세계의 부유식 해양 석유 및 가스 생산저장설비(FPSO) 시장 : 제품 유형별, 수심별, 선종별, 지역별(2024-2031년)

Floating Production Storage Offloading (FPSO) Market Valuation - 2024-2031

The growing demand for oil and gas is a major factor expected to boost the growth of the global FPSO market. The market is value at USD 45.05 Billion in 2024 and reach a valuation of USD 174.02 Billion by 2031.

Government incentives to accelerate offshore oil and gas exploration are also driving the global FPSO market. The market is projected to grow at a CAGR of approximately 20.30% from 2024 to 2031.

Floating Production Storage Offloading (FPSO) Market: Definition/ Overview

Floating Production Storage and Offloading (FPSO) refers to a floating vessel used in the offshore oil and gas industry for the production, processing, and storage of hydrocarbons. FPSOs are designed to receive oil and gas from subsea wells, process these resources onboard, and store the resulting crude oil until it can be offloaded onto shuttle tankers or transported through pipelines to shore. These vessels can be either newly constructed or converted from existing oil tankers, and they are equipped with processing facilities that separate oil, gas, and water.

FPSOs are particularly advantageous in remote or deepwater locations where traditional fixed platforms are economically unfeasible, as they eliminate the need for extensive pipeline infrastructure. Their flexibility allows them to be relocated to different fields as needed, making them a vital component of modern offshore oil and gas operations, especially as onshore discoveries decline and exploration increasingly shifts to deeper waters.

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Floating Production Storage Offloading (FPSO) Market Regional Analysis

Here is a more detailed regional analysis of the Floating production storage offloading (FPSO) market:

North America:

According to Verified Market Research analyst, the biggest market share for floating production storage offloading (FPSO) is held by the North America region. The region offers considerable offshore oil and gas reserves particularly in the Gulf of Mexico which has long been a centre for FPSO operations. The Gulf of Mexico has favourable geology and well-established infrastructure making it a desirable location for FPSO development. Furthermore, North America is home to a number of premier oil and gas corporations with substantial offshore operations experience and a proven track record of successfully deploying FPSOs.

North America has an established regulatory framework and a strong legal structure which ensures predictability and stability for FPSO projects. Offshore oil and gas activities are overseen by regulatory organisations such as the Bureau of Ocean Energy Management (BOEM) in the United States and the National Energy Board (NEB) in Canada which ensure compliance with safety, environmental, and operational regulations. Clear regulatory rules and approval processes assist the development of FPSO projects encouraging investor confidence and industry expansion.

North America is at the forefront of technological innovation and research in the oil and gas industry pushing progress in FPSO design, construction, and operation. The region is home to premier engineering businesses, research organisations, and technology providers who create cutting-edge solutions for the unique problems of offshore production. Innovations in subsea processing, digitization, and automation are progressively being included into FPSO projects, improving operational efficiency, safety, and sustainability. As a result, North America remains a dominant force in the FPSO market leveraging its abundant resources, regulatory stability, and technological expertise to propel industry growth and innovation.

Asia-Pacific:

The Asia-Pacific region is experiencing rapid growth in the floating production storage offloading (FPSO) market. The region has large untapped offshore oil and gas potential, particularly in Malaysia, Indonesia, and Australia. These assets present profitable potential for FPSO deployments because they provide cost-effective hydrocarbon extraction options in distant and deepwater sites where traditional fixed infrastructure is impracticable.

Supportive government policies and regulatory frameworks in Asia-Pacific countries are encouraging investment in offshore exploration and production. To encourage foreign investment and increase domestic energy security, governments provide incentives such as tax cuts, production-sharing agreements, and faster approval processes. These favourable policies encourage oil and gas corporations to engage in FPSO projects which boosts regional market growth.

