United Kingdom (UK) Floating Production Storage and Offloading (FPSO) Market Report - Market Analysis, Capex, Share, Growth, Outlook - Industry Trends and Forecast to 2028

United Kingdom (UK) Floating Production Storage and Offloading (FPSO) Market Report - Market Analysis, Capex, Share, Growth, Outlook - Industry Trends and Forecast to 2028

The increasing offshore exploration and production activities due to the surging demand for energy amid prolonged energy security issues, and government support to boost domestic energy production is driving the UK FPSO market growth.

However, the rising demand to reduce emissions from the oil and gas sector and the rapid renewable energy installations such as solar and wind (both offshore and onshore) are expected to restrain the growth of FPSO market in the UK.

UK Government Support for Oil & Gas Sector

Along with the development of offshore wind and other renewable energy sources, the government of the UK has also focused on achieving self-sustainability in terms fossil fuels supply until renewables are fully developed.

The UK government lifted the ban on shale gas extraction in England in order to increase the country's energy security and announced its support for a new round of oil and gas licensing in September 2022.

The proactive governmental support by issuing new oil and gas licenses has resulted in increasing activities in the oil and gas sector, positively impacting the UK FPSO market.

The United Kingdom is expected to have five upcoming FPSOs by the year 2025, placing it in second place worldwide among all countries in terms of FPSO contracts awarded.

Impact of COVID-19

COVID-19 and the falling crude oil price were a double blow for the FPSO industry, which was suffering the aftershocks of a turbulent market. To keep costs down, FPSO production businesses concentrated primarily on transforming existing tankers into FPSOs.

Due to the COVID pandemic, the major under-construction projects to build floating production, storage, and offloading (FPSO) vessels were delayed in China, South Korea, and Singapore owing to staffing and supply shortages.

Recent Key Developments

A circular floating production, storage, and offloading FPSO vessel built by China's Offshore Oil Engineering Company (COOEC) bound for Shell's oil and gas project off the UK is currently headed to the North Sea.

The Sevan Hummingbird FPSO unit will be redeployed by Ping Petroleum UK in order to advance its Avalon development project in the middle of the UK North Sea. The cylindrical FPSO, with a hull diameter of 60 meters, has an oil production capacity of up to 30,000 barrels of oil per day and can store 270,000 barrels of oil.

The new report from Blackridge Research on the UK Floating Production Storage and Offloading (FPSO) Market comprehensively analyzes the Floating Production Storage and Offloading (FPSO) Market and provides deep insight into the current and future state of the industry in the region.

The study examines the drivers, restraints, and regional trends influencing UK Floating Production Storage and Offloading (FPSO) Market demand and growth.

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Floating Production Storage and Offloading (FPSO) Market, important commercial developments, trends, countries, and segments poised for fastest growth, competitive landscape.

Further, the report will also provide UK Floating Production Storage and Offloading FPSO Market CAPEX, demand forecast, and growth rates.

What we cover in the report?

UK FPSO Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information, and functions as a guide for you to analyze the degree of impact.

UK FPSO Market Analysis

This report discusses an overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations in the region.

This section provides an assessment of COVID-19 impact on Floating Production Storage and Offloading (FPSO) Market demand in the region.

UK FPSO Market CAPEX and Demand Forecast

The report provides the UK Floating Production Storage and Offloading (FPSO) Market CAPEX and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

UK FPSO Market Industry Analysis

The report examines the critical elements of Floating Production Storage and Offloading (FPSO) industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the Floating Production Storage and Offloading (FPSO) industry's state of competition and profitability.

UK FPSO Market Segmentation & Forecast

The report dissects UK Floating Production Storage and Offloading (FPSO) Market into various segments based on construction type (new build ship, converted ship/hull), on water depth (shallow water, deep water, ultra deep water), and hull type (single hull, double hull).

Further, market size (capex) and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Key Company Profiles

This report presents detailed profiles of Key companies in the Floating Production Storage and Offloading (FPSO) industry. Some of the major companies covered are Bumi Armada Berhad, BW Offshore Limited, SBM Offshore NV, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the regional market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an executive summary chapter and ends with conclusions and recommendations.

Also, take a look at our Global FPSO industry outlook report based on our extensive global FPSO market analysis.

Check the detailed analysis of FPSO market of various regions (covers key countries in each region):

South America FPSO Market

North America FPSO Market

Asia Pacific FPSO Market

Middle East FPSO Market

Europe FPSO Market

Africa FPSO Market

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