FPSO Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of FPSO Market
The FPSO market size was valued at USD 13.06 billion in 2019, and the market is now projected to grow from USD 6.78 billion in 2020 to USD 34.65 billion in 2032, exhibiting a CAGR of 14.56% during the forecast period of 2020-2027.
Due to COVID-19 the oil and gas industry was highly affected as the demand and the market worldwide changed. Lockdowns and international crises triggered a price war, impacting financial stability across sectors. Investment shortages in unfinished projects and transportation issues for crude oil further exacerbated the situation. All these are anticipated to continue as long as the virus outbreak continues. This incident has disrupted the FPSO market worldwide and has become a barrier to the FPSO market growth due to the pandemic.
Increased energy demand worldwide is the primary factor behind the growth and enhancing the FPSO market share. Oil, gas and petrochemicals are widely used as a source of electricity and for running various types of machinery in emerging and developed countries. India and China are some countries that have significantly contributed to the increase in demand. Energy consumption in the region is projected to nearly double. Reliable fuel sources remain crucial for supporting this growth trajectory.
Additionally, the imposition of long-term contracts drives growth in the global market. These agreements cover vessel construction, front-end engineering and design (FEED), operations, maintenance and technology upgrades. Companies benefit from stable partnerships and streamlined operations, enhancing efficiency and supporting market expansion. Such contracts are becoming integral to industry growth strategies.
Comprehensive Analysis of FPSO Market
The FPSO market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by storage capacity, by water depth, by construction type, by hull type and by ownership. The storage capacity includes, Less than 1 MMBBLs, 1-2 MMBBLs and More than 2 MMBBLs. The water depth includes, Shallow Water, Deepwater and Ultra-Deepwater. The construction type includes, Converted and New Build. The hull type includes, Single Hull and Double Hull. The ownership includes, Contractor Owned {Contractor Managed and Operator Managed} and Operator Owned {Contractor Managed and Operator Managed}.
Asia Pacific is anticipated to dominate the world’s FPSO market due to the growing demand for energy in rapidly developing countries. Increasing exploration and production activities similarly drive the nearby marketplace. The region’s expanding power desires make it a vital hub for the FPSO market. Developing nations play a key role in this increase trajectory. These factors make Asia Pacific a primary contributor to the FPSO market.
The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Petrobras (Brazil), CNOOC (China), Total (France), Royal Dutch Shell (Netherlands), Chevron (U.S.), ExxonMobil (U.S.), BP (UK), Equinor (Norway), Woodside Energy (Australia), Aker Solutions (Norway), Dana Petroleum Limited (UK), Vår Energi (Norway), Vietsovpetro (Vietnam), Eni (Italy), Dommo Energia (Brazil), Keppel Offshore & Marine (Singapore), BW Offshore (Norway), Teekay (Bermuda), Bumi Armada Berhad (Malaysia), SBM Offshore (Netherlands), Yinson Holdings Berhad (Malaysia), Bluewater (Netherlands), MISC Berhad (Malaysia), Modec Inc. (Japan), Rubicon Offshore (Singapore) and Saipem (Italy). These market players provide a level-playing competitive landscape.
In November 2020, Keppel Offshore & Marine secured an FPSO conversion contract worth about USD 75 million from an unidentified customer. The services needed under the agreement are fabrication and integration services, including riser balconies, topside modules and support.
Segmentation Table
Global FPSO Market Scope
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Growth Rate CAGR of 14.56% from 2020 to 2027
Historical Period 2016-2018
Unit Value (USD Billion)
Segmentation By Storage Capacity, Water Depth, Construction Type, Hull Type, Ownership, and Region
By Storage Capacity
Less than 1 MMBBLs
1-2 MMBBLs
More than 2 MMBBLs
By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
By Construction Type
Converted
New Build
By Hull Type
Single Hull
Double Hull
By Ownership
Contractor Owned
Contractor Managed
Operator Managed
Operator Owned
Contractor Managed
Operator Managed
By Geography
North America
Europe
Asia Pacific
Latin America
The Middle East & AfricaPlease Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the FPSO Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments by Industry Players in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 6.2.1. Less than 1 MMBBLs
- 6.2.2. 1-2 MMBBLs
- 6.2.3. More than 2 MMBBLs
- 6.3. Market Analysis, Insights and Forecast – By Water Depth
- 6.3.1. Shallow Water
- 6.3.2. Deepwater
- 6.3.3. Ultra-Deepwater
- 6.4. Market Analysis, Insights and Forecast – By Construction Type
- 6.4.1. Converted
- 6.4.2. New Build
- 6.5. Market Analysis, Insights and Forecast – By Hull Type
- 6.5.1. Single Hull
- 6.5.2. Double Hull
- 6.6. Market Analysis, Insights and Forecast – By Ownership
- 6.6.1. Contractor Owned
- 6.6.1.1. Contractor Managed
- 6.6.1.2. Operator Managed
- 6.6.2. Operator Owned
- 6.6.2.1. Contractor Managed
- 6.6.2.2. Operator Managed
- 6.7. Analysis, Insights and Forecast – By Region
- 6.7.1. North America
- 6.7.2. Europe
- 6.7.3. Asia Pacific
- 6.7.4. Latin America
- 6.7.5. Middle East and Africa
- 7. North America FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 7.2.1. Less than 1 MMBBLs
- 7.2.2. 1-2 MMBBLs
- 7.2.3. More than 2 MMBBLs
- 7.3. Market Analysis, Insights and Forecast – By Water Depth
- 7.3.1. Shallow Water
- 7.3.2. Deepwater
- 7.3.3. Ultra-Deepwater
- 7.4. Market Analysis, Insights and Forecast – By Construction Type
- 7.4.1. Converted
- 7.4.2. New Build
- 7.5. Market Analysis, Insights and Forecast – By Hull Type
- 7.5.1. Single Hull
- 7.5.2. Double Hull
- 7.6. Market Analysis, Insights and Forecast – By Ownership
- 7.6.1. Contractor Owned
- 7.6.1.1. Contractor Managed
- 7.6.1.2. Operator Managed
- 7.6.2. Operator Owned
- 7.6.2.1. Contractor Managed
- 7.6.2.2. Operator Managed
- 8. Europe FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 8.2.1. Less than 1 MMBBLs
- 8.2.2. 1-2 MMBBLs
- 8.2.3. More than 2 MMBBLs
- 8.3. Market Analysis, Insights and Forecast – By Water Depth
- 8.3.1. Shallow Water
- 8.3.2. Deepwater
- 8.3.3. Ultra-Deepwater
- 8.4. Market Analysis, Insights and Forecast – By Construction Type
- 8.4.1. Converted
- 8.4.2. New Build
- 8.5. Market Analysis, Insights and Forecast – By Hull Type
- 8.5.1. Single Hull
- 8.5.2. Double Hull
- 8.6. Market Analysis, Insights and Forecast – By Ownership
- 8.6.1. Contractor Owned
- 8.6.1.1. Contractor Managed
- 8.6.1.2. Operator Managed
- 8.6.2. Operator Owned
- 8.6.2.1. Contractor Managed
- 8.6.2.2. Operator Managed
- 9. Latin America FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 9.2.1. Less than 1 MMBBLs
- 9.2.2. 1-2 MMBBLs
- 9.2.3. More than 2 MMBBLs
- 9.3. Market Analysis, Insights and Forecast – By Water Depth
- 9.3.1. Shallow Water
- 9.3.2. Deepwater
- 9.3.3. Ultra-Deepwater
- 9.4. Market Analysis, Insights and Forecast – By Construction Type
- 9.4.1. Converted
- 9.4.2. New Build
- 9.5. Market Analysis, Insights and Forecast – By Hull Type
- 9.5.1. Single Hull
- 9.5.2. Double Hull
- 9.6. Market Analysis, Insights and Forecast – By Ownership
- 9.6.1. Contractor Owned
- 9.6.1.1. Contractor Managed
- 9.6.1.2. Operator Managed
- 9.6.2. Operator Owned
- 9.6.2.1. Contractor Managed
- 9.6.2.2. Operator Managed
- 10. Asia Pacific FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 10.2.1. Less than 1 MMBBLs
- 10.2.2. 1-2 MMBBLs
- 10.2.3. More than 2 MMBBLs
- 10.3. Market Analysis, Insights and Forecast – By Water Depth
- 10.3.1. Shallow Water
- 10.3.2. Deepwater
- 10.3.3. Ultra-Deepwater
- 10.4. Market Analysis, Insights and Forecast – By Construction Type
- 10.4.1. Converted
- 10.4.2. New Build
- 10.5. Market Analysis, Insights and Forecast – By Hull Type
- 10.5.1. Single Hull
- 10.5.2. Double Hull
- 10.6. Market Analysis, Insights and Forecast – By Ownership
