Floating Production Storage And Offloading Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Floating Production Storage And Offloading Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $28.8 billion In 2028 At A CAGR Of 7.5%.

The floating production storage and offloading market size has grown strongly in recent years. It will grow from $19.89 billion in 2023 to $21.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. 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 $28.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. 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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Floating Production Storage And Offloading Market Major Segments
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

Key Driver - Offshore Exploration Boosts 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 May 2023, according to reports shared by the US Energy Information Administration, a US-based government agency, the US crude oil production increased from 11.89 million b/d in 2022 to 12.53 million b/d in 2023. Furthermore, in January 2022, according to OGV Energy, a UK-based engagement platform for the energy sector, offshore drilling is anticipated to increase by about 10% annually to reach almost 2,500 offshore wells in 2021, up from just over 2,300 in 2020. Therefore, the rising demand for offshore exploration and production activities is driving the growth of the floating production storage and offloading market.

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Prominent Trend - Technological Advancements Steering 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.

Floating Production Storage And Offloading Market Players
Major companies operating in the floating production storage and offloading market report are 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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the floating production storage and offloading market in 2023. 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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Floating Production Storage And Offloading Market Report Structure
3. Floating Production Storage And Offloading Market Trends And Strategies
4. Floating Production Storage And Offloading Market - Macro Economic Scenario
5. Floating Production Storage And Offloading Market Size And Growth
…..
27. Floating Production Storage And Offloading Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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