Global FPSO market was valued at USD 15.86 billion in 2014, growing at a CAGR of 16.2% from 2015 to 2021. Rise in demand for FPSO is attributed to increasing investment in offshore exploration of oil and gas in deepwater and ultra-deepwater in regions primarily including Africa and Brazil.
The global FPSO market is segmented by regions into Americas, Europe, Asia, Africa and Oceania. Installation of fixed processing and production infrastructure in remote locations is technically complex and also not cost-effective. However, deployment of FPSO in remote locations eliminates the requirement of installation of large fixed oil and gas production platforms. Moreover, offloading of a FPSO into oil tankers to transport processed oil and gas terminates the requirement to lay expensive long-distance seabed pipelines from oil fields to receiving platforms. The FPSO market is expected to see a robust growth during the forecast period, attributed to the demand for cost effective solution for offshore oil and gas production and increasing application of FPSOs in harsh environment and remote locations.
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In 2015, Americas led the FPSO market and the region is expected to maintain its dominance throughout the forecast period. Major development of oil fields, offshore of Brazil is driving the demand for FPSOs in the region. Additionally, regions such as West Africa and Southeast Asia are also major markets for FPSOs. Growth of these regions is attributed to the significant number of FPSOs being deployed in deepwater and ultra-deep water offshore of these regions.
The global FPSO market by type is categorized into converted, new-build and redeployed. Converted FPSO segment dominated the FPSO market in 2014. Low capital requirement and faster deployment of converted FPSOs compared to new-build FPSOs is driving the growth of this segment during the forecast period.
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Based on the water depth, the global FPSO market is segmented into shallow water (up to 499 meters), deepwater (500 meters to 1,499 meters) and ultra-deepwater (1,500 meters and above). Capital expenditure for exploration of offshore fields beyond 500 meters is approximately 75% of total capital expenditure for offshore exploration in 2014. However, legal complexities over proposed field, rising environmental concern and local content requirements is leading to delay in project execution and cost overruns, restraining the market growth.
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Key players in this market include MODEC, Inc. (Japan), SBM Offshore N.V. (Netherlands), BW Offshore (Norway), Hyundai Heavy Industries Co., Ltd. (South Korea), Bumi Armada Berhad (Malaysia), and Teekay Corporation (Bermuda) among others.
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