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The global floating production storage and offloading market grew at a CAGR of around 6% during 2015-2020. 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. Looking forward, IMARC Group expects the global floating production storage and offloading market to exhibit moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global floating production storage and offloading market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, vessel type, design, propulsion type, hull type and application.
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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.
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