A floating, production, storage and offloading (FPSO) vessel are a type of floating production system used for offshore production, storage and offloading of oil and gas. Generally, a FPSO vessel is a converted oil tanker, or a newly constructed FPSO unit. A FPSO is often similar in appearance to a ship, equipped with production and processing facilities onboard. Furthermore, FPSOs consist of offloading facilities for the purpose of transporting processed oil and gas to onshore receiving facilities through a shuttle tanker.
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FPSO market is expected to see a robust growth during the forecast period attributed to the rising investment in offshore oil and gas exploration, especially in deepwater (500 to 1,499 meters) and ultra-deepwater (1,500 meters and above). Depleting present oil and gas fields globally is leading to rising concern for exploration of new oil and gas reserves for the purpose of meeting future energy requirements. Due to this factor, the oil and gas exploration companies have pushed exploration of oil and gas, from onshore to offshore, which in turn is driving the FPSO market growth. Furthermore, requirement of high investment or capital expenditure and technical challenges involved in installation of fixed production platforms or infrastructures in remote locations is driving the FPSO market growth. Additionally, ability of FPSOs to sustain harsh working environment and capability of FPSO to be moored at different locations after depletion of existing operating oil field is further driving the demand for FPSOs from oil and gas producers across the globe.
However, high capital expenditure requirement for construction or building of a new FPSO vessel is restraining the market growth. Moreover, volatile oil prices is affecting the flow of cash in the FPSO industry, limiting the market growth. Additionally, rising environmental concern related to the pollution caused by oil spills due to leakage and damage of a FPSO vessel is further restricting the growth of FPSO market during the forecast period. Moreover, legal complexities over proposed field and local content requirements is leading to delay in project execution and cost overruns, restraining the market growth.
Key opportunity of the global FPSO market lies in conversion of oil tankers, refurbishment and upgrades of FPSOs. Presently, majority of the FPSO contracts between FPSO providers and oil companies are based on the lease and operate structure. To meet the complex requirement for building and construction of advanced FPSOs, opportunities lies in collaboration and partnership among various players present in different stages of the value chain of FPSO industry.
This market research study analyzes the global FPSO market and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. It recognizes the drivers, restraints and opportunities affecting the industry and analyzes their impact over the forecast period.
By geography, market is segmented into Americas, Europe, Asia, Africa and Oceania. In addition, the report segments the market based on the type, which include converted, new-build and redeployed. It also segments the market on the basis of water depth as shallow water (up to 499 meters), deepwater (500 meters to 1,499 meters) and ultra-deepwater (1,500 meters and above). All these segments have also been estimated on the basis of geography.