Global FPSO Market Report Size, Trends & Growth Opportunity, By Ownership (Operator-owned, Contractor-owned), By Water Depth (Shallow Water, Deep Water, Ultra-deep Water), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And For

Global FPSO Market Report Size, Trends & Growth Opportunity, By Ownership (Operator-owned, Contractor-owned), By Water Depth (Shallow Water, Deep Water, Ultra-deep Water), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And Forecast Till 2027.

Global FPSO Market

Global FPSO Market was valued at US$ 11,911.53 Million in 2021, estimated to reach US$ 20,415.71 Million in 2027, with a CAGR 7.36% from 2022-2027.

A floating production system that receives fluids (crude oil, water and a host of other things) from a subsea reservoir through risers, which then separate fluids into crude oil, natural gas, water and impurities within the topsides production facilities onboard is called as an FPSO.

Market Drivers

Due to the rise in need for dependable power caused by industrial growth and advancement, there is an increasing need for oil substitutes. The global FPSO market is expanding as a result of this aspect. The FPSO market is being stimulated by an increase in offshore activities in deep and ultra-deep waters as a result of increased investments in this sector.

The FPSO unit uses cutting-edge technologies, such as fixed stacked structures, to produce oil in deeper waters and isolated locations. Additionally, FPSOs store refined crude oil and have an offloading mechanism for transferring the crude to tankers for delivery to refineries. The capacity of FPSOs to endure in challenging working conditions in the global oil & gas industry is what drives the FPSO market.

Additionally, it is anticipated that rising oil and gas demand will accelerate the development of oil and gas reserves. As a result, the worldwide FPSO market is probably going to grow.

Market Restraints

Building and integrating numerous structures and components is necessary for the construction of floating production, storage, and unloading boats, which costs a sizable sum of money.

Additionally, a number of selection and designing factors, such as production capacity, hydrocarbon reserves, the quantity of wells, water depth, and existing infrastructure that limits the building and operational flexibility, are taken into account for the deployment of FPSO in the oil and gas industry. These elements could have an effect on the expansion of the FPSO market.

Market Segmentation

FPSO Market is segmented into major 4 categories. Based on Ownership, the market is divided into Operator-owned, Contractor-owned. Based on Water Depth, the market is segmented into Shallow Water, Deep Water, Ultra-deep Water. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.

Regional Analysis

Latin America market dominates the FPSO market across the world owing to the rising investments in exploring deep water areas in Latin America. The existence of main offshore fields in Brazil like Santos, Campos, etc. is creating potential revenue opportunities for market players.

Asia pacific region also witness the substantial growth in FPSO market as in Asia Pacific, the demand for natural gas has increased owing to the increased use of gas in various industries. This has eventually fuelled the FPSO demand in the region for the extraction of oil & gas from offshore and onshore sites.

Market Key Players

Some of the key players operating in Global FPSO Market are Modec Inc., SBM Offshore NV, BW Offshore Limited, Teekay Offshore Partners LP, Bluewater Holding BV, Saipem SpA, Petrofac Limited, Petroleo Brasileiro SA (Petrobras), CNOOC Ltd, TotalEnergies SE.

Industry development

In March 2022 SBM OffshoreNV, launched its new floating wind energy solution, Float4WindTM. Float4WindTM is the second-generation of SBM Offshore’s innovative offshore wind floater technology, a key aspect of the Company’s long-term strategy to support the energy transition.The new and improved version of the Tension Leg Platform (TLP) design, a technology historically utilized in traditional oil & gas production, is ideal for harnessing offshore wind power due to its low motion. . SBM Offshore can offer clients a solution that provides a number of benefits.

In January 2020 Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced that, effective January 22, merger and was acquired by Brookfield Business Partners L.P. and Changed its name to Altera Infrastructure L.P.

In August 2022 MODEC is pleased to announce that they have started onshore tests to confirm the drilling performance on a simulated soft mud ground several tens of meters below the seabed at the Okhotsk Regional Innovation Research Park (former site of the Kitami Racetrack) in Kitami City, Hokkaido, and have confirmed that the performance has reached a level that enables efficient harvest of methane hydrate in granular form.