FPSO Market Size to Reach $17.30 Billion by 2027; Increasing Energy Demand Globally to Augment Growth

The global FPSO market size is expected to gain momentum by reaching USD 17.30 billion by 2027. This is attributable to the increasing demand for energy worldwide that is anticipated to propel the demand for advanced FPSO units. Fortune Business Insights, in its latest report, titled, “FPSO Market Size, Share & COVID-19 Impact Analysis, By Storage Capacity (Less than 1 MMBBLs, 1-2 MMBBLs, and More than 2 MMBBLs) By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), By Construction Type (Converted and New Build), By Hull Type (Single Hull and Double Hull), By Ownership (Contractor Owned {Contractor Managed and Operator Managed} and Operator Owned {Contractor Managed and Operator Managed}), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 13.06 billion in 2019 and is likely to exhibit an impressive CAGR of 14.3% between 2020 and 2027.

Tamarind Resources Acquires Rubicon Intrepid FPSO to Maintain Oil Field Profitability

In November 2020, Tamarind Resources announced the acquisition of Rubicon’s Intrepid vessel to improve performance and achieve operational excellence of the under-exploited oil fields. In the sidelines of the volatility in the world oil process, the company aims to achieve innovative methods to maintain oil field profitability. The Rubicon Intrepid, which is converted into a floating production storage and offloading unit from a shuttle tanker, has been operational at the Galoc field offshore located at SC14C, Northwest Palawan, Philippines since October 2008.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/fpso-market-100429

Increasing Global Energy Demand to Promote Growth

In September 2019, the U.S. Environmental Impact Assessment (EIA) asserted that half of the global energy consumption will come from the non-Organization for Economic Co-operation and Development (OECD) Asian nations that includes China and India by 2050. The increasing demand for energy is expected to boost the adoption of FPSO units for producing and processing hydrocarbons, along with storing oil across the globe. Moreover, the growing demand for crude oil derived petrochemicals from developed and developing economies is expected to bode well for the global FPSO market growth in the forthcoming years.

Contract Signing by Prominent Companies to Expand their Product Portfolio & Boost Sales Revenue

The global market for FPSO is fragmented by the presence of major companies striving to leverage the lucrative opportunities to strengthen their positions. These companies are focusing on signing significant contracts with government agencies and other private companies to expand their FPSO portfolio and further gain a competitive edge over their rivals in the highly competitive global marketplace.

Industry Development

• December 2020 – SBM Offshore announced the extension of its contract with Shell that involves leasing of the company’s Espirito Santo FPSO in Brazil. The another five-year period contract extension is likely to strengthen SBM’s position in the global marketplace.

List of the Companies Profiled in the Market:

• 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)


• Saipem (Italy)

Further Report Findings:

• North America is expected to showcase considerable growth in the global floating production storage and offloading market in the forthcoming years. This is attributable to the increasing production and exploration activities that propel the demand for advanced FPSO units in the region between 2020 and 2027.


• The market in Asia-Pacific is anticipated to experience exponential growth during the forecast period. This is ascribable to factors such as the growing demand for energy in countries such as India and China that will favor the global market for FPSO in the region.


• The less than 1 MMBBLs segment, based on storage capacity, held a market share of about 20.8% in 2019 and is likely to gain momentum backed by the increasing adoption of these types of vessels for near-shore depths exploration activities globally.

Table of Segmentation: