Floating Production Storage and Offloading Market is Forecast to Grow $26.0 billion by 2024, at a CAGR of 5.9%

According to the new market research report "Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region - Global Forecast to 2024" The global floating production storage & offloading market is projected to reach USD 26.0 billion by 2024 from an estimated USD 19.5 billion in 2019, recording a CAGR of 5.9% during the forecast period.

The increasing number of offshore exploration & production activities and rise in deep- and ultra-deepwater oil & gas production are factors projected to drive the growth of the floating production storage and offloading market, globally.

Browse 66 market data Tables and 37 Figures spread through 122 Pages and in-depth TOC on "Floating Production Storage and Offloading Market - Global Forecast to 2024"

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The converted segment is projected to dominate the floating production storage & offloading market during the forecast period.

Converted FPSOs require lower modification cost and lesser construction time to build, as compared to the new-build FPSOs. This is projected to drive the demand for converted FSPOs in the floating production storage and offloading market.

The self-propelled segment is projected to account for a major share in the floating production storage & offloading market during the forecast period.

The self-propelled segment is projected to dominate the floating production storage and offloading market, on the basis of propulsion, during the forecast period. Self-propelled FPSOs offer low transportation costs and require less time to transport crude oil and natural gas to consumers. This is projected to drive the growth of the floating production storage and offloading market during the forecast period.

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The double hull segment is projected to account for the largest share in the floating production storage & offloading market during the forecast period.

The double hull segment is projected to dominate the floating production storage and offloading market, on the basis of hull type, during the forecast period.

Double hull FPSOs offer higher protection from marine pollution and water ingression than the single hull FPSOs. This factor is projected to drive the demand for double hull FPSOs in the floating production storage and offloading market during the forecast period.
The shallow water segment is projected to dominate the floating production storage & offloading market throughout the forecast period.

The shallow water segment is projected to dominate the floating production storage and offloading market during the forecast period.

FPSOs used in shallow water is required to meet all the regulatory requirements and are cost-efficient, which is projected to drive their demand in the floating production storage and offloading market.

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The Americas is projected to dominate the global floating production storage & offloading market during the forecast period.

Increasing focus on offshore exploration & production activities in deep- and ultra-deepwater is projected to drive the growth of the floating production storage and offloading market in the Americas. High demand for FPSOs in countries, such as Brazil and Mexico, is further projected to drive the growth of the floating production storage and offloading market.

To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), Petrobras (Brazil), Chevron (US), MODEC (Japan), Teekay (Bermuda), SBM Offshore (Netherlands), and BW Offshore (Norway).

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Recent Developments:

In May 2019, Bumi Armada, through its joint venture company Shapoorji Pallonji Bumi Armada Godavari, won a contract from the Oil and Natural Gas Corporation for the west coast of Kakinada. Under this contract, Bumi Armada would supply and operate FPSO vessels for 9 years.
In March 2019, BP awarded a contract to TechnipFMC for Greater Tortue Ahmeyim FPSO, located in the offshore of Mauritania and Senegal. Under this contract, BP would operate with the FPSO, and TechnipFMC would provide engineering, construction, procurement, installation, and commissioning services of the FPSO.
In February 2019, MODEC received a contract from Woodside Energy for the SNE field development. The SNE field development is a deepwater oilfield, which is located within the Sangomar Offshore, nearly 100 km south of Dakar, Senegal. Under this contract, MODEC would design and operate the FPSO vessel.

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