FPSO Market Worth $21.83 Billion by 2028 - Exclusive Report by The Insight Partners

Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “FPSO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Water Depth (Shallow Water, Deep Water, and Ultra-Deep Water), Hull (Single Hull and Double Hull), Mooring (Spread Mooring and Disconnectable Mooring), Construction (Newly Built and Converted), and Geography,” the market is expected to grow from US$ 11.91 billion in 2021 to reach US$ 21.83 billion by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.

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The FPSO market is stimulated by an expansion in offshore operations in deepwaters and ultra-deep seas due to increased investments in this area. According to Energy Information Administration (EIA), Brazil, the US, Angola, and Norway produce the bulk of oil & gas from deepwater and ultra-deepwater. Since the last decade, the share of crude oil output from deepwater or ultra-deepwater developments has grown in these countries.  Moreover, according to the US Energy Information Association, in 2020, the US exported ~8.51 MMb/d and imported ~7.86 MMb/d of petroleum, making the US a yearly petroleum exporter since 1949. Also, in 2020, the US produced ~18.40 million barrels of petroleum per day (MMb/d) and consumed ~18.12 MMb/d. The growing oil imports and exports are propelling the demand for comprehensive FPSO units in North America. Growing industrialization and surging population propel the demand for oil in Europe. . As crude oil requires less refining and is less hazardous to the environment the adoption of crude oil is increasing rapidly. Moreover, owing to their availability and low cost, crude oil and petroleum are widely used in essential sectors such as transportation, medicine, agriculture, textiles, plastics, hygiene products, heating, road asphalt, and metallurgy. As a result of the increasing use of oil in the region, the FPSO market continues to grow.

Global FPSO Market Scope:

FPSO Market: Competitive Landscape and Key Developments

Petrobras, CNOOC Limited, Total Energies SA, Exxon Mobil, and Equinor ASA are some of the key market players operating in the global FPSO market. The listing of key players is derived by considering multiple factors such as overall revenue, current FPSO product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the FPSO ecosystems which were studies analyzed during the course of this market research study, such as MODEC, Inc., Bumi Armada Berhad, SBM Offshore, BW Offshore, and Shell plc. Most of the market initiatives were observed in North America, South America, APAC and Europe region, which has a high potential for market-related products, solutions, and services. A Few of the important market initiatives from the industry are mentioned below:

In January 2022, Petrobras signed the contracts with the companies Yinson Bergenia Production B.V. and Yinson Bergenia Serviços de Operação LTDA, both from Yinson Production PTE Ltd. Group, for the chartering and provision of services of the Maria Quitéria FPSO for the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin.

In January 2020, Total Energies and its co-ventures have been successful in winning the Production Sharing Contracts (PSC) of the Atapu and Sépia pre-salt oil fields offered by Brazil’s National Agency for Petroleum, Natural Gas and Biofuels (ANP) in the Transfer of Rights (ToR) Surplus Bidding Round.

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The 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. 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, which will drive to the FPSO market size. Moreover, technological advancements have made new areas accessible. According to Energy Information Administration (EIA), the technological innovation in drilling and production propelled the production of oil and natural gas in the US. Thus, the advancements in subsea technology would increase the adoption of advanced oil & gas extraction and production processes, which is expected to drive the FPSO market in the near future.

Moreover, due to rising investments in oil & gas extraction and production across deep-sea locations, the demand for FPSO across offshore reserves is expected to increase significantly. Due to the rapid growth of the world's population, the rising energy requirements will increase technological demand over the forecast period and eventually drive the FPSO market. Furthermore, according to OPEC, China is the region's largest oil producer, producing 5 million barrels of oil per day. So, the increasing oil production in the region is further driving the FPSO market. In addition, the technological advancements in floating production storage and offloading over other production systems, such as digitalization of FPSO and penetration of IoT and automation in the oil & gas industry, increased focus of FPSO market players on R&D activities, and the development of new products would create trends for the FPSO market growth in the coming years.

The COVID-19 outbreak across the globe has substantially impacted oil and gas industry, especially in Europe. The rapid industrialization and urbanization in the MEA region is projected to contribute to the FPSO market growth. Oil & gas production is one of the prominent businesses in the region. Libya, the UAE, Saudi Arabia, Iran, and Qatar are a few countries that have seen growth in the oil business. Despite the slowdown in economic growth and substantial macroeconomic imbalances from lower oil prices in the last few years, oil & gas producing countries in the MEA are boosting their oil & gas production by partnering with foreign firms to expand the huge onshore and offshore oil & gas fields, which is creating the demand for FPSO units. Moreover, due to the rising oil & gas extraction and production investment, the demand for FPSO across offshore reserves is expected to increase significantly.

Converted Sector to Propel Global FPSO Market Growth During 2021 to 2028

A converted FPSO is a floating production storage and offloading (FPSO) vessel created by modifying an existing transportation vessel, most commonly, a crude oil shuttle tanker. Shell developed the first FPSO in 1977, which was a repurposed oil ship. Oil & gas extraction was more complex and inefficient before the advent of FPSOs. Companies could only collect oil & gas from shallow fields with sea depths of less than 50 meters. In most circumstances, converting an existing tanker into an FPSO is less expensive and takes less time than establishing a new FPSO.

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