Robust growth in revenue from Asia Pacific FPSO market share is certain owing to the sky-rocketing demand for LNG in the region. For instance, by 2024, the ongoing Bac Lieu LNG2P project is expected to ensure power security of Vietnam, one of the largest industrialized clusters in Asia.
At its core, a floating production storage and offloading (FPSO) vessel expedites the storage and processing of oil & gas at sea. As these vessels play a pivotal role across the offshore industry, the demand for FPSOs is expected to amplify rapidly through 2025. The Asia Pacific FPSO market size is expected to expand fast due to the growing requirement of LNG across various verticals in the region.
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The following top five trends have been supporting the APAC FPSO market forecast:
Growth in number of offshore explorations
The oil & gas industry in Asia Pacific has been exhibiting considerable resilience despite the COVID-19-induced financial blow. Several new oil & gas projects are taking off. For instance, during January 2021, Reliance Industries (RIL) announced an increase in revenue from its ultra-deep-water gas field off the Indian east coast.
Soaring demand for converted FPSO
The converted FPSO segment is expected to register a high CAGR through the projected timeframe. The high expansion rate of the segment can be ascribed to the easy availability of retired FPSOs and oil tankers that can be modified as per the requirements of the end-users regarding space, weight capacities, geographical location, and storage capacities.
Converted FPSOs also require relatively low capital investment, boosting Asia Pacific FPSO industry trends. Improved asset management is a key benefit due to which conversion of vessels has become a common practice in the sector.
High growth pace of new-built FPSOs
The new-built FPSO segment is slated to gain considerably through the forecast timeline on account of the advanced safety features and superior designs of these solutions. The cost effectiveness of these FPSOs has been fueling their demand across the Asia Pacific.
Several new investors are funding offshore projects especially in the light of the emergence of latest technologies such as cylindrical hull designs, separable turret, and double hull designs in the oil & gas sector.
Considerable deployment across deep and ultra-deep waters
In terms of water depth, deep and ultra-deep segment is slated to accrue considerable share by 2025. The increasing investments in the existing as well as new oil reserves are responsible for the expanding demand across these waters. Advancements in technologies including logistics and cargo and drilling technologies have been fostering the progress of the Asia Pacific FPSO market outlook.
Emergence of Malaysia as a frontrunner
The FPSO market in Malaysia has been gaining traction of late with several Malaysian FPSO companies catering to the needs of foreign firms through alliances and contracts. For instance, in August 2020, MISC Berhad signed a contract with Petrobras, a Brazilian oil company to offer FPSO services and chartering in a Brazilian offshore project. Similarly, during the same month, Malaysian company KNM received an order for FPSO equipment from the Dutch floating production service provider SBM Offshore.
Several new oil production facilities are pushing the Malaysian FPSO industry. For instance, during January 2020, Malaysia’s Yinson Holdings, Inc. announced its achievement of its first gas offshore Miri, Malaysia. The delivery of the FPSO facility marked the beginning of considerable expansion across the region.
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Some leading FPSO companies in Asia Pacific include Saipem, KBR Inc., Yinson Holdings, Inc., Petrobras, SBM Offshore, MODEC, and Bumi Armada Berhad.
Table of Contents (ToC) of the report:
Chapter 3. Asia Pacific FPSO Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2025
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Technology landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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