Asia Pacific FPSO (floating, production, storage and offloading) Market Value will witness significant growth on account of growing investments toward shallow and deep-water exploration and development activities. According to World Oil 2018 statistics, Asia Pacific contributes for the most drilled offshore wells with 1,005 wells in 2017. The rising number of offshore wells across the region along with the advancement in deep water technologies will drive the industry outlook. Moreover, growing investments for the development of unconventional sources including tight oil and gas hydrates will further favor the deployment of FPSO units over the forecast timeframe.

Ability to operate in the absence of a fixed support structure along with growing exploitation of marginal oil reserves across remote offshore locations will positively influence the product adoption. Lower capex, high retained value and lower abandonment cost are few of the prominent factors that will propel the Asia Pacific FPSO Market demand over other alternatives.

Converted FPSO installation will witness a steady growth on account of ease of availability of oil tankers and retired FPSOs. In addition, the low capital expenditure associated will raise the technology demand over the forecast timeframe. Moreover, minimal resources requirement to build a converted FPSO will further favor the product installations across the region.

New built FPSO market will witness a uniform growth owing to the low operating cost and optimum design along with the modern safety features. Introduction of advance offshore technologies including double hull design, cylindrical hull designs and separable turret will further attract investors present in the oil & gas industry. However, higher capital expenditure and longer project schedules are few of the undesirable factors which may hamper the product deployment.

Reduced transfer efforts of processed hydrocarbons along with proximity to onshore services will significantly boost the FPSO demand across the shallow water locations. Ease of availability of human resources and materials for shallow water operations will further escalate the product adoption rate. However, low damping level, susceptibility to bad weather and greater possibility of rollover are some factors that may develop resistance to shallow depth FPSO projects.

China FPSO market is set to witness a significant growth on account of growing investments in deep sea E&P operations by the respective government. In addition, availability of large number of oil tankers coupled with favorable weather conditions in the region will further complement the product demand. According to United Nation Conference on Trade and Development (UNCTAD), China, Republic of Korea and Japan accounted for manufacturing of 90.5% of the total fleets worldwide in 2017. Availability of low-cost resources along with favorable investment outlook for offshore hydrocarbon exploration across the region will propel the industry growth in the forthcoming years.

Some of the key players operating the Asia Pacific FPSO Market include Bumi Armada Berhad, CNOOC Limited, MODEC, Inc, BW Offshore, Woodside Petroleum, SBM Offshore, Petrobras, Chevron Corporation, Exmar, Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries, KBR Inc., Samsung Heavy Industries Co. Ltd., Technip FMC, Saipem, Royal Dutch Shell PLC amongst others.