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Floating Production Storage and Offloading Market Report by Vessel Type (Converted and Redeployed, New-Build), Design (Spread Mooring FPSO Vessels, Single Point Mooring FPSO Vessels, Dynamic Positioning FPSO Vessels), Propulsion Type (Self-Propelled, Towed), Hull Type (Single Hull, Double Hull), Application (Shallow Water, Deepwater, Ultra-deep Water), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A3066
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Market Overview:
The global floating production storage and offloading market size reached US$ 21.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 35.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 21.6 Billion |
| Market Forecast in 2032 | US$ 35.2 Billion |
| Market Growth Rate (2024-2032) | 5.4% |
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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:
IMARC Group provides an analysis of the key trends in each segment of the global floating production storage and offloading market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on vessel type, design, propulsion type, hull type and application.
Breakup by Vessel Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Converted and Redeployed
- New-Build
Breakup by Design:
- Spread Mooring FPSO Vessels
- Single Point Mooring FPSO Vessels
- Dynamic Positioning FPSO Vessels
Breakup by Propulsion Type:
- Self-Propelled
- Towed
Breakup by Hull Type:
- Single Hull
- Double Hull
Breakup by Application:
- Shallow Water
- Deepwater
- Ultra-deep Water
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Vessel Type, Design, Propulsion Type, Hull Type, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global floating production storage and offloading market was valued at US$ 21.6 Billion in 2023.
We expect the global floating production storage and offloading market to exhibit a CAGR of 5.4% during 2024-2032.
The rising number of offshore exploration activities, along with the growing requirement for integrated compact systems in offshore reservoirs to withstand extreme conditions, is primarily driving the global floating production storage and offloading market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of the end-use industries for floating production storage and offloading.
Based on the vessel type, the global floating production storage and offloading market can be segmented into converted and redeployed and new-build. Currently, converted and redeployed holds the majority of the global market share.
Based on the design, the global floating production storage and offloading market has been divided into spread mooring FPSO vessels, single point mooring FPSO vessels, and dynamic positioning FPSO vessels. Among these, spread mooring FPSO vessels currently exhibit a clear dominance in the market.
Based on the propulsion type, the global floating production storage and offloading market can be categorized into self-propelled and towed, where self-propelled accounts for the largest market share.
Based on the hull type, the global floating production storage and offloading market has been segregated into single hull and double hull. Currently, double hull exhibits a clear dominance in the market.
Based on the application, the global floating production storage and offloading market can be bifurcated into shallow water, deepwater, and ultra-deep water. Among these, shallow water holds the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global floating production storage and offloading market include 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.
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