Report : Asia Pacific FPSO Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Water Depth (Shallow Water, Deep Water, and Ultra-Deep Water), Hull (Single Hull and Double Hull), Mooring (Spread Mooring and Disconnectable Mooring), and Construction (Newly Built and Converted)
At 7.4% CAGR, the Asia Pacific FPSO market is speculated to be worth US$ 3,575.27 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific FPSO market was valued at US$ 2,169.20 million in 2021 and is expected to reach US$ 3,575.27 million by 2028, registering an annual growth rate of 7.4% from 2021 to 2028. Surging demand for natural gas and crude oil Demand Surging including significant advancements in subsea technologies are the critical factors attributed to the market expansion.
Oil and gas companies are adopting new technologies owing to the advancements in offshore technologies, such as separable turret, cylindrical hull designs, and double hull design. In addition, the technological advancements in floating production storage and offloading over other production systems, such as digitalization of FPSO and penetration of IoT and automation in the oil & gas industry, increase in the focus of market players on R&D activities, and development of new products would create trends for The FPSO market growth in the coming years.
Moreover, advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have made prospects viable that were previously unreachable. Technological advancements have made new areas accessible. Thus, the advancements in a subsea technology would increase the adoption of advanced oil and gas extraction and production processes, which is expected to drive the growth of The FPSO market in the future.
On the contrary, various challenges faced in FPSO implementation hurdles the growth of Asia Pacific FPSO market.
Based on water depth, the Asia Pacific FPSO market is segmented as shallow water, deep water, and ultra-deep water. Ultra-deep water segment held the largest market share in 2021 which accounted for 44.8% with a revenue of US$ 972.13 million. It is further projected reach US$ 1,730.71 million at 8.6% CAGR during 2021-2028.
Based on hull, the Asia Pacific FPSO market is bifurcated into single hull and double hull. The double hull segment held 55.2% market share in 2021, amassing US$ 1,107.71 million. It is projected to garner US$ 2,088.41 million by 2028 to expand at 8.3% CAGR during 2021–2028.
Based on mooring, the Asia Pacific FPSO market is segmented as spread mooring and disconnectable mooring. With a share of 60.1%, disconnectable mooring segment held the largest market share in 2021. Further, in 2021 it held US$ 1,304.64 million and is forecasted to reach at US$ 2,223.05 million by 2028 at a decent CAGR of 7.9%.
By construction, the Asia Pacific FPSO market is fragmented into newly built and converted. With 66.9% share of the domain, the converted segment dominated the market in 2021. It accrued US$ 1,451.19 million in 2021 and is estimated to generate US$ 2,584.05 million by 2028 to grow at a CAGR of 8.6% over the forecast period.
Our regional analysis states that China captured 26.0% market share in 2021. It was assessed at US$ 563.99 million in 2021 and is likely to hit US$ 1,018.83 million by 2028, exhibiting a CAGR of 8.8% during the forecast period.
Key players dominating the Asia Pacific FPSO market are Bumi Armada Berhad; BW Offshore; CNOOC Limited; Energies; Equinor ASA; Exxon Mobil Corporation; MODEC, Inc; Petrobras; SBM Offshore; and Shell Plc.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market such as:
- In 2020, MODEC, Inc. has announced the approval by the American Bureau of Shipping for the new offshore repair method which has been developed jointly with Toray Industries, Inc. for hull structures of floating oil and gas production facilities such as FPSO vessels as an original standard repair method.
- In 2020, The Shell plc. is the fourth production system to be deployed in the Mero field. The final investment decisions were previously taken for the Mero 1, Mero 2, and Mero 3 FPSOs. Each unit has a daily operational capacity rate of 180,000 barrels of oil/day. The Pineiro de Libra FPSO has been producing at Mero since 2017 and is a key source of information for the Libra consortium to aid further development and optimize the productivity of the field, reservoir, and wells.
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