FPSO Market Size By Product (Converted, Redeployed, New Built), By Water Depth (Shallow, Deep, Ultra-Deep), Industry Analysis Report, Regional Outlook (U.S., Norway, U.K, Indonesia, China, Brazil, Venezuela, Saudi Arabia, Iran, Nigeria, Angola), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: September 2016 | 94 Pages | Report ID: GMI785 Report Format: PDF

  Request Sample Inquiry Before Buying
Summary Table of Contents Industry Coverage Methodology Request for Customization

Industry Trends

FPSO Market size was over USD 21 billion in 2015 with forecast to grow over 19% from 2016 to 2024.

Norway FPSO market size, by volume, 2014 - 2024 (Units)

Norway FPSO market size, by volume, 2014 - 2024 (Units)

Rising demand of crude oil coupled with increasing exploration and production activity primarily in offshore field will drive FPSO market size during the forecast period.

As of April, 2016, over 260 floating production units are installed in offshore field out of which FPSO accounted for 64%, production semis represent 15%, tension lag platform accounts for 10%, production spars 8% and production barges represent 2% of installation.

Increasing demand of conversion of tank vessel into floating production storage and offloading in order to reduce capital expenditure and enhance productivity may also further compliment the industry growth in near future.

In 2015, 1995 built shuttle tanker converted into Libra FPSO with 12-year extendable life to achieve crude oil production in 2017. This vessel will operate on Libra pre-salt field of brazil which has estimated reserve of 8 to 12 billion barrel of oil equivalent and is considered as largest offshore oil field in Brazil.

Its ability to relocate from one place to another, adoptability for operation in any well depth and has high return on investment are some factors which may drive FPSO market size by 2024.

FPSO Market, By Product

Converted FPSO market size was valued at over 9 units in 2015 and in term of revenue, is projected to witness gains at over 18.9% during forecast period owing to its low capital cost when compared with designing and constructing of new built. These are suitable to operate in small and medium offshore field.

Redeployed product was valued above USD 719.8 million in 2015 and in term of volume, is projected to witness gains at over 22.3%. It reduces the project execution timeline as compared to new build or fresh conversion.

New Built product segment may witness a moderate growth in forecast period owing to increasing ultra-deep offshore exploration and production.

FPSO Market, By Water Depth

Deepwater FPSO market size would witness significant growth in forecast period owing to increasing capital investment in deep-water offshore exploration and production. For instance, in 2015, four Japanese companies invested for floating production storage and offloading to be moored in 765-meter depth of water in brazil by 2017.

Shallow water depth was estimated to reach at USD 23.28 billion in 2024 and in term of revenue, it is estimated to expand at over 19.5% during the forecast period.

Ultra-deep segment will witness moderate growth in forecast period owing to shift of exploration and production activities toward offshore field. Increasing exploration in ultra-deep offshore field will boost the demand for new built floating production storage and offloading in the near terms.

FPSO Market, By Region

China FPSO market size was estimated at over USD 687 million in 2015 and in term of volume, is expected to reach at over 22% by 2024 owing to increase in exploration and production in offshore field to reduce their dependence on imported energy resources.

Angola FPSO market share was valued above 11 units in 2024 and in term of revenue, is estimated to grow at over 26.4% owing to increasing exploration and production of deep-water reserves. Eni, Chevron and Exxon Mobil have offshore project in Angola and adding a capacity of approximately 1MMbbl/d.

The U.S. FPSO market share would witness a significant growth in forecast period. Presence of oil and gas resources, development of new offshore field and heavy investment in oil and gas project may drive this industry in forecast period.

Norway industry size would witness a growth in future owing to increasing drilling of sidetrack which are cheaper than initial exploration of well. Currently two fields are under development in Norwegian sea, six in North Sea and one in Barents Sea.

Competitive Market Share

Major industry participants include SBM Offshore N.V. (Netherlands), MODEC Inc. (Japan), (South Korea), Hyundai Heavy Industries Co. Ltd. (South Korea), Yinson Holdings Berhad (Malaysia), BW Offshore (Norway), Aker Solutions ASA (Norway), Teekay Corporation (Bermuda), Samsung Heavy Industries Co. Ltd., Bluewater Energy Services B.V.(Netherlands).

FPSO Industry Background

FPSO is a ship shaped floating vessel equipped with processing, storage and offloading facility and used in deep-water area. It is feasible solution for all type of depth. Its advantage is easy to relocate, reduce upfront investment, suitable for both small and medium size field that can be depleted in few years and ability to operate without need for infrastructure. Rising demand of crude oil and gas coupled with increasing offshore drilling activity would favor the growth of FPSO market during the forecast period.

What Information does this report contain?

Historical data coverage: 2013 to 2015; Growth Projections: 2016 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Our Market Research Reports Include:

  • Market snapshot
  • Market Segmentation
  • Value Chain Analysis
  • Growth Dynamics
  • Potential Market Opportunities
  • Regulatory Overview
  • Technology Evolution
  • Innovation & Sustainability

Why Global Market Insights?

 Comprehensive Research
  • All-inclusive coverage
  • In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
  • Penetrative insights & latest trends
  • Offers holistic understanding of the market
 Data Accuracy & Reliability
  • Unique methodology
  • Iterative in nature to eliminate errors
  • Detailed methodology, scope, assumptions and data sources available for reference
 Post-Sales Support
  • Committed to making a positive difference for our clients
  • Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
  • Every purchase comes with an option to obtain additional information:
    • up to 10% of the original cost
    • 45-minute analyst tele-call to obtain further clarity on the market.
 Security & Confidentiality
  • Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
  • Only PCI-DSS compliant payment methods used for highest level of client data security
This site is protected by Trustwave's Trusted Commerce program Authorize.Net Merchant - Click to Verify

Connect with our sales team