The Floating Production Storage And Offloading Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s comprehensive Floating Production Storage And Offloading (FPSO) Global Market Report for 2024, the FPSO market has witnessed robust growth in recent years, reaching a noteworthy value of $19.89 billion in 2024, with a projected ascent to $21.58 billion by the same year, reflecting an impressive Compound Annual Growth Rate (CAGR) of 8.5%. The historical upswing is ascribed to various factors, including offshore field development, the dynamic nature of oil prices, economic viability, flexibility, energy demand fluctuations, geopolitical stability, and substantial offshore investments.
Looking ahead, the FPSