Floating Production Storage and Offloading (FPSO) vessels are specialized vessels used for offshore oil and gas production. FPSOs receive hydrocarbons produced from nearby oil or gas wells, process the oil and gas on board, store the produced oil and gas, and offload the stored oil and gas onto shuttle tankers for transport onshore. designed to be transported to FPSOs are generally preferred over fixed offshore platforms in deepwater or remote locations due to their versatility and cost-effectiveness. The FPSO can be easily moved to new locations so it can be used in multiple fields or for initial production while new fields are being developed. Also, once the field is depleted, it can be discarded and reused elsewhere.
The global FPSO market is valued at around USD 27 billion in 2020 and is expected to grow at a CAGR of around 9% during the forecast period from 2021 to 2028. The market is segmented by type, water depth, and geography. Based on type, the market is segmented into retrofit, new construction, and redeployment. Converted FPSOs are expected to dominate the market during the forecast period due to their higher cost-effectiveness and shorter deployment times compared to new build FPSOs.
Based on water depth, the market is segmented into shallow water, deep water, and ultra-deep water. Deepwater FPSO is expected to dominate the market during the forecast period, owing to increased exploration and production activities in the deepwater region. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. South America is expected to be the largest market during the forecast period due to increasing demand for oil and gas in the region and increased investment in offshore exploration and production activities.
Major players in the FPSO market include SBM Offshore NV, MODEC, Inc., BW Offshore Limited, Saipem SpA, Petrobras, and Royal Dutch Shell plc.
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