South America 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)
The FPSO market in South America is expected to grow from US$ 4,338.40 million in 2021 to US$ 8,084.45 million by 2028; it is estimated to register a CAGR of 9.3% from 2021 to 2028.
Technological developments have directly impacted Brazil and Argentina's economy, advancing it to a large extent. The use of oil in SAM has steadily decreased over the last three years. However, with the recovery of the crude oil market, the situation is likely to change, and companies are now looking for more oil and gas exploration and production. According to OilNow, in 2022, Brazil, Mexico, and Venezuela will be producing most of the oil in South America. These three nations account for over 75% of the region's total output and are also global giants, ranking as the 10th, 11th, and 12th largest oil producers, respectively. South American oil output peaked at over 7 million barrels per day a decade ago, with the current production surging to 7.5 million barrels per day. Rising oil output propels the demand for FPSO and other equipment, which bolsters the growth of the FPSO market in the region.
According to the International Energy Agency (IEA), expenditure on upstream activities in SAM is expected to increase due to high investment by Brazil, Argentina, and Colombia. Petrobras, a Brazilian state-owned oil company, plans to invest US$ 75.7 billion over the next five years to boost oil production. In addition, oil & gas-related projects are increasing, which increases the use of FPSO. For example, in June 2019, Total, a refining company based in France and its partner, made an investment decision for the second phase of the Mero deep offshore project, 180 km off the coast of Rio de Janeiro, Brazil. Mero 2 floating production storage and discharge (FPSO) has a liquid treatment capacity of 180,000 barrels per day. For instance, in 2021, SBM Offshore, a Dutch corporation, was contracted by ExxonMobil to conduct Front End Engineering and Design (FEED) on its FPSO vessel for the fourth FPSO to be deployed in Guyana. For instance, in 2022, ExxonMobil started production at Guyana’s second offshore oil development on the Stabroek Block, Liza Phase 2, bringing total production capacity to over 340,000 barrels per day. Thus, all these factors are driving the growth of the FPSO market in SAM.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America FPSO market at a notable CAGR during the forecast period.
South America FPSO Market Revenue and Forecast to 2028 (US$ Million)
South America FPSO Market Segmentation
The South America 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 single hill segment held a larger market share in 2021. Based on mooring, the market is divided into spread mooring and disconnectable mooring. The spread mooring segment held a larger market share in 2021. Based on construction, the market is bifurcated into newly built and converted. The newly built segment held a larger market share in 2021. Based on country, the South America FPSO market is segmented into Brazil, Argentina, and the Rest of South America. Further, Brazil held the largest market share in 2021.
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 South America FPSO market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. SAM FPSO Market Landscape
4.1 Market Overview
4.2 SAM PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. SAM FPSO Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Oil and Gas Production in Deep and Ultra-Deepwater Witnessing Significant Increment
5.1.2 Total Number of Offshore Exploration and Production Activities Increasing
5.2 Market Restraints
5.2.1 Challenges Faced in FPSO Implementation
5.3 Future Trends
5.3.1 Upcoming of New and Advanced Subsea Technologies
6. FPSO Market – SAM Market Analysis
6.1 SAM FPSO Market Overview
6.2 SAM FPSO Market Forecast and Analysis
7. SAM FPSO Market Analysis – By Water Depth
7.1 Overview
7.2 SAM FPSO Market, By Water Depth (2020 and 2028)
7.3 Shallow Water
7.3.1 Overview
7.3.2 Shallow Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Deep Water
7.4.1 Overview
7.4.2 Deep Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Ultra-Deep Water
7.5.1 Overview
7.5.2 Ultra-Deep Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
8. SAM FPSO Market Analysis – By Hull
8.1 Overview
8.2 SAM FPSO Market, By Hull (2020 and 2028)
8.3 Single Hull
8.3.1 Overview
8.3.2 Single Hull: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Double Hull
8.4.1 Overview
8.4.2 Double Hull: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
9. SAM FPSO Market Analysis – By Mooring
9.1 Overview
9.2 FPSO Market, By Mooring (2020 and 2028)
9.3 Spread Mooring
9.3.1 Overview
9.3.2 Spread Mooring: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Disconnectable Mooring
9.4.1 Overview
9.4.2 Disconnectable Mooring: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
10. SAM FPSO Market Analysis – By Construction
10.1 Overview
10.2 SAM FPSO Market, By Construction (2020 and 2028)
10.3 Newly Built
10.3.1 Overview
10.3.2 Newly Built: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Converted
10.4.1 Overview
10.4.2 Converted: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
11. SAM FPSO Market – Country Analysis
11.1 Overview
