USD 20.54 billion
Global Floating Production Storage And Offloading (FPSO) Market Size, Share, Growth Analysis, By Propulsion(Self-propelled, Towed), By Hull Type(Single-hull, Double-hull), By Storage Capacity(Less than 1 MMBBLs, 1-2 MMBBLs), By Water Depth(Shallow Water, Deep Water), By Construction Type(Converted, New Build), By Operator(Small Independent, Large Independent) - Industry Forecast 2024-2031
Report ID:
SQMIG10F2017 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
170 |
Figures:
79
Global Floating Production Storage And Offloading (FPSO) Market Insights
Floating Production Storage And Offloading (FPSO) Market size was valued at USD 20.54 billion in 2019 and is poised to grow from USD 21.88 billion in 2023 to USD 36.53 billion by 2031, growing at a CAGR of 6.61% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Fastest Growth
Self-propelled
Growth Rate
6.61% CAGR
Global Floating Production Storage And Offloading (FPSO) Market($ Bn)
Country Share for Asia-Pacific (%)
Global Floating Production Storage And Offloading (FPSO) MarketBY Propulsion (%)
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Global Floating Production Storage And Offloading (FPSO) Market Segmental Analysis
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.
Global Floating Production Storage And Offloading (FPSO) MarketBY Propulsion, 2023 (%)
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Global Floating Production Storage And Offloading (FPSO) Market Regional Insights
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.
Global Floating Production Storage And Offloading (FPSO) MarketBy Region, 2024-2031
- Largest
- Fastest
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Global Floating Production Storage And Offloading (FPSO) Market Dynamics
Floating Production Storage and Offloading Market Drivers
- Rising demand for energy across the globe: Over time, energy consumption has significantly increased in both developing and developed nations. The market for floating production storage and offloading is expected to grow as a result of the power generation industry's growing requirement for stable fuels like oil, gas, and other petrochemicals to run various pieces of equipment. For instance, the U.S. EIA forecasts that by 2050, non-Organization for Economic Co-operation and Development (OECD) nations such as India and China , would account for more than half of the increase in world energy consumption. The survey also predicted that the region's energy consumption would nearly double, with China and India playing a big role in the rise in demand.
Floating Production Storage and Offloading Market Restraints
- High initial construction costs hamper the market growth: Building and integrating numerous structures and components is essential for the completion of floating production, storage, and offloading boats, which requires a large amount of money. Additionally, a number of selection and designing factors, such as production capacity, hydrocarbon reserves, the quantity of wells, water depth, and existing infrastructure that limits the building and operational flexibility, are taken into account for the deployment of FPSO in the oil and gas industry. These factors are projected to have a negative effect on the expansion of the FPSO market.
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Global Floating Production Storage And Offloading (FPSO) Market Competitive Landscape
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
- SBM Offshore N.V.
- MODEC, Inc.
- BW Offshore Limited
- Petrobras
- Royal Dutch Shell plc
- Teekay Corporation
- Yinson Holdings Berhad
- Bumi Armada Berhad
- Bluewater Energy Services B.V.
- ExxonMobil Corporation
- TotalEnergies SE
- ENI S.p.A.
- CNOOC Limited
- Chevron Corporation
- Premier Oil plc
- Woodside Petroleum Ltd.
- China National Offshore Oil Corporation (CNOOC)
- BHP Group Ltd.
- PetroVietnam Technical Services Corporation (PTSC)
- Inpex Corporation
Floating Production Storage and Offloading Market Recent Developments
- In 2021, Santos contracted Altera Infrastructure to construct and deliver an FPSO unit, located offshore Western Australia, for the Dorado oil field development project. Soon after the initial deal, the field's operator Santos also gave Sapura Energy a WHP (well-head platform) contract. The first oil is anticipated to arrive in three to four years, and the field will yield crude oil from both WHP as well as FPSO.
Global Floating Production Storage And Offloading (FPSO) Key Market Trends
- Increasing establishment of long-term agreements between businesses: Numerous long-term agreements between diverse business participants are happening on the global market. These contracts cover the construction and operation of the vessels, including FEED (front-end engineering and design), O&M, commissioning, and technology advancement. For instance, a technology company headquartered in the UK named SRO Solutions revealed that it had fully digitalized two floating production storage and offloading vessels owned by MODEC in Ghana.
Global Floating Production Storage And Offloading (FPSO) Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 20.54 billion |
| Market size value in 2031 | USD 36.53 billion |
| Growth Rate | 6.61% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Floating Production Storage And Offloading (FPSO) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Floating Production Storage And Offloading (FPSO) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Floating Production Storage And Offloading (FPSO) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Floating Production Storage And Offloading (FPSO) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Floating Production Storage And Offloading (FPSO) Market Report Snapshots
- Global Floating Production Storage And Offloading (FPSO) Companies
- Global Floating Production Storage And Offloading (FPSO) Market Size
- Global Floating Production Storage And Offloading (FPSO) Market Analysis
- Global Floating Production Storage And Offloading (FPSO) Geographic Analysis
- Global Floating Production Storage And Offloading (FPSO) Market News
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