- 10.6.1. Contractor Owned
- 10.6.1.1. Contractor Managed
- 10.6.1.2. Operator Managed
- 10.6.2. Operator Owned
- 10.6.2.1. Contractor Managed
- 10.6.2.2. Operator Managed
- 11. Middle East & Africa FPSO Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Storage Capacity
- 11.2.1. Less than 1 MMBBLs
- 11.2.2. 1-2 MMBBLs
- 11.2.3. More than 2 MMBBLs
- 11.3. Market Analysis, Insights and Forecast – By Water Depth
- 11.3.1. Shallow Water
- 11.3.2. Deepwater
- 11.3.3. Ultra-Deepwater
- 11.4. Market Analysis, Insights and Forecast – By Construction Type
- 11.4.1. Converted
- 11.4.2. New Build
- 11.5. Market Analysis, Insights and Forecast – By Hull Type
- 11.5.1. Single Hull
- 11.5.2. Double Hull
- 11.6. Market Analysis, Insights and Forecast – By Ownership
- 11.6.1. Contractor Owned
- 11.6.1.1. Contractor Managed
- 11.6.1.2. Operator Managed
- 11.6.2. Operator Owned
- 11.6.2.1. Contractor Managed
- 11.6.2.2. Operator Managed
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2019
- 12.1.1. By Operator
- 12.1.2. By Contractor
- 12.2. Company Profile
- 12.2.1. Company Profiles of FPSO Operators
- 12.2.1.1. Petrobras
- 12.2.1.1.1. Business Overview
- 12.2.1.1.2. Product & Service Offering
- 12.2.1.1.3. Overall Revenue
- 12.2.1.1.4. Geographic Presence
- 12.2.1.1.5. Recent Development
- 12.2.1.2. CNOOC
- 12.2.1.2.1. Business Overview
- 12.2.1.2.2. Product & Service Offering
- 12.2.1.2.3. Overall Revenue
- 12.2.1.2.4. Geographic Presence
- 12.2.1.2.5. Recent Development
- 12.2.1.3. Total
- 12.2.1.3.1. Business Overview
- 12.2.1.3.2. Product & Service Offering
- 12.2.1.3.3. Overall Revenue
- 12.2.1.3.4. Geographic Presence
- 12.2.1.3.5. Recent Development
- 12.2.1.4. Royal Dutch Shell
- 12.2.1.4.1. Business Overview
- 12.2.1.4.2. Product & Service Offering
- 12.2.1.4.3. Overall Revenue
- 12.2.1.4.4. Geographic Presence
- 12.2.1.4.5. Recent Development
- 12.2.1.5. Chevron
- 12.2.1.5.1. Business Overview
- 12.2.1.5.2. Product & Service Offering
- 12.2.1.5.3. Overall Revenue
- 12.2.1.5.4. Geographic Presence
- 12.2.1.5.5. Recent Development
- 12.2.1.6. ExxonMobil
- 12.2.1.6.1. Business Overview
- 12.2.1.6.2. Product & Service Offering
- 12.2.1.6.3. Overall Revenue
- 12.2.1.6.4. Geographic Presence
- 12.2.1.6.5. Recent Development
- 12.2.1.7. BP
- 12.2.1.7.1. Business Overview
- 12.2.1.7.2. Product & Service Offering
- 12.2.1.7.3. Overall Revenue
- 12.2.1.7.4. Geographic Presence
- 12.2.1.7.5. Recent Development
- 12.2.1.8. Equinor
- 12.2.1.8.1. Business Overview
- 12.2.1.8.2. Product & Service Offering
- 12.2.1.8.3. Overall Revenue
- 12.2.1.8.4. Geographic Presence
- 12.2.1.8.5. Recent Development
- 12.2.1.9. Woodside Energy
- 12.2.1.9.1. Business Overview
- 12.2.1.9.2. Product & Service Offering
- 12.2.1.9.3. Overall Revenue
- 12.2.1.9.4. Geographic Presence
- 12.2.1.9.5. Recent Development
- 12.2.1.10. Aker Solutions
- 12.2.1.10.1. Business Overview
- 12.2.1.10.2. Product & Service Offering
- 12.2.1.10.3. Overall Revenue
- 12.2.1.10.4. Geographic Presence
- 12.2.1.10.5. Recent Development
- 12.2.1.11. Dana Petroleum Limited
- 12.2.1.11.1. Business Overview
- 12.2.1.11.2. Product & Service Offering
- 12.2.1.11.3. Overall Revenue
- 12.2.1.11.4. Geographic Presence
- 12.2.1.11.5. Recent Development
- 12.2.1.12. Vår Energi
- 12.2.1.12.1. Business Overview
- 12.2.1.12.2. Product & Service Offering
- 12.2.1.12.3. Overall Revenue
- 12.2.1.12.4. Geographic Presence
- 12.2.1.12.5. Recent Development
- 12.2.1.13. Vietsovpetro
- 12.2.1.13.1. Business Overview
- 12.2.1.13.2. Product & Service Offering
- 12.2.1.13.3. Overall Revenue
- 12.2.1.13.4. Geographic Presence
- 12.2.1.13.5. Recent Development
- 12.2.1.14. Eni
- 12.2.1.14.1. Business Overview
- 12.2.1.14.2. Product & Service Offering
- 12.2.1.14.3. Overall Revenue
- 12.2.1.14.4. Geographic Presence
- 12.2.1.14.5. Recent Development
- 12.2.1.15. Dommo Energia
- 12.2.1.15.1. Business Overview
- 12.2.1.15.2. Product & Service Offering
- 12.2.1.15.3. Overall Revenue
- 12.2.1.15.4. Geographic Presence
- 12.2.1.15.5. Recent Development
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