Global Floating Production Storage and Offloading Market to Grow at 5.4% During 2024-2032, Supported by Rising Number of Offshore Exploration Activities

According to the recent report by IMARC Group, titled “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,” the global floating production storage and offloading market reached a value of US$ 21.6 Billion in 2023. Floating production storage and offloading (FPSO) vessels are employed in the offshore oil and gas fields to process hydrocarbons acquired from subsea oil reservoirs. They are equipped with hydrocarbon processing equipment that separates and treats hydrocarbons into oil, gas, and water. FPSO stores processed natural gas or crude oil until it is offloaded into shuttle tankers or carried through export pipelines to refineries. These vessels include generators, pumps, control rooms, storage tanks, and accommodation facilities. This mechanism helps extract and process oil and gas in remote locations at a low cost with better flexibility, safety, versatility, and high storage capacity.

Global Floating Production Storage and Offloading Market Trends:

The global FPSO market growth can be majorly attributed to a rise in offshore exploration activities. Along with this, the increasing requirement for integrated compact systems in offshore reservoirs to withstand extreme conditions is catalyzing the market growth. An enhanced focus on deep-water oil extraction and the steadily rising demand for energy are acting as other major growth-inducing factors. Additionally, FPSO units do not require expensive subsea oil pipelines to export oil, which is creating a positive outlook for the market. Some of the other growth-inducing factors include various technological advancements and the digitization of FPSO vessels. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.4% during 2024-2032.

Market Summary:

• On the basis of the vessel type, the market has been divided into converted and redeployed, and new-build vessels.
• Based on the design, the market has been bifurcated into spread mooring, single point mooring, and dynamic positioning FPSO vessels.
• On the basis of the propulsion type, the market has been categorized into self-propelled and towed.
• Based on the hull type, the market has been divided into single and double hull.
• On the basis of the application, the market has been classified into shallow, deep, and ultra-deep water.
• On the geographical front, the market is segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. 
• The competitive landscape of the industry has also been examined, with some 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 Scope:

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