Floating Production Storage and Offloading Market Growth Analysis | 2023-2028

Market Insights

The floating production storage and offloading market was estimated at USD 22.7 billion in 2022 and is likely to grow at a CAGR of 5.99% during 2023-2028 to reach USD 32.37 billion in 2028.

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What are floating production storage and offloading?

Floating production storage and offloading is a process in which crude oil is produced in a floating boat-like structure from the seabed connecting the mooring system through a turret and separating oil & gas from the water and transferred to the shuttle where crude oil is refined and offloaded.

Key Players

Some of the major players in the market are-

• Bumi Armada
• Shell
• BP
• ExxonMobil
• Petrobras
• Chevron
• MODEC
• Teekay
• SBM Offshore
• BW Offshore

Market Dynamics

Increased focus on offshore exploration and production activities and growing exploration in deep- and ultra-deepwater are the major factors driving the growth of the market. Further, the high demand for FPSO in countries, such as Brazil and Mexico is likely to underpin the floating production storage and offloading market during the forecast period.

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Segment Analysis

By Type

Based on the type, the market has been segmented as new-build and converted. The converted segment accounts for the major share of the market and is projected to remain the larger segment during the forecast period.

By Hull Type

Based on the hull type, the market is segmented as single hull and double hull. The double hull segment is likely to account for the larger share of the market during the forecast period, owing to the need for protection from water ingress and marine pollution. The segment covers the entire structure of a vessel, which has two or double outer watertight layers.

By Propulsion Type

Based on the propulsion type, the market is segmented as self-propelled and towed. The self-propelled segment is estimated to witness higher growth during the forecast period. The growth of the segment is due to a reduction in external propulsion and transportation cost to FPSOs. In addition, it also consumes less time to transport natural gas and crude oil.

By Usage Type

Based on the usage type, the market is segmented as shallow water, deepwater, and ultra-deepwater. The shallow water segment is expected to lead the market during the forecast period. It is also likely to be the fastest-growing segment of the market as the usage of FPSOs is increasing for oil & gas production in a water depth of fewer than 500 meters. The shallow-water segment is also, driven by the low cost of production in comparison to other segments.

Regional Insights

In terms of regions, the Rest of the World is estimated to dominate the floating production storage and offloading market during the forecast period. Among the major regions in the Rest of the World, Latin America is expected to lead the market driven by the primary presence in FPSOs. Apart from Latin America, other regions, such as North America, Europe, and Asia-Pacific are populating their immense presence in FPSOs. Further, Mexico is showing keen interest in investing in supporting energy infrastructure. All these factors are expected to drive the floating production storage and offloading market during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Type

• New Build
• Converted

By Hull Type

• Single Hull
• Double Hull

By Propulsion Type

• Self-Propelled
• Towed

By Usage Type

• Shallow Water
• Deepwater
• Ultra-Deepwater

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 800 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the propulsion types by usage type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.