USD 20.54 billion
Report ID: SQMIG10F2008 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 170 | Figures: 79
Global Floating Production Storage And Offloading (FPSO) Market size was valued at USD 20.54 billion in 2021 and is poised to grow from USD 21.88 billion in 2022 to USD 36.53 billion by 2030, growing at a CAGR of 6.61% in the forecast period (2023-2030).
A floating production, storage, and offlowells produce in waters of various depths. It is produced either by modifying an existing ship or by creating a brand-new, unique vessel from start. The facility is equipped with a variety of tools for tasks including treating and sorting crude oil, which enables contractors to control output efficiently and discharge it while reducing reliance on external pipeline infrastructure.
Increased marginal oil reserve exploitation activities in remote offshore locations along with FPSOs' ability to operate independently of permanent structure support are projected to positively affect market growth. Additionally, it is anticipated that the ability of such devices to survive adverse weather conditions will contribute to the market expansion.
US Floating Production Storage And Offloading Fpso Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 20.54 billion
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The Global Floating Production Storage and Offloading Market is segmented based on propulsion, hull type, storage capacity, water depth, construction type, operator and region. Based on the Propulsion, Floating Production Storage and Offloading Market is categorized into Self-propelled and Towed. Based on Hull Type, Floating Production Storage and Offloading Market is categorized into Single-hull and Double-hull. Based on Storage Capacity, Floating Production Storage and Offloading Market is categorized into Less than 1 MMBBLs, 1-2 MMBBLs, and More than 2 MMBBLs. Based on Water Depth, Floating Production Storage and Offloading Market is categorized into Shallow Water, Deep Water, and Ultra-deep Water. Based on Construction Type, Floating Production Storage and Offloading Market is categorized into Converted, New Build, and Redeployed. Based on Operator, Floating Production Storage and Offloading Market is categorized into Small Independent, Large Independent, Leased Operator, and Major National Oil Companies (NOCs). Based on region, Floating Production Storage and Offloading Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Floating Production Storage and Offloading Market Analysis by Hull Type
On the basis of components, the double-hull segment is projected to dominate the global floating production storage and offloading (FPSO) market, over the forecast period. This is due to the double-hull design which provides specialized containment space and decreased danger of oil spills. The whole construction of double hull FPSOs is covered in two or more exterior watertight layers, which shield the vessel from maritime pollution and water intrusion. These factors are expected to facilitate the expansion of the double hull market segment over the course of the forecast year.
On the other hand, the single-hull segment is also projected to show a significant growth over the forecast period. A single type of hull improves system design stability by optimally balancing the vessels' metacentric height and center of gravity.
Floating Production Storage and Offloading Market Analysis by Construction Type
On the basis of construction type, the converted FPSO segment is expected to dominate the global FPSO market with the largest market share, due to its low initial outlay and quick procurement cycles. Converted FPSOs are floating production storage and offloading boats created by altering an already-existing transportation ship, typically a crude oil shuttle tanker. The process of converting a tanker into an FPSO takes a few months. A new-build FPSO, however, takes a few years to build. As a result, the market is anticipated to experience significant expansion in the converted floating production storage and offloading sector.
On the other hand, the new-build FPSO segment is also projected to hold a significant market share over the forecast period. This is due to the greater cost of building new vessels, the variety of configuration options, and the best possible design flexibility as per the contractor's requirements.
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Based on the region, the Asia Pacific region is projected to dominate the global floating production storage and offloading (FPSO) market with respect to market share. This is due to the constantly increasing energy demand among growing economies in the region. Additionally, it is anticipated that the region's rising exploration and production operations will also help in expansion of the market.
North America is another region that is projected to show significant growth during the forecast period. North America has a long history and uses one of the tried-and-true machines in its abrasive sea environments in the floating, production, storage and offloading (FPSO) market. Additionally, the presence of numerous industry giants and the high output targets set by regional agencies are anticipated to support regional growth.
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Floating Production Storage and Offloading Market Drivers
Floating Production Storage and Offloading Market Restraints
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To maintain a competitive edge in the market, players are concentrating on putting various business strategies into practice, such as launching, mergers & acquisitions, and releasing fresh goods. Along with this, for the delivery of big projects of floating production systems, including FPSOs, major companies in the FPSO business strategically partner with vendors, yards, and essential technology providers.
Floating Production Storage and Offloading Market Top Players Company Profiles
Floating Production Storage and Offloading Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global floating production storage and offloading (FPSO) market is currently led by countries in the Asia Pacific region, due to the constantly increasing energy demand among growing economies in the region. Along with this, the double-hull FPSO segment is projected to dominate the global floating production storage and offloading (FPSO) market, due to its design that provides specialized containment space and decreased danger of oil spills.
|Market size value in 2021||USD 20.54 billion|
|Market size value in 2030||USD 21.88 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Floating Production Storage And Offloading (FPSO) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Floating Production Storage And Offloading (FPSO) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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