Asia Pacific FPSO Market
APAC is the major continent globally and is well-known for technological innovations taking place in countries such as India, China, Japan, and South Korea. Rapid technological developments, government initiatives, digitalization of economies, and a rise in disposable income of the middle-income class group are among the factors propelling the region's overall economic growth and driving it from a developing to developed phase. In Asia-Pacific, demand for natural gas has increased due to the increased use of gas in various industries and eventually increased the FPSO demand in the region to extract oil and gas from offshore and onshore sites.
As per the outlook magazine, the COVID-19 pandemic has led to a decline in oil demand. However, it is expected that the demand for energy will witness constant growth in the mid-term and long-term period, rising by a noteworthy 25% by 2045. Furthermore, oil is anticipated to become the largest contributor to the energy mix market, which will contribute 27% share by 2045. In the coming years, APAC is anticipated to witness high demand for natural gas owing to the rising use of natural gas in diverse industrial sectors. As per the BP Statistical Review of World Energy 2020, an increase in natural gas consumption averaged 2% in 2019, while in APAC, the natural gas consumption showed 4.7% Y-o-Y growth in 2019. Additionally, the interregional trade of gas increased by 4.9%, representing over double growth in the 10-year average. Thus, the growing demand for natural gas and crude oil is expected to offer lucrative opportunities for the Asia Pacific FPSO market growth during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific FPSO market at a notable CAGR during the forecast period.
The Asia Pacific FPSO market is segmented into water-depth, hull, mooring, construction, and country. Based on water depth, the market is segmented into shallow water, deep water, and ultra-deep water. The ultra-deep water segment held the largest market share in 2021. Based on hull, the market is bifurcated into single hull and double hull. The double hill segment held a larger market share in 2021. Based on mooring, the market is divided into spread mooring and disconnectable mooring. The disconnectable spread mooring segment held a larger market share in 2021. Based on construction, the market is bifurcated into newly built and converted. The converted segment held a larger market share in 2021. Based on country, the Asia Pacific FPSO market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Further, China held the largest market share in 2021.
Bumi Armada Berhad; BW Offshore; CNOOC Limited; Energies; Equinor ASA; Exxon Mobil Corporation; MODEC, Inc; Petrobras; SBM Offshore; and Shell Plc are among the leading companies operating in the Asia Pacific FPSO market.
Strategic insights for the Asia Pacific FPSO provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,169.20 Million |
| Market Size by 2028 | US$ 3,575.27 Million |
| Global CAGR (2021 - 2028) | 7.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Water Depth
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific FPSO refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific FPSO Market is valued at US$ 2,169.20 Million in 2021, it is projected to reach US$ 3,575.27 Million by 2028.
As per our report Asia Pacific FPSO Market, the market size is valued at US$ 2,169.20 Million in 2021, projecting it to reach US$ 3,575.27 Million by 2028. This translates to a CAGR of approximately 7.4% during the forecast period.
The Asia Pacific FPSO Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific FPSO Market report:
The Asia Pacific FPSO Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific FPSO Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific FPSO Market value chain can benefit from the information contained in a comprehensive market report.
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