Asia-Pacific's growing emphasis on renewable energy and greenfield developments boosts demand for FPSOs. Countries such as Taiwan, South Korea, and Japan are significantly investing in offshore wind projects with FPSOs playing an important role in turbine installation, maintenance, and electricity generation. Furthermore, technical developments in FPSO design and construction reduce project costs and feasibility propelling Asia-Pacific market growth. Overall, these factors contribute to Asia-Pacific's position as the fastest-growing region in the FPSO market creating several potentials for industry participants and stakeholders.

How does Increasing Offshore Oil Exploration Drive the Demand for FPSOs?

Increasing offshore oil exploration is a significant driver of demand for floating production storage and offloading (FPSO) units. As easily accessible onshore oil reserves become depleted, exploration activities are shifting toward deeper waters and more remote offshore locations, where FPSOs offer a practical solution for production and storage. These floating vessels are particularly advantageous in challenging environments where the installation of fixed production platforms is economically unfeasible or technically complex. FPSOs eliminate the need for extensive pipeline infrastructure, allowing for efficient processing and storage of hydrocarbons directly at the extraction site. This flexibility is crucial for exploiting marginal oil fields that may not justify the high costs associated with traditional offshore platforms.

Additionally, advancements in technology have made it possible to explore and develop resources in ultra-deepwater areas, further increasing the reliance on FPSOs. The rising global demand for oil and gas, coupled with government incentives to boost offshore exploration, creates a favorable environment for FPSO deployment, thereby driving market growth in this sector. Overall, the combination of resource depletion, technological advancements, and economic considerations makes FPSOs an essential component of modern offshore oil exploration efforts.

What Impact do Fluctuating Oil Prices have on the Viability and Profitability of FPSO Projects?

Fluctuating oil prices significantly impact the viability and profitability of floating production storage and offloading (FPSO) projects by influencing investment decisions, operational costs, and project timelines. When oil prices are high, the profitability of FPSO projects increases, encouraging companies to invest in new projects and expand existing operations. Conversely, during periods of low or volatile oil prices, such as those experienced during economic downturns or crises, many FPSO projects may be suspended or delayed due to reduced financial viability. Operators often face pressure to cut capital expenditures by 30-50% in such environments, which can lead to scaled-back project scopes or the postponement of final investment decisions (FID) until market conditions improve.

Additionally, fluctuating oil prices can create uncertainty in revenue projections, making it challenging for companies to secure financing for FPSO projects. This uncertainty can lead to a cautious approach in project development, with stakeholders focusing on cost-reduction strategies and phased development approaches to mitigate risks associated with low oil prices. For instance, according to energy maritime associates, in 2020, when oil prices plummeted, FPSO utilization rates dropped to 80% from 87%.Overall, while high oil prices can stimulate growth and investment in FPSO projects, significant fluctuations can lead to project cancellations, delays, and a more conservative industry outlook, ultimately affecting the long-term sustainability of FPSO operations.

Category-Wise Acumens

In What Ways does the Oil Industry Benefit from the Flexibility and Mobility of FPSO Units?

The oil industry benefits significantly from the flexibility and mobility of floating production storage and offloading (FPSO) units in several ways. Firstly, FPSOs can be deployed in remote and deepwater locations where traditional fixed platforms would be economically unfeasible due to high installation and maintenance costs. This mobility allows operators to access marginal fields that may not justify the expense of permanent infrastructure, thus enhancing the overall viability of oil extraction in challenging environments.

Moreover, FPSOs can be customized for specific production needs and can operate in adverse weather conditions, increasing their operational efficiency and safety. The ability to disconnect from moorings during severe weather further enhances safety, making FPSOs a preferred choice in regions prone to harsh marine conditions. Overall, the flexibility and mobility of FPSOs contribute to more efficient, cost-effective, and safer operations in the oil industry, making them essential assets in modern offshore exploration and production.

How do Shallow Water Exploration Trends Impact the Overall FPSO Market Growth?

