Floating Production Storage and Offloading Market

Floating Production Storage and Offloading Market registered a revenue of USD 23.6 billion in 2022 and is projected to reach USD 36.8 billion in 2030, growing at a CAGR of 5.7% during the forecast period from 2023-2030

Floating Production Storage and Offloading Market Overview

Floating production storage and offloading (FPSO) is type of floating vessel used in the offshore oil and gas industry during the production and processing of hydrocarbons for storing oil. An FPSO vessel is designed to receive hydrocarbons or oil from nearby platforms, subsea template, then it processes and stores the oil until offloading onto a tanker with less frequently, transported through a pipeline.

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Major Floating Production Storage and Offloading Market Drivers

The factors driving the global floating production storage and offloading market is raising demand for the crude oil production and transportation in the developing and developed counties for the automotive transportation sector. For instance, the annual global consumption of oil is approximately about 30 Billion barrels and continuous to increase at a rapid rate. The oil extraction globally is increasing at rapid pace due to growing petrochemical industry for the transportation industry.

Also, growing globalization and rising import & export trade activities among the developed and developing countries have impelled the market growth. For instance, according to the World Trade Organization Report in 2018, developing economy country exported a total of USD 8,779 Billion which includes exports of fuels and mining products, manufactured of which USD 193 Billion were from least developed countries. Thus, such increase in the global import and export activities have created massive demand for the growth of the floating production storage and offloading market growth.

Restraint in the Floating Production Storage and Offloading Market

However, high investment required for the installation that may hamper the global floating production storage and offloading market. For instance, the floating production storage and offloading vessels are equipped with several processing equipment for the storage, separation, and offloading of oil and gas from sub-sea oil wells and platforms. These require huge capital cost in order to load and unload the oil and gas that may hinder the market growth.

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Type- Segment Analysis

Based on the type, converted segment is expected to grow at the fastest rate in the global floating production storage and offloading market during the study period, this is primarily attributed to high cost require for new FPSO and conversion is easy.

Hull Type – Segment Analysis

Based on the hull type, displacement hulls hold the highest market share in 2020 for the global floating production storage and offloading market owing to surge in demand for the oil & gas exploration due to growing demand in the developing countries owing to presence of the huge population demand.

Propulsion – Segment Analysis

Based on the propulsion, towed projected to have the largest market share over the forecast period in the global floating production storage and offloading market in 2020, this is primarily attributed to rising demand in the export and import activities for loading and uploading the vessels into the shore.

Usage – Segmentation Analysis

In terms of the usage, shallow water segment has the largest contribution for the growth of the global floating production storage and offloading market, this is attributed to rising demand in the oil & gas consumption worldwide for power generation and transportation sectors.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global floating production storage and offloading market in 2020, due to growing oil & gas exploration with growing international trade surplus activities from this region followed by Europe and Asia-pacific region. For instance, according to the U.S. Energy Information Administration in 2020, the United States has exported over 8.51 MMb/d and has imported about 7.86 MMb/d of petroleum industry. This increase in the import and export activities has impelled the demand for the growth of the FPSO market growth.

Top Market Players

Various notable players operating in the market, include Chevron, Exxonmobil., Sembcorp Marine Ltd., Shell, Petroleobrasileiro S.A., Sembcorp Marine Ltd, Cosco Shipyard Group Co. Ltd, Total S.A., AGCO Corporation., Samsung Heavy Industries Ltd.., Keppel Offshore & Ltd., SBM Offshore N.V., and among others. 

Key Developments:

• • In 2020, Samsung Heavy Industries Co. South Korean shipbuilder launched its project along with DNV GL, a Norwegian ship quality assurance company for developing floaters for offshore wind turbines. Samsung Heavy have planned to develop large floaters to stabilize offshore wind turbines with remote-control maintenance technologies.

Segments covered in the Report:

The global floating production storage and offloading market has been segmented on the basis of type, hull type, propulsion, usage, and key regions. Based on type, the market is segmented into converted and new-build. In terms of hull type, the global floating production storage and offloading market is divided into tri-hull, flat bottom, displacement hulls, planning hulls, v-bottom and others. Based on propulsion, the market is segmented into self-propelled and towed. Further, usage is divided into ultra-deepwater, shallow water and deepwater. 

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Report Coverage	Details
Market Revenues (2022)	USD 23.6 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Type, By Hull Type, By Propulsion, By Usage, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Chevron, Exxonmobil., Sembcorp Marine Ltd., Shell, Petroleobrasileiro S.A., Cosco Shipyard Group Co. Ltd, Total S.A., AGCO Corporation., Samsung Heavy Industries Ltd.., Keppel Offshore & Ltd., Cassidian, SBM Offshore N.V, and among others; a total of 12 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Floating Production Storage and Offloading Market by Type

• • Converted
  • New-Build

Global Floating Production Storage and Offloading Market by Hull Type

• • Tri-Hull
  • Flat Bottom
  • Displacement Hulls
  • Planing Hulls
  • V-Bottom
  • Others

Global Floating Production Storage and Offloading Market by Propulsion

• • Self-propelled
  • Towed

Global Floating Production Storage and Offloading Market by Usage

• • Ultra-Deepwater
  • Shallow water
  • Deepwater

Global Floating Production Storage and Offloading Market by Region

• • North America Floating Production Storage and Offloading Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Hull Type
    • By Propulsion
    • By Usage
    • US Market All-Up
    • Canada Market All-Up

  • Europe Floating Production Storage and Offloading Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Hull Type
    • By Propulsion
    • By Usage
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Floating Production Storage and Offloading Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Hull Type
    • By Propulsion
    • By Usage
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Floating Production Storage and Offloading Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Hull Type
    • By Propulsion
    • By Usage
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Floating Production Storage and Offloading (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Chevron
  • Exxonmobil
  • Sembcorp Marine Ltd
  • Shell
  • Petroleobrasileiro s.a.
  • Sembcorp Marine Ltd
  • Cosco Shipyard Group Co. Ltd
  • Total S.A.
  • AGCO Corporation.
  • Alenia Aeronautica
  • Cassidian
  • Keppel offshore & ltd.
  • SBM Offshore N.V.