Allied Market Research

2024

Floating Production Storage And Offloading (fpso) Market

Floating Production Storage and Offloading (FPSO) Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Propulsion, by Hull Type and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Utility

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Author's: | Eswara Prasad
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Floating production storage and offloading (FPSO) is an offshore production facility that consists of processing equipment and storage for produced hydrocarbons. In the storage facility, oil is stored and handled until it is moved to a big tanker for refining and transporting. It is a floating vessel that is a converted oil big hauler, which is similar to a ship, equipped with production and handling facilities onboard. Furthermore, oil & gas from FPSO is transported to onshore through a big hauler in vessels. These vessels are utilized to extricate or get crude hydrocarbons from ocean beds, which are then handled in locally available preparing facilities. 

COVID-19 scenario analysis:

  • Transportation limitations and stringent government policies toward limited movement of vehicles cause a downturn in the FPSO market in the midst of the COVID-19 pandemic. 
  • Oil companies face problems such as halting of production and decline in oil prices. The U.S. oil prices went negative for the first time in history of the oil industry. For instance, in May, 2020, traders were paying customers to buy oil in the U.S., which imbalanced the oil market, thereby negatively impacting the market growth.
  • Implementation of lockdown and social distancing norms are expected to delay many oil & gas projects, including complex deep-sea projects that rely on labor and material from across the globe to processing plant extension and pipe-laying. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The FPSO market size is expected to observer vigorous development, owing to increase in focus on offshore exploration and production activities and rise in exploration in deep & ultra-deep-water. As per the International Energy Agency (IEA), yearly capital spending toward offshore oil & gas production exercises is estimated to grow significantly, thereby positively impacting the market growth. In addition, exhausting onshore oil reserves support the organizations of FPSOs. However, the adoption of FPSO systems has declined due to decrease in prices of oil & gas. 

Increase in exploitation activities of marginal oil reserves at remote offshore areas combined with the capacity of FPSOs to work without a fixed structure support are anticipated to have a positive impact on the market development. For example, in 2018, an oil field was found in North Western Shelf of Australia. Furthermore, capability of such units to withstand extreme weather conditions is expected to boost the market growth. 

Expansion analysis across various regions

North America and the Middle East are the major undiscovered areas, which have negligible quantities of FPSOs and are expected to offer remunerative opportunities for the expansion of the FPSO market in the coming years. North America and Europe hold considerable market share and are expected to witness steady growth in the next few years due to increase in number of oil & gas reserves. 

Brazil is anticipated to serve as a lucrative market for FPSOs, owing to increase in oil & gas exploration activities along with adequate government support toward the development of upstream operations, including energy and power. Presence of shallow water oil & gas fields in China, Indonesia, & India and presence of ultra-deep ocean reserves in these areas are evaluated to offer lucrative opportunities over the forecast timeframe for new production storage and offloading market.

Key benefits of the report

  • This study presents the analytical depiction of the FPSO market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the FPSO market share.
  • The current market is quantitatively analyzed to highlight the FPSO market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in coming years. 

Floating Production Storage and Offloading (FPSO) Market Report Highlights

Aspects Details
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By Type
  • Converted
  • New-build
  • Redeployed
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By Propulsion
  • Self-propelled
  • Towed
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By Hull Type
  • Single Hull
  • Double Hull
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By Application
  • Shallow Water
  • Deepwater
  • Ultra-deep Water
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By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, rest of Europe)
  • Asia-Pacific  (China, Japan, India, rest of Asia-Pacific)
  • Latin America  (Brazil, Mexico, rest of LATAM)
  • the Middle East 
  • Africa 
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Key Market Players

MODEC, Inc., Royal Dutch Shell PLC., bp p.l.c., Chevron Corporation, China National Offshore Oil Corporation, Petrobras, Daewoo Shipbuilding & Marine Engineering Co., Saipem, Exxon Mobil Corporation, SBM Offshore, Hyundai Heavy Industries, BW Offshore Ltd., Teekay Corporation, Bumi Armada Berhad, KBR Inc., Woodside Energy, Exmar, Samsung Heavy Industries, Total S.A., TechnipFMC Plc

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Floating Production Storage and Offloading (FPSO) Market

Global Opportunity Analysis and Industry Forecast, 2023-2032