New York, United States , June 12, 2023 (GLOBE NEWSWIRE) -- The Global Floating Production Storage & Offloading Market Size is to grow from USD 12.53 billion in 2022 to USD 36.88 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
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Floating production storage and offloading (FPSO) is a floating facility used in the offshore oil and gas industry. It combines production, storage, and offloading capabilities, allowing for the extraction, processing, and storage of hydrocarbons from offshore fields. FPSOs receive raw oil and gas from subsea wells, process it onboard, and store it in large tanks. The stored oil is later offloaded onto tankers for transportation to refineries. FPSOs are particularly useful in remote or deep-water locations where fixed platforms are not feasible. Their flexibility, adaptability, and cost-effectiveness have made them a popular choice for offshore oil and gas production.
Report Coverage
This research report categorizes the market for floating production storage & offloading market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the floating production storage & offloading market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the floating production storage & offloading market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Floating Production Storage & Offloading Market Size, Share, and COVID-19 Impact Analysis, By Type (Converted and New Build), By Hull Type (Single Hull and Double Hull), By Propulsion (Self-propelled and Towed), By Usage (Shallow Water, Deep Water, and Ultra-deep Water), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The double hull segment is expected to grow at a CAGR of around 12.5% during the forecast period.
Based on hull type, the global floating production storage & offloading market is segmented into single hull and double hull. The double hull segment is poised for growth in the forecast period. This can be attributed to increasing regulatory requirements and industry standards aimed at enhancing safety and environmental protection. Double hull designs provide an additional layer of protection, reducing the risk of oil spills and enhancing structural integrity. As governments and industry stakeholders prioritize sustainability and risk mitigation, the demand for double hull vessels is expected to rise. Additionally, the benefits of reduced maintenance costs and improved resistance to corrosion and damage further contribute to the growth potential of the double hull segment. The increased emphasis on safety and environmental concerns positions the double hull segment for significant expansion in the coming years.
The shallow water segment held the largest market share of around 37.4% in 2022.
Based on usage, the global floating production storage & offloading market is segmented into shallow water, deep water, and ultra-deep water. The shallow water segment is anticipated to experience significant growth in the forecast period. This is primarily due to various factors such as increasing exploration and production activities in shallow water regions, advancements in drilling and production technologies suitable for these areas, and the presence of untapped reserves. Shallow water fields are often more accessible and cost-effective to develop compared to deep-water or ultra-deep-water regions. Furthermore, the relatively lower technical and operational challenges in shallow water contribute to the positive outlook. The growth potential in the shallow water segment is expected to attract investments and drive expansion in the forecast period.
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Latin America is predicted to grow at a significant CAGR of around 12.8% over the projected period.
Based on region, Latin America is poised to experience significant growth in the forecast period. Several factors contribute to this positive outlook. The region possesses abundant natural resources, including oil and gas reserves, which attract investment in energy exploration and production projects. Additionally, governments in Latin America have implemented favorable policies to promote foreign investment and encourage economic development, creating a conducive environment for business expansion. Furthermore, increasing urbanization, population growth, and rising middle-class incomes are driving demand for various industries, including infrastructure, manufacturing, and consumer goods. These factors combined make Latin America an attractive market with substantial growth potential across multiple sectors in the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global floating production storage & offloading market include Chevron, Exxon Mobil, BP PLC, Equinor, Woodside Energy, Aker Solutions, Eni S.P.A., Dommo Energia, BW Offshore, and Teekay.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global floating production storage & offloading market based on the below-mentioned segments:
Floating Production Storage & Offloading Market, By Type
- Converted
- New Build
Floating Production Storage & Offloading Market, By Hull Type
- Single Hull
- Double Hull
Floating Production Storage & Offloading Market, By Propulsion
- Self-propelled
- Towed
Floating Production Storage & Offloading Market, By Usage
- Shallow Water
- Deep Water
- Ultra-deep Water
Floating Production Storage & Offloading Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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