The FPSO market in Europe is expected to grow from US$ 1,914.00 million in 2021 to US$ 3,013.50 million by 2028; it is estimated to register a CAGR of 6.7% from 2021 to 2028.
Rising offshore exploration and production activities are the major factors driving the Europe FPSO market growth. Over the last few decades, offshore oil and gas exploration and production have increased significantly. Further, the discoveries of new oil and gas reserves are growing exponentially across the region. In September 2020, Equinor announced the discovery of new oil and gas fields at the swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland.
Major oil and gas extractions companies, such as Petrobras, are growing offshore exploration and production activities. In Petrobras, most of the oil reserves are in offshore fields, which has led the drilling activities to reach ever-greater depths. Further, over the next five years, the company expects over 10 new production systems to come on stream, which will ensure a 5% growth in production by 2023. Thus, due to the rising number of offshore exploration and development activities and advancements in deepwater technology, the FPSO market is growing rapidly.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe FPSO market at a notable CAGR during the forecast period.
Europe FPSO Market Segmentation
The Europe FPSO market is segmented into water-depth, hull, mooring, construction, and country. Based on water depth, the market is segmented into shallow water, deep water, and ultra-deep water. The shallow water segment held the largest market share in 2021. Based on hull, the market is bifurcated into single hull and double hull. The double hill segment held a larger market share in 2021. Based on mooring, the market is divided into spread mooring and disconnectable mooring. The disconnectable mooring segment held a larger market share in 2021. Based on construction, the market is bifurcated into newly built and converted. The converted segment held a larger market share in 2021. Based on country, the Europe FPSO market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Further, Germany held the largest market share in 2021.
Bumi Armada Berhad; BW Offshore; CNOOC Limited; Energies; Equinor ASA; Exxon Mobil Corporation; MODEC, Inc; Petrobras; SBM Offshore; and Shell Plc are among the leading companies operating in the Europe FPSO market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,914.00 Million |
| Market Size by 2028 | US$ 3,013.50 Million |
| CAGR (2021 - 2028) | 6.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Water Depth
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe FPSO Market is valued at US$ 1,914.00 Million in 2021, it is projected to reach US$ 3,013.50 Million by 2028.
As per our report Europe FPSO Market, the market size is valued at US$ 1,914.00 Million in 2021, projecting it to reach US$ 3,013.50 Million by 2028. This translates to a CAGR of approximately 6.7% during the forecast period.
The Europe FPSO Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe FPSO Market report:
The Europe FPSO Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe FPSO Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe FPSO Market value chain can benefit from the information contained in a comprehensive market report.
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