Pune, March 31, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global floating production storage and offloading (FPSO) market is expected to grow from USD 10.29 Billion in 2021 to USD 24.36 Billion by 2030, at a CAGR of 10.05% during the forecast period 2022-2030.
The capability to float production storage and offloading to operate without a fixed structure is expected to expand demand for the floating production storage and offloading (FPSO) market during the projection period. The factors such as the increasing crude oil prices, the rising trend of ultra-deep water oil & gas production & exploration, the raised focus on offshore production & exploration activities are the driving factors of the market growth.
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In addition to this, the different technological advancements and the digitization of floating production storage and offloading vessels are expected to boost market growth in the coming year. Also, the increasing energy consumption coupled with the requirement for highly efficient production & storage technologies is helping to boost the market growth during the forecast period. Further, high initial CAPEX & harsh environmental conditions in the sea, volatile oil & gas prices, and high initial investments in offshore field exploration are the restraint factors of the market growth. Moreover, the technological advancement of floating production storage and offloading over other production systems, the increasing emphasis of key players on R&D activities, and new product development are opportunities for market growth.
Key players operating in the global floating production storage and offloading (FPSO) market are:
• Keppel Offshore
• Teekay Corporation
• Dommo Energia
• BP
• Exxon Mobil
• Chevron Corporation
• Petrobras
• Saipem
• China National Offshore Oil Corporation (CNOOC)
• SBM Offshore
• Marine and Hyundai
• Royal Dutch Shell
• Bumi Armada Berhad
• Woodside Energy
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To enhance their market position in the global floating production storage and offloading (FPSO) market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The deep water depth segment led the market with a market share of 42.17% and a market value of around 8.13 billion in 2021.
The water depth segment is divided into ultra-deep water, deep water, and shallow water. The deep water depth segment led the market with a market share of 42.17% and a market value of around 8.13 billion in 2021. This is due to the advancement of subsea & associated engineering technologies. Further, by 2030, the shallow water depth segment will likely dominate the market due to the low price associated with production & exploration.
The self-propelled segment led the market with a market share of 58.13% and a market value of around 11.21 billion in 2021.
The propulsion segment is divided into towed and self-propelled. The self-propelled segment led the market with a market share of 58.13% and a market value of around 11.21 billion in 2021. This growth is attributed to the easy and quick hook-up, and connection.
The new-build type segment led the market with a market share of 45.19% and a market value of around 8.71 billion in 2021.
The type segment is divided into redeployed, converted and new-build. The new-build type segment led the market with a market share of 45.19% and a market value of around 8.71 billion in 2021. This growth is attributed to the reduced prices of oils in the oil & gas exploration enterprises. Further, by 2030, the converted type segment will likely dominate the market due to the low capital need and more rapid deployment.
The double hull type segment led the market with a market share of 56.21 % and a market value of around 10.84 billion in 2021.
The hull type segment is divided into double hull and single hull. The double hull type segment led the market with a market share of 56.21% and a market value of around 10.84 billion in 2021. Double hull floating production storage and offloading have double or two outer waterproof layers that shield the vessel's whole structure. This is helping to drive the growth of the market.
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Regional Segment Analysis of the Floating Production Storage and Offloading (FPSO) Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
South America region occurred as the largest market for the global floating production storage and offloading (FPSO) market with a market share of 42.32 % and a market value of around 8.16 billion in 2021. South America currently dominates the floating production storage and offloading (FPSO) market due to the rising investment in offshore exploration of oil & gas in ultra-deep water & deep water locations in regions. Additionally, the vast assets premeditated upstream into deep water reserves hydrocarbons are also helping to boost the market growth in this region. Furthermore, the North America region is expected to show the fastest CAGR of 16.14% over the projection period. This growth is attributed to the high production targets from the regional agencies and the presence of different market glants. Moreover, the increasing gas & oil expenditure & production along with the improvement in drilling technologies, will probably support the market's growth during the projection period.
About the report:
The global floating production storage and offloading (FPSO) market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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