FPSO Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2024 | Research Report

Floating, Production, Storage, and Offloading (FPSO) Market: Snapshot
Fuel consumption has increased over the years, leading to increased pressure on the production of oil and gas. By deploying floating, production, storage, and offloading (FPSO) units, this deficit can be controlled. The demand is expected to grow with increased investment in newly explored offshore oil and gas fields in deepwater and ultra-deepwater. Also, government incentives to boost offshore oil and gas exploration have added to the growth of FPSOs.

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However, the cost of constructing or building a new FPSO vessel and unpredictable oil prices are affecting the cash flow in the FPSO units, restraining the market growth. In addition to this, damaging the aquatic ecosystem with oil spills due to leakage and damage of an FPSO vessel is restricting the growth.
According to TMR, the market is expected to grow at a CAGR of 16.2% between 2015 and 2021. It is also predicted to rise from US$15.9 bn in 2014 to a valuation of US$43.4 bn by 2021.
Low Capital Investment Driving Demand for Converted FPSOs
The FPSO market is categorized on the basis of type into converted, new-build, and redeployed. The converted FPSO segment held majority of the global FPSO market in 2014. Oil tankers known as Very Large Crude Carriers (VLCCs) are usually converted FPSOs. Old and worn out tanker hulls are also reformed into converted FPSO units. With an average capacity of producing 60,000 to 150,000 barrels of oil per day, converted FPSOs are in high demand. Another driver for the growth of this segment is the low capital investment and faster deployment of converted FPSOs as compared to new-build FPSOs.
There is a strong possibility of redeployed FPSOs taking over the market in the coming years.
Though the redeployed FPSOs market is still in its preliminary stage, it is expected to grow significantly due to increased expenditure on the exploration of new offshore oil fields and requirement of faster deployment of FPSOs in new oil fields.
The global FPSO market can be segmented on the basis of water depth into shallow water (up to 499 meters), deepwater (500 meters to 1,499 meters), and ultra-deepwater (1,500 meters and above). Deepwater dominated the market in 2014 and is projected to lead the market in the near future. There has been a rise in the capital expenditure for the exploration of deepwater oil reserves, and this in turn is expected to add to the growth of this segment during the forecast period. There are, however, a few factors limiting the growth of the market. These are rising environmental concerns, legal complexities over proposed fields, and local content requirements leading to a delay in project execution and cost overruns.
Mature Oil and Gas Reserves make North America and Europe Market Leaders
The global FPSO market is led by North America and Europe. It is anticipated that these two market leaders will continue to rule in the years to come due to their established oil and gas reserves. It is also important to note that with rising oil and gas activities, along with considerable government support, Brazil is expected to become a major FPSO market in the Americas region. Countries such as Ghana, Guinea, Nigeria, and Angola in Africa are also deemed to witness a growth in the market due to increased demand for FPSOs. With newly found deep sea and oil gas reserves in the South China Sea, North Sea, and Gulf of Mexico, the market for FPSO will benefit from these areas in the years to come.
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SBM Offshore N.V. (Netherlands), Bumi Armada Berhad (Malaysia), MODEC, Inc. (Japan), Teekay Corporation (Bermuda), BW Offshore (Norway), Bluewater Energy Services B.V.(Netherlands), Aker Solutions ASA (Norway), Hyundai Heavy Industries Co., Ltd. (South Korea), Yinson Holdings Berhad (Malaysia), and Samsung Heavy Industries Co., Ltd. are the key players in the FPSO market.

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