Global Floating Production Storage And Offloading Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Floating production storage and offloading (FPSO) are a type of sailing vessel used in the offshore oil and gas industry for the production, processing, storage, and offloading of oil and gas. Floating production storage and offloading are versatile units that operate in remote offshore locations where installing fixed production platforms is not feasible or economically viable.

Sizing and Forecast
The floating production storage and offloading market size has grown strongly in recent years. It will grow from $19.89 billion in 2023 to $21.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%.  The  growth in the historic period can be attributed to offshore field development, volatility in oil prices, economic viability and flexibility, shifts in energy demand, geopolitical stability and offshore investments..

The floating production storage and offloading market size is expected to see strong growth in the next few years. It will grow to $28.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.  The growth in the forecast period can be attributed to increasing deepwater exploration, renewed investment in offshore projects, rising demand for energy, decommissioning of fixed platforms, geopolitical stability and regulatory changes.. Major trends in the forecast period include focus on operational safety and security, partnerships for risk mitigation, remote monitoring and control systems, environmental sustainability and emissions reduction, deployment of small to mid-size fpsos..

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Segmentation & Regional Insights
The floating production storage and offloading market covered in this report is segmented –

1) By Vessel Type: Converted, New-Build, Redeployed
2) By Propulsion Type: Self-Propelled, Towed
3) By Design: Spread Mooring FPSO Vessels, Single Point Mooring FPSO Vessels, Dynamic Positioning FPSO Vessels
4) By Operator: Small Independent, Large Independent, Leased Operator, Major National Oil Companies
5) By Application: Shallow Water, Deepwater, Ultra-Deep Water

North America  was the largest region in the floating production storage and offloading market in 2023. Asia-Pacific  is expected to be the fastest-growing region in the forecast period. The regions covered in the floating production storage and offloading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East,  Africa.

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Major Driver Impacting Market Growth
The rising demand for offshore exploration and production activities is expected to propel the growth of the floating production storage and offloading market going forward. Offshore exploration and production activities refer to the processes involved in discovering, extracting, and producing oil and gas reserves located beneath the seabed in offshore areas. Floating production storage and offloading (FPSO) units are commonly used in offshore exploration and production activities for their versatility, cost-effectiveness in exploration, field development, production, and operational flexibility. For instance, in May 2023, according to reports shared by the US Energy Information Administration, a US-based government agency, the US crude oil production increased from 11.89 million b/d in 2022 to 12.53 million b/d in 2023. Furthermore, in January 2022, according to OGV Energy, a UK-based engagement platform for the energy sector, offshore drilling is anticipated to increase by about 10% annually to reach almost 2,500 offshore wells in 2021, up from just over 2,300 in 2020. Therefore, the rising demand for offshore exploration and production activities is driving the growth of the floating production storage and offloading market.

Key Industry Players
Major companies operating in the floating production storage and offloading market report are Exxon Mobil Corporation, Shell plc., TotalEnergies SE, Eni S.p.A, China National Offshore Oil Corporation, Petróleo Brasileiro S.A., ConocoPhillips Company, Repsol S.A., Chevron Corporation, Woodside Energy Group Ltd, INPEX Corporation, Hess Corporation, Saipem S.p.A, HD Hyundai Heavy Industries Co. Ltd., TechnipFMC plc, Harbour Energy PLC, SBM Offshore N.V., Samsung Heavy Industries (SHI), Hanwha Ocean Co. Ltd., MISC Berhad, MODEC Inc., BP Plc., Bluewater Energy Services B.V., Teekay Corporation, Sembcorp Marine Ltd, Bumi Armada Berhad, BW Offshore Limited, DOF Subsea AS, PetroVietnam Technical Services Corporation (PTSC), Keppel Offshore & Marine.

The floating production storage and offloading market report table of contents includes:
1. Executive Summary

2. Floating Production Storage And Offloading Market Characteristics

3. Floating Production Storage And Offloading Market Trends And Strategies

4. Floating Production Storage And Offloading Market - Macro Economic Scenario

5. Global Floating Production Storage And Offloading Market Size and Growth

.

32. Global Floating Production Storage And Offloading Market Competitive Benchmarking

33. Global Floating Production Storage And Offloading Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Floating Production Storage And Offloading Market

35. Floating Production Storage And Offloading Market Future Outlook and Potential Analysis

36. Appendix

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