Asia-Pacific Floating Production Systems Market Size (2024 - 2029)

The Asia-Pacific floating production systems market is projected to experience significant growth, driven by increased offshore exploration and a focus on developing offshore oil and gas production. Despite challenges such as high costs and volatile oil prices, the market is expanding, with Floating Production, Storage and Offloading (FPSO) systems holding the largest market share due to their dual function of production and storage. The demand for oil and gas continues to rise, fueling exploration activities and contributing to market expansion. China is expected to lead the market, supported by extensive development and production from offshore fields in several key regions.

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Market Size of Asia-Pacific Floating Production Systems Industry

Asia-Pacific Floating Production Systems Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 10.00 %
Market Concentration Low

Major Players

Asia-Pacific Floating Production Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Floating Production System Market Analysis

The Asia-Pacific floating production systems market is expected to grow at a CAGR of over 10% during the forecast period of 2020 - 2025. Factors such as increased offshore exploration activity and focus on development of offshore oil and gas production, are expected to help drive the market for floating production systems. However, the high cost of FPS systems combined with the volatile nature of oil prices has hampered the growth of the market.

  • 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.

APAC Floating Production System Industry Segmentation

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
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Asia-Pacific Floating Production Systems Market Size Summary

The Asia-Pacific floating production systems market is poised for significant growth, driven by increased offshore exploration activities and a focus on developing offshore oil and gas production. Despite challenges such as the high cost of floating production systems and the volatility of oil prices, the market is expected to expand. Floating Production, Storage and Offloading (FPSO) units dominate the market due to their dual functionality of storing and offloading produced oil, holding a substantial portion of the market share. The demand for oil and gas production continues to rise, prompting further exploration offshore, which is anticipated to bolster market growth in the coming years. China is expected to lead the market, supported by extensive development and production activities in its offshore fields.

China's dominance in the floating production systems market is expected to continue, reflecting a trend of heavy investments in offshore oil and gas fields. The country's significant investments by entities like the China National Offshore Oil Corporation (CNOOC) are set to drive the market, with projections of substantial oil production from offshore fields. This growth is further supported by the need for sophisticated technology and equipment to operate in deeper waters, which enhances the demand for FPSOs. The market is partially consolidated, with key players such as Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, SBM Offshore, and Samsung Heavy Industries Co. Ltd holding significant shares. These factors collectively contribute to the anticipated expansion of the floating production systems market in the Asia-Pacific region.

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Asia-Pacific Floating Production Systems Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Offshore Active Rig Count and Forecast,till 2025

    4. 1.4 Historic and Demand Forecast of Offshore CAPEX in USD billion, 2017-2025

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 FPSO

      2. 2.1.2 Tension Leg Platform

      3. 2.1.3 SPAR

      4. 2.1.4 Barge

    2. 2.2 Water Depth

      1. 2.2.1 Shallow Water

      2. 2.2.2 Deepwater and Ultra-Deepwater

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 Australia

      3. 2.3.3 India

      4. 2.3.4 Malaysia

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Floating Production Systems Market Size FAQs

The Asia-Pacific Floating Production Systems Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

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.

APAC Floating Production System Market Report Snapshots

Asia-Pacific Floating Production System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)