson, Bumi Armada Berhad, Altera Infrastructure Holdings L.L.C., Yinson Holdings Berhad, Bluewater Energy Services B.V., Teekay Corporation, Saipem S.p.A., CNOOC Limited, ExxonMobil Corporation, Petrobras and Shell plc are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are TotalEnergies SE, Eni S.p.A., Woodside Energy Group Ltd., Century Energy Services Ltd. and Others.
Segmentation Overview
AMA Research has segmented the market of Global FPSO market by Type (New-Build, Conversion and Redeployed), Application (Shallow Water, Deep Water and Ultra-Deep Water) and Region.
On the basis of geography, the market of FPSO has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Hull Type, the sub-segment i.e. Single Hull will boost the FPSO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mooring System Type, the sub-segment i.e. Turret System will boost the FPSO market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased focus on operational efficiency and safety and Growing adoption of digital technologies
Market Growth Drivers:
Increasing demand for offshore oil and gas production and Technological advancements in FPSO design and construction
Challenges:
Increasing competition from other offshore production systems and High upfront costs of FPSO projects
Restraints:
Complex regulatory environment for offshore oil and gas production
Opportunities:
Growing FPSO demand from emerging markets, Expanding the use of FPSOs in marginal and unconventional fields and Increasing applications of FPSOs in floating LNG production
Market Leaders and their expansionary development strategies
In July 2022, SBM Offshore announced the acquisition of Catterton Energy Partners' FPSO leasing business for USD 1.42 billion. The acquisition is expected to strengthen SBM Offshore's position in the leasing market and provide the company with access to a wider range of customers and projects.
In October 2023, SBM Offshore announced the launch of FPSO P-78, which will be deployed in the Buzios field offshore Brazil. The FPSO has a production capacity of 180,000 barrels of oil per day (bopd) and a storage capacity of 2 million barrels.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.