What are the recent trends in market size and growth for the floating production storage and offloading market?
The floating production storage and offloading market size has grown strongly in recent years. It will grow from $21.2 billion in 2024 to $22.83 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to offshore field development, volatility in oil prices, economic viability and flexibility, shifts in energy demand, geopolitical stability and offshore investments
The floating production storage and offloading market size is expected to see strong growth in the next few years. It will grow to $31.28 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasing deepwater exploration, renewed investment in offshore projects, rising demand for energy, decommissioning of fixed platforms, geopolitical stability and regulatory changes. Major trends in the forecast period include focus on operational safety and security, partnerships for risk mitigation, remote monitoring and control systems, environmental sustainability and emissions reduction, deployment of small to mid-size fpsos.
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How have varous drivers impacted the growth of the floating production storage and offloading market?
The rising demand for offshore exploration and production activities is expected to propel the growth of the floating production storage and offloading market going forward. Offshore exploration and production activities refer to the processes involved in discovering, extracting, and producing oil and gas reserves located beneath the seabed in offshore areas. Floating production storage and offloading (FPSO) units are commonly used in offshore exploration and production activities for their versatility, cost-effectiveness in exploration, field development, production, and operational flexibility. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system, there will be an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record-high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d), the highest annual consumption of natural gas in the U.S. as compared to the previous year., Therefore, the rising demand for offshore exploration and production activities is driving the growth of the floating production storage and offloading market.
What are the primary segments of the floating production storage and offloading market?
The floating production storage and offloading market covered in this report is segmented –
1) By Vessel Type: Converted, New-Build, Redeployed
2) By Propulsion Type: Self-Propelled, Towed
3) By Design: Spread Mooring FPSO Vessels, Single Point Mooring FPSO Vessels, Dynamic Positioning FPSO Vessels
4) By Operator: Small Independent, Large Independent, Leased Operator, Major National Oil Companies
5) By Application: Shallow Water, Deepwater, Ultra-Deep Water
Subsegments:
1) By Converted: Tanker Conversions, Other Vessel Conversions
2) By New-Build: Purpose-Built FPSOs, Modular FPSOs
3) By Redeployed: FPSOs Repositioned For New Fields, FPSOs Upgraded For New Technology Or Capacity
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Which firms are leading the floating production storage and offloading market?
Major companies operating in the floating production storage and offloading market include Exxon Mobil Corporation, Shell plc., TotalEnergies SE, Eni S.p.A, China National Offshore Oil Corporation, Petróleo Brasileiro S.A., ConocoPhillips Company, Repsol S.A., Chevron Corporation, Woodside Energy Group Ltd, INPEX Corporation, Hess Corporation, Saipem S.p.A, HD Hyundai Heavy Industries Co. Ltd., TechnipFMC plc, Harbour Energy PLC, SBM Offshore N.V., Samsung Heavy Industries (SHI), Hanwha Ocean Co. Ltd., MISC Berhad, MODEC Inc., BP Plc., Bluewater Energy Services B.V., Teekay Corporation, Sembcorp Marine Ltd, Bumi Armada Berhad, BW Offshore Limited, DOF Subsea AS, PetroVietnam Technical Services Corporation (PTSC), Keppel Offshore & Marine
How will industry trends affect the trajectory of the floating production storage and offloading market?
Technological advancements are key trends gaining popularity in the floating production storage and offloading market. Major companies operating in the floating production storage and offloading market are developing innovative technologies to sustain their position in the market. For instance, in February 2022, Marine Technical Limits (MTL), a UK-based structural FPSO integrity management services company, introduced its PYXIS Lightship technology on a digital platform. This innovative solution is designed to assist ship owners and operators of floating production storage and offloading (FPSOs) and fixed assets in effectively managing the lightship weight of their vessels. The PYXIS Lightship technology offers advanced capabilities for accurately monitoring and controlling the lightship weight of vessels. It utilizes innovative sensors and data analytics to provide real-time information on the weight distribution and changes within the vessel. Additionally, it uses a cloud-based platform to collect and store data from various sources, including inspection reports, tank gauge data, and weather forecasts. Moreover, it improves the safety of vessels by ensuring that they are appropriately ballasted and reduces the risk of accidents by identifying potential problems with lightship weight.
Which geographic trends are shaping the floating production storage and offloading market, and which region has the highest market share?
North America was the largest region in the floating production storage and offloading market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating production storage and offloading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Floating Production Storage And Offloading Market Report 2025 Offer?
The floating production storage and offloading market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Floating production storage and offloading (FPSO) are a type of sailing vessel used in the offshore oil and gas industry for the production, processing, storage, and offloading of oil and gas. Floating production storage and offloading are versatile units that operate in remote offshore locations where installing fixed production platforms is not feasible or economically viable.
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