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, Towe

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 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.

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 2024-2032. 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.

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 2024-2032?

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?