The “FPSO Market” was valued at US$ 11,911.53 million in 2021 and is expected to reach US$ 21,833.07 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
As industrial growth and advancement have led to an increased demand for reliable power, there is a growing need for alternative oil sources. This element has a beneficial impact on the global FPSO market size. The market is being stimulated by an expansion in offshore operations such as deep waters and ultra-deep seas due to increased investments in this area. Furthermore, the rising oil & gas consumption is predicted to encourage the development of oil & gas fields. As a result, the global FPSO market is expected to grow. A 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. Thus, the reasons mentioned above are further fueling the FPSO market growth.
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Companies Profiled in this report includes:
- MODEC, Inc.
- Petrobras
- Bumi Armada Berhad
- SBM Offshore
- CNOOC Limited
- Total Energies
- EXXON MOBIL CORPORATION
- BW Offshore
- Equinor ASA
- Shell plc
The FPSO market is segmented based on water depth, hull, mooring, and construction. Based on water depth, the market is segmented into shallow water, deep water, and ultra-deep water. In terms of FPSO market share based on water depth, shallow water segment led the market in 2021. Based on hull, the market is segmented into single hull and double hull. In 2021, the double hull segment led the market and accounted for a larger market share. Based on mooring, the FPSO market is segmented into spread mooring and disconnectable mooring. In 2021, the disconnectable mooring segment led the market and accounted for a larger market share. Based on construction, the FPSO market is segmented newly built and converted. In 2021, the newly built segment led the market and held a larger market share. Geographically, the FPSO market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In terms of FPSO market share geographically, SAM dominated the market in 2021.
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FPSO Market Segmentation:
By Water Depth:
- Shallow Water
- Deep Water
- Ultra-Deep Water
By Hull:
- Single Hull
- Double Hull
By Mooring:
- Spread Mooring
- Disconnectable Mooring
By Construction:
- Newly Built
- Converted
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. The potential of FPSO units to operate without the help of a fixed structure will fuel market growth. Furthermore, the capacity of these units to be redeployed to a different oil field after one is exhausted and their resistance to adverse weather conditions would accelerate their deployment. Moreover, the depletion of onshore oil deposits and the high costs of developing infrastructure will promote the deployment of FPSO units as an alternative. The capacity of these units to reduce the cost of oil & gas procurement will expedite their deployment in the future, thereby driving the FPSO market.
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