Market Overview
| Study Period | 2020 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| Growth Rate | 10.00% CAGR |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Asia-Pacific Floating Production Systems Market Analysis by Mordor Intelligence
The Asia-Pacific Floating Production Systems Market is expected to register a CAGR of greater than 10% during the forecast period.
- Floating Production, Storage and Offloading (FPSO) make up the largest share of the floating production systems market, because of its additional function of storing produced oil. FPSO dominates the market with over 60% of the market share, and over 39 FPSO present in the region as of July 1, 2018.
- The demand for oil and gas production has always been on an increase, which has led to increased exploration activities offshore. This, in turn, is expected to help grow the market in the forecast period.
- China is anticipated to dominate the market due to widespread development and production from offshore fields in various regions like East China Sea, Western South China Sea, Eastern South China Sea, Bohai, etc.
Asia-Pacific Floating Production Systems Market Trends and Insights
Floating Production, Storage and Offloading (FPSO) to Dominate the Market
- FPSO are the most popular floating production system because of its additional feature of storing and offloading produced crude oil. This have led FPSO's to have over 60% of the market share which is expected to grow in the forecast period.
- FPSO provides the capability of long distances movement, which provides the operator a chance to using it over different regions and fields over its life.
- China has 13 operating and 3 FPSO under construction as of July 1, 2018, which makes it the country with biggest FPSO fleet in the region, Australia comes in second place with 9 operating and 2 under construction FPSO.
- The increasing energy demand is expected to drive the floating production systems market during the coming decade, as the new exploration activity is at an all-time high and the operators are often forced to work in much deeper waters, which require sophisticated technology and equipment, and also need the capability of storage and offloading oil, thereby helping drive the FPSO market.
China to Dominate the Market
- China is expected to maintain its dominance in floating production system market in the region in forecast period. This is the same trend as has been seen in recent years, due to heavy investments by the country in offshore oil and gas fields.
- The offshore oil & gas industry is expected to witness massive investments between 2020-2025. China National Offshore Oil Corporation (CNOOC) invested USD 11.46 billion in 2019 and is expected to invest somewhere between USD 12.34 billion to USD 13.79 billion in 2020.
- CNOOC has estimated oil production from offshore fields to be well above 555 million BOE in 2021 and 590 million BOE in 2022. This comes with the obvious growth in floating production system in the country.
- Therefore, factors such as rising oil and gas investments along with development and exploration of new plays and projects in the region are expected to give a growth to the floating production systems market in the forecasted period.
Competitive Landscape
The Asia-Pacific floating production systems market is partially consolidated with some of the top players holding a major share of the market. The key players are Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, SBM Offshore, Samsung Heavy Industries Co. Ltd, amongst others.
Asia-Pacific Floating Production Systems Industry Leaders
-
Bumi Armada Berhad
-
Hyundai Heavy Industries Co. Ltd
-
Keppel Offshore & Marine Ltd
-
SBM Offshore
-
Samsung Heavy Industries Co. Ltd
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competitors?
Download PDF
Asia-Pacific Floating Production Systems Market Report Scope
The Asia-Pacific floating production systems market report include:
Type
| FPSO |
| Tension Leg Platform |
| SPAR |
| Barge |
Water Depth
| Shallow Water |
| Deepwater and Ultra-Deepwater |
Geography
| China |
| Australia |
| India |
| Malaysia |
| Rest of Asia-Pacific |
| Type | FPSO |
| Tension Leg Platform | |
| SPAR | |
| Barge | |
| Water Depth | Shallow Water |
| Deepwater and Ultra-Deepwater | |
| Geography | China |
| Australia | |
| India | |
| Malaysia | |
| Rest of Asia-Pacific |
Need A Different Region or Segment?
Customize Now
Key Questions Answered in the Report
What is the current Asia-Pacific Floating Production Systems Market size?
The Asia-Pacific Floating Production Systems Market is projected to register a CAGR of greater than 10% during the forecast period (2025-2030)
Who are the key players in Asia-Pacific Floating Production Systems Market?
Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, SBM Offshore and Samsung Heavy Industries Co. Ltd are the major companies operating in the Asia-Pacific Floating Production Systems Market.
What years does this Asia-Pacific Floating Production Systems Market cover?
The report covers the Asia-Pacific Floating Production Systems Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Asia-Pacific Floating Production Systems Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on:
