Industry Overview:
The recent report by IMARC Group, titled “Floating Production Storage and Offloading Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,”offers a comprehensive analysis of the industry, which comprises insights on the Floating Production Storage and Offloading Market Share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global floating production storage and offloading market size reached US$ 20.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028. 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.
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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.
Competitive Landscape with Key Players:
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
Teekay Corporation
Key Market Segmentation:
Vessel Type:
Converted and Redeployed
New-Build Vessels
Design:
Spread Mooring Vessels
Single Point Mooring Vessels
Dynamic Positioning FPSO Vessels
Propulsion Type:
Self-Propelled
Towed
Hull Type:
Single Hull
Double Hull
Application:
Shallow Water
Deepwater
Ultra-deep Water
Region:
Asia Pacific
Europe
North America
Middle East and Africa
Latin America
Key highlights of the report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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