11.1.1 SAM FPSO Market Breakdown, by Country
11.1.1.1 Brazil FPSO Market, Revenue and Forecast to 2028
11.1.1.1.1 Brazil FPSO Market Breakdown, by Water Depth
11.1.1.1.2 Brazil FPSO Market Breakdown, by Hull
11.1.1.1.3 Brazil FPSO Market Breakdown, by Mooring
11.1.1.1.4 Brazil FPSO Market Breakdown, by Construction
11.1.1.2 Argentina FPSO Market, Revenue and Forecast to 2028
11.1.1.2.1 Argentina FPSO Market Breakdown, by Water Depth
11.1.1.2.2 Argentina FPSO Market Breakdown, by Hull
11.1.1.2.3 Argentina FPSO Market Breakdown, by Mooring
11.1.1.2.4 Argentina FPSO Market Breakdown, by Construction
11.1.1.3 Rest of SAM FPSO Market, Revenue and Forecast to 2028
11.1.1.3.1 Rest of SAM FPSO Market Breakdown, by Water Depth
11.1.1.3.2 Rest of SAM FPSO Market Breakdown, by Hull
11.1.1.3.3 Rest of SAM FPSO Market Breakdown, by Mooring
11.1.1.3.4 Rest of SAM FPSO Market Breakdown, by Construction
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 MODEC, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Petrobras
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 SBM Offshore
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 CNOOC Limited
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Energies
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 EXXON MOBIL CORPORATION
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 BW Offshore
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Equinor ASA
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Shell plc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. SAM FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. SAM FPSO Market, Revenue and Forecast To 2028 – By Country (US$ million)
Table 3. Brazil FPSO Market, Revenue and Forecast to 2028 – By Water Depth (US$ million)
Table 4. Brazil FPSO Market, Revenue and Forecast to 2028 – By Hull (US$ million)
Table 5. Brazil FPSO Market, Revenue and Forecast to 2028 – By Mooring (US$ million)
Table 6. Brazil FPSO Market, Revenue and Forecast to 2028 – By Construction (US$ million)
Table 7. Argentina FPSO Market, Revenue and Forecast to 2028 – By Water Depth (US$ million)
Table 8. Argentina FPSO Market, Revenue and Forecast to 2028 – By Hull (US$ million)
Table 9. Argentina FPSO Market, Revenue and Forecast to 2028 – By Mooring (US$ million)
Table 10. Argentina FPSO Market, Revenue and Forecast to 2028 – By Construction (US$ million)
Table 11. Rest of SAM FPSO Market, Revenue and Forecast to 2028 – By Water Depth (US$ million)
Table 12. Rest of SAM FPSO Market, Revenue and Forecast to 2028 – By Hull (US$ million)
Table 13. Rest of SAM FPSO Market, Revenue and Forecast to 2028 – By Mooring (US$ million)
Table 14. Rest of SAM FPSO Market, Revenue and Forecast to 2028 – By Construction (US$ million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. SAM FPSO Market Segmentation
Figure 2. SAM FPSO Market Segmentation – By Country
Figure 3. SAM FPSO Market Overview
Figure 4. Shallow Water Segment held the Largest Share of SAM FPSO Market
Figure 5. Spread Mooring Segment held the Largest Share of SAM FPSO Market
Figure 6. Double Hull Segment held the Largest Share of SAM FPSO Market
Figure 7. Newly Built Segment held the Largest Share of SAM FPSO Market
Figure 8. Brazil to Show Great Traction During Forecast Period
Figure 9. SAM- PEST Analysis
Figure 10. SAM FPSO Market– Ecosystem Analysis
Figure 11. SAM FPSO Market: Impact Analysis of Drivers and Restraints
Figure 12. SAM FPSO Market Forecast and Analysis (US$ Million)
Figure 13. SAM FPSO Market Revenue Share, by Water Depth (2020 and 2028)
Figure 14. SAM Shallow Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. SAM Deep Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. SAM Ultra-Deep Water: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. SAM FPSO Market Revenue Share, by Hull (2020 and 2028)
Figure 18. SAM Single Hull: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. SAM Double Hull: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. SAM FPSO Market Revenue Share, by Mooring (2020 and 2028)
Figure 21. SAM Spread Mooring: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. SAM Disconnectable Mooring: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. SAM FPSO Market Revenue Share, by Construction (2020 and 2028)
Figure 24. SAM Newly Built: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. SAM Converted: FPSO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. SAM FPSO Market, by Key Country - Revenue (2020) (US$ million)
Figure 27. SAM FPSO Market Breakdown, by Country, 2020 & 2028 (%)
Figure 28. Brazil FPSO Market, Revenue and Forecast to 2028 (US$ million)
Figure 29. Argentina FPSO Market, Revenue and Forecast to 2028 (US$ million)
Figure 30. Rest of SAM FPSO Market, Revenue and Forecast to 2028 (US$ million)
- BW Offshore
- CNOOC Limited
- Energies
- Equinor ASA
- Exxon Mobil Corporation
- MODEC, Inc
- Petrobras
- SBM Offshore
- Shell Plc
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the South America FPSO market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the South America FPSO market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth South America market trends and outlook coupled with the factors driving the FPSO market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution