Floating Production Storage & Offloading Market Size, 2033

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 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A3066

Market Overview:

The global floating production storage and offloading market size reached USD 22.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 36.6 Billion by 2033, exhibiting a growth rate (CAGR) of 5.14% during 2025-2033.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 22.8 Billion
Market Forecast in 2033	USD 36.6 Billion
Market Growth Rate (2025-2033)	5.14%

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:

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 2025-2033. Our report has categorized the market based on vessel type, design, propulsion type, hull type and application.

Breakup by Vessel Type:

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:

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	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
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
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)

Key Questions Answered in This Report

The global floating production storage and offloading market was valued at USD 22.8 Billion in 2024.

We expect the global floating production storage and offloading market to exhibit a CAGR of 5.14% during 2025-2033.

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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Floating Production Storage and Offloading Market Researh Report

Market Overview:

Key Market Segmentation:

Competitive Landscape:

Report Coverage:

Key Questions Answered in This Report

1. How big is the global floating production storage and offloading market?

2. What is the expected growth rate of the global floating production storage and offloading market during 2025-2033?

3. What are the key factors driving the global floating production storage and offloading market?

4. What has been the impact of COVID-19 on the global floating production storage and offloading market?

5. What is the breakup of the global floating production storage and offloading market based on the vessel type?

6. What is the breakup of the global floating production storage and offloading market based on the design?

7. What is the breakup of the global floating production storage and offloading market based on the propulsion type?

8. What is the breakup of the global floating production storage and offloading market based on the hull type?

9. What is the breakup of the global floating production storage and offloading market based on the application?

10. What are the key regions in the global floating production storage and offloading market?

11. Who are the key players/companies in the global floating production storage and offloading market?