Stratview Research has recently published a report on the Floating Production Storage and Offloading Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.

Floating Production Storage and Offloading Market Insights:

The floating production storage and offloading market was estimated at USD 21.4 billion in 2021 and is likely to grow at a CAGR of 6.03% during 2022-2028 to reach USD 32.37 billion in 2028.

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.

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.

As per the report, the market is segmented by:

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.

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.

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.

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.  

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.

Sneak peek into the Report:

This report serves as a comprehensive source of market analysis. The report's layout has been kept simple in order to have the most business value possible. It offers valuable insights into business dynamics and allows current and potential market participants to make strategic decisions. The following are the report's key features:

Market structure: Overview, industry life cycle analysis, supply chain analysis

Market forecast analysis

Competitive landscape and dynamics: Market share, product launches, etc.

Attractive market segments and associated growth opportunities

Emerging trends & Key success factors

Key Players

The market for Floating Production Storage and Offloading is highly consolidated with the strong presence of key players such as-

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

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Research Methodology

Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.

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