The global floating production storage and offloading market size reached US$ 19.0 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 27.7 Billion by 2027, exhibiting a growth rate (CAGR) of 6.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Floating production storage and offloading (FPSO) vessels are used in offshore oil and gas fields to receive hydrocarbons from subsea oil reservoirs and process them into oil, gas and water. These vessels store processed crude oil or natural gas until it is offloaded to a shuttle tanker or transported through an export pipeline to refineries. They have pumps, generators, storage tanks, control rooms and accommodation facilities, which help to extract and refine oil and gas in remote areas at low prices. As compared to conventional offshore oil and gas platforms, FPSO vessels are more flexible, versatile, safe, time-efficient and offer high storage capacity.
FPSO vessels do not require expensive subsea oil pipelines to export oil and can be moved to another location when an existing oilfield is depleted. Consequently, they are gaining preference in frontier regions wherein local pipeline infrastructure is not available and smaller oil and gas fields exhaust in a few years. They are also considered suitable for unfavorable environmental conditions as they comprise detachable turret systems that can be released during an emergency and reattached to continue operations. These factors, in confluence with the rising demand for energy, are acting as major growth-inducing factors bolstering the market growth. Apart from this, the declining onshore oil exploration activities, along with the growing focus on deep-water oil extraction in remote locations, are contributing to the market growth. Moreover, the integration of advanced technologies and digitization of FSPO vessels are anticipated to drive the market further in the coming years.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global floating production storage and offloading market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vessel type, design, propulsion type, hull type and application.
Breakup by Vessel Type:
Converted and Redeployed
Breakup by Design:
Spread Mooring FPSO Vessels
Single Point Mooring FPSO Vessels
Dynamic Positioning FPSO Vessels
Breakup by Propulsion Type:
Breakup by Hull Type:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bumi Armada Berhad (Usaha Tegas Sdn Bhd), Bluewater Energy Services B.V. (Aurelia Energy N.V.), BP Plc, BW Offshore Limited, Chevron Corporation, Exxon Mobil Corporation, MODEC Inc., Petróleo Brasileiro S.A., SBM Offshore N.V., Royal Dutch Shell PLC and Teekay Corporation.
Key Questions Answered in This Report:
How has the global floating production storage and offloading market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global floating production storage and offloading market?
What are the key regional markets?
What is the breakup of the market based on the vessel type?
What is the breakup of the market based on the design?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the hull type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global floating production storage and offloading market and who are the key players?
What is the degree of competition in the industry?