Global Floating Production Storage and Offloading (FPSO) Market

Floating Production Storage And Offloading (FPSO) Market Size, Share, Growth Analysis, By Propulsion(Self-propelled, Towed), By Hull Type(Single-hull, Double-hull), By Storage Capacity(Less than 1 MMBBLs, 1-2 MMBBLs), By Water Depth(Shallow Water, Deep Water), By Construction Type(Converted, New Build), By Operator(Small Independent, Large Independent) - Industry Forecast 2024-2031

Report ID: SQMIG10F2017 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 170 | Figures: 79

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Floating Production Storage And Offloading (FPSO) Market size was valued at USD 20.54 billion in 2019 and is poised to grow from USD 21.88 billion in 2023 to USD 36.53 billion by 2031, growing at a CAGR of 6.61% in the forecast period (2024-2031).

To maintain a competitive edge in the market, players are concentrating on putting various business strategies into practice, such as launching, mergers & acquisitions, and releasing fresh goods. Along with this, for the delivery of big projects of floating production systems, including FPSOs, major companies in the FPSO business strategically partner with vendors, yards, and essential technology providers. 'SBM Offshore N.V.', 'MODEC, Inc.', 'BW Offshore Limited', 'Petrobras', 'Royal Dutch Shell plc', 'Teekay Corporation', 'Yinson Holdings Berhad', 'Bumi Armada Berhad', 'Bluewater Energy Services B.V.', 'ExxonMobil Corporation', 'TotalEnergies SE', 'ENI S.p.A.', 'CNOOC Limited', 'Chevron Corporation', 'Premier Oil plc', 'Woodside Petroleum Ltd.', 'China National Offshore Oil Corporation (CNOOC)', 'BHP Group Ltd.', 'PetroVietnam Technical Services Corporation (PTSC)', 'Inpex Corporation'

Rising demand for energy across the globe: Over time, energy consumption has significantly increased in both developing and developed nations. The market for floating production storage and offloading is expected to grow as a result of the power generation industry's growing requirement for stable fuels like oil, gas, and other petrochemicals to run various pieces of equipment. For instance, the U.S. EIA forecasts that by 2050, non-Organization for Economic Co-operation and Development (OECD) nations such as India and China , would account for more than half of the increase in world energy consumption. The survey also predicted that the region's energy consumption would nearly double, with China and India playing a big role in the rise in demand.

Increasing establishment of long-term agreements between businesses: Numerous long-term agreements between diverse business participants are happening on the market. These contracts cover the construction and operation of the vessels, including FEED (front-end engineering and design), O&M, commissioning, and technology advancement. For instance, a technology company headquartered in the UK named SRO Solutions revealed that it had fully digitalized two floating production storage and offloading vessels owned by MODEC in Ghana.

Based on the region, the Asia Pacific region is projected to dominate the floating production storage and offloading (FPSO) market with respect to market share. This is due to the constantly increasing energy demand among growing economies in the region. Additionally, it is anticipated that the region's rising exploration and production operations will also help in expansion of the market.

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