The continued capital spending by oil majors on exploration in deepwater, depleting onshore oil fields, and favourable government policies are some of the factors stimulating the demand for the FPSOs.
Furthermore, the increasing energy demand, and growing offshore discoveries, coupled with the ability of FPSOs to function without a fixed structure, capability of storage, and offloading oil, are augmenting the demand for FPSOs globally.
In newly formed offshore fields without pipeline infrastructure or in remote areas where constructing a pipeline would be prohibitively expensive, FPSOs are particularly helpful. A tanker doesn't have to wait while the production facility produces enough oil to fill it thanks to the utilization of FPSOs. The ability to relocate the floating production storage and offloading vessel to a new place when an oil field has run out is another benefit of FPSOs versus pipelines.
FPSOs are appropriate for a variety of water depths (deepwater, ultra deep water), and environmental conditions, and can be built to remain in a specific location for up to 20 years of continuous operation. FPSOs are currently the crude oil industry's favoured offshore production technology due to their increased flexibility and adaptability.
The rapid recovery of the oil and gas industry post-Covid-19 pandemic downturn and increasing investments in deep water exploration and production activities due to the energy security issues triggered by the Russian-Ukraine conflict are currently driving the demand for FPSOs globally.
However, the high capital requirement, long building periods, and the development of offshore pipeline infrastructure might restrain the FPSO market growth.
The growing Brazil FPSO market was a major driver of growth in 2021, with seven of the country's 10 contract awards coming from Brazilian projects. With the addition of three more FPSOs in 2022, the South American country is still the leader in global FPSO contract awards.
Guyana, a participant from the South America FPSO market, added one FPSO to the global total in 2022, while the UK added two projects. It is anticipated that Angola, Australia, China, and Malaysia would all award one new FPSO contract.
COVID-19 and the falling oil price were a double blow for the FPSO industry, which was suffering the aftershocks of a turbulent market. To keep costs down, FPSO production businesses concentrated primarily on transforming existing tankers into FPSOs.
Due to the COVID pandemic, the major under-construction projects to build floating production, storage, and offloading (FPSO) vessels were delayed in China, South Korea, and Singapore owing to staffing and supply shortages.
Blackridge's report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting FPSO market growth. It provides a perspective on various market opportunities and threats and a detailed analysis of the Floating production storage and offloading market's competitive landscape.
The new report from Blackridge Research on the Global Floating Production Storage offloading FPSO Market comprehensively analyses the FPSO Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global FPSO Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Global FPSO Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Global FPSO Market CAPEX, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19 impact on global floating production storage and offloading market demand.
The report provides Global FPSO Market CAPEX and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the Global FPSO industry supply chain, its structure, and the participants
Using Porter's five forces framework, the report covers the assessment of the Global FPSO industry's state of competition and profitability.
The report dissects Global Floating Production Storage and Offloading (FPSO) Market into various segments based on construction type (new build ship, converted ship/hull), on water depth (shallow water, deep water, ultra deep water), and hull type (single hull, double hull).
Further, market capex (size) and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.
In addition, global market capex (size), demand forecast, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and the Rest of North America
Europe - United Kingdom (UK), Denmark, Norway, Russia, and the Rest of Europe
Asia Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
South America – Brazil, Guyana and Rest of South America
Middle East & Africa - Nigeria, South Africa, and other countries
This report presents detailed profiles of major market players in the Global FPSO industry. Some of the major companies covered are Bumi Armada Berhad, BW Offshore Limited, SBM Offshore NV, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the global market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
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Also, check our detailed analysis of the FPSO market of various regions (covers key countries in each region):
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
Disclaimer
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