Shallow water exploration trends significantly impact the overall floating production storage and offloading (FPSO) market growth by driving demand for adaptable and cost-effective offshore solutions. The shallow water segment held the largest market share in 2021, primarily due to the depletion of natural gas and oil resources in these areas, which has led to increased exploration activities. As oil and gas companies seek to optimize production in shallow waters, FPSOs offer a flexible alternative to fixed platforms, allowing for efficient production and storage directly at the extraction site. The ability of FPSOs to operate in shallow waters without the need for extensive infrastructure makes them particularly appealing, as they can be deployed quickly and relocated as needed. This adaptability is crucial in responding to fluctuating market conditions and the ongoing exploration of marginal fields.

Moreover, advancements in technology have enhanced the capabilities of FPSOs, enabling them to thrive in various marine environments, thus further stimulating market growth. Overall, the increasing focus on shallow water exploration not only boosts the demand for FPSOs but also encourages innovation and competition among market players to develop advanced solutions tailored for these operational conditions.

Country/Region-wise Acumens

What Factors Contribute to North America's Leading Role in the FPSO Market?

North America is expected to lead in the floating production storage and offloading (FPSO) market. The region boasts abundant offshore oil and gas reserves, particularly in the Gulf of Mexico, which has favorable geology and well-established infrastructure conducive to FPSO operations. This availability of resources is complemented by the presence of major oil and gas companies with extensive offshore experience, such as ExxonMobil and Chevron, which enhances the market's robustness. North American companies hold approximately 25% of FPSO engineering and construction contracts globally.

Additionally, North America benefits from a strong regulatory framework that ensures compliance with safety and environmental standards, fostering investor confidence and facilitating project development. Technological innovation is another critical factor, as the region is at the forefront of advancements in FPSO design and operation, enabling more efficient and safe offshore production.

What Factors are Driving the Increasing Use of FPSOs in European Offshore Oil and Gas Fields?

The increasing use of floating production storage and offloading (FPSO) units in European offshore oil and gas fields is driven by several key factors. FPSOs offer significant cost-effectiveness compared to traditional fixed platforms, particularly in remote and deepwater locations where laying extensive pipelines is economically unfeasible. This flexibility allows operators to quickly deploy FPSOs to marginal fields, where investments in permanent infrastructure may not be justified. The average water depth for new FPSO projects in Europe increased from 100 meters in 2000 to over 300 meters in 2020, reflecting the move to deeper waters. Additionally, FPSOs can be easily relocated to new sites once an oilfield is depleted, enhancing their operational efficiency and lifespan.

Furthermore, the ongoing trend towards deeper offshore exploration in Europe, coupled with a lack of existing infrastructure in these areas, has led to a growing reliance on FPSOs as a viable solution for hydrocarbon production. The integration of advanced technologies in FPSO design and operation also contributes to their attractiveness, as these innovations enhance efficiency and environmental sustainability.

Competitive Landscape

The competitive landscape of the floating production storage and offloading (FPSO) market is characterized by the strategic plans executed by the several key players,. Our competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Some of the prominent players operating in the floating production storage and offloading (FPSO) include:

Chevron

Petronas

Aker Solutions ASA

Bluewater Energy Services B.V.

Bumi Armada Berhad

BW Offshore

ExxonMobil

MODEC

Petrobras

SBM Offshore

Shell

Teekay Corporation

Yinson Holdings Berhad

Latest Developments

In April 2023, Chevron announced its plans to develop a new Floating Production Storage and Offloading (FPSO) unit for the "Johan Castberg" project in the Barents Sea, offshore Norway. This FPSO is expected to significantly enhance Chevron's production capabilities in the region, with first oil anticipated by 2026.

In April 2024, ExxonMobil announced the successful startup of its third Floating Production Storage and Offloading (FPSO) unit, named Prosperity, at the Payara project in the Stabroek Block offshore Guyana.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis
• 4.5 Regulatory Framework

5 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET, BY PRODUCT TYPE

• 5.1 Overview
• 5.2 LPG
• 5.3 LNG
• 5.4 Oil
• 5.5 Others

6 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET, BY WATER DEPTH

• 6.1 Overview
• 6.2 Deep & Ultra-deep Water
• 6.3 Shallow Water

7 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET, BY CARRIER TYPE

• 7.1 Overview
• 7.2 New Build Ship
• 7.3 Converted Ship
• 7.4 Redeployed

8 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET, BY GEOGRAPHY

• 8.1 Overview
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 U.K.
  • 8.3.3 France
  • 8.3.4 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Japan
  • 8.4.3 India
  • 8.4.4 Rest of Asia Pacific
• 8.5 Latin America
  • 8.5.1 Brazil
  • 8.5.2 Argentina
• 8.6 Rest of the World

9 GLOBAL FLOATING PRODUCTION STORAGE OFFLOADING (FPSO) MARKET COMPETITIVE LANDSCAPE

• 9.1 Overview
• 9.2 Company Market Share
• 9.3 Vendor Landscape
• 9.4 Key Development Strategies

10 COMPANY PROFILES

• 10.1 BP
  • 10.1.1 Overview
  • 10.1.2 Financial Performance
  • 10.1.3 Product Outlook
  • 10.1.4 Key Developments
• 10.2 Chevron
  • 10.2.1 Overview
  • 10.2.2 Financial Performance
  • 10.2.3 Product Outlook
  • 10.2.4 Key Developments
• 10.3 Petronas
  • 10.3.1 Overview
  • 10.3.2 Financial Performance
  • 10.3.3 Product Outlook
  • 10.3.4 Key Developments
• 10.4 Aker Solutions ASA
  • 10.4.1 Overview
  • 10.4.2 Financial Performance
  • 10.4.3 Product Outlook
  • 10.4.4 Key Developments
• 10.5 Bluewater Energy Services B.V.
  • 10.5.1 Overview
  • 10.5.2 Financial Performance
  • 10.5.3 Product Outlook
  • 10.5.4 Key Developments
• 10.6 Bumi Armada Berhad
  • 10.6.1 Overview
  • 10.6.2 Financial Performance
  • 10.6.3 Product Outlook
  • 10.6.4 Key Developments
• 10.7 BW Offshore
  • 10.7.1 Overview
  • 10.7.2 Financial Performance
  • 10.7.3 Product Outlook
  • 10.7.4 Key Developments
• 10.8 ExxonMobil
  • 10.8.1 Overview
  • 10.8.2 Financial Performance
  • 10.8.3 Product Outlook
  • 10.8.4 Key Developments
• 10.9 MODEC
  • 10.9.1 Overview
  • 10.9.2 Financial Performance
  • 10.9.3 Product Outlook
  • 10.9.4 Key Developments
• 10.10 Petrobras
  • 10.10.1 Overview
  • 10.10.2 Financial Performance
  • 10.10.3 Product Outlook
  • 10.10.4 Key Developments
• 10.11 SBM Offshore
  • 10.11.1 Overview
  • 10.11.2 Financial Performance
  • 10.11.3 Product Outlook
  • 10.11.4 Key Developments
• 10.12 Shell
  • 10.12.1 Overview
  • 10.12.2 Financial Performance
  • 10.12.3 Product Outlook
  • 10.12.4 Key Developments
• 10.13 Teekay Corporation
  • 10.13.1 Overview
  • 10.13.2 Financial Performance
  • 10.13.3 Product Outlook
  • 10.13.4 Key Developments
• 10.14 Yinson Holdings Berhad
  • 10.14.1 Overview
  • 10.14.2 Financial Performance
  • 10.14.3 Product Outlook
  • 10.14.4 Key Developments

11 KEY DEVELOPMENTS

• 11.1 Product Launches/Developments
• 11.2 Mergers and Acquisitions
• 11.3 Business Expansions
• 11.4 Partnerships and Collaborations

12 Appendix

• 11.1 Related Research