FPSO Market Size

FPSO Market Size

FPSO Market size was valued over USD 25 billion in 2018 with annual oil production capacity set to exceed 1.3 million barrels per day (BOPD) by 2025./p>

To get key market trends

  Download Free Sample

FPSO market size will witness robust growth on account of growing investments toward offshore exploration and development activities along with advancing deep water technologies. According to International Energy Agency (IEA), annual capital spending toward offshore oil & gas production activities will reach USD 60 billion by 2040 in Brazil alone. Furthermore, depleting onshore oil reserves along with associated high infrastructure development cost will favor the deployment of FPSOs as an alternative. The ability of these units to economically accelerate the procurement of oil & gas will boost their deployment over the coming years./p>

Growing number of discoveries and exploitation of marginal oil reserves at remote offshore locations coupled with the ability of FPSOs to function without a fixed structure support will positively influence the market growth. For instance, in August 2018, an oil field was discovered in North Western Shelf of Australia with an estimated reserve of over 170 million barrels of oil. In addition, ability of these units to be redeployed to a different oil field followed by exhaustion of one field, along with immunity to harsh weather conditions will further propel their deployment./p>