Market Trends of Asia-Pacific Floating Production Systems Industry
This section covers the major market trends shaping the APAC Floating Production Systems Market according to our research experts:
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.
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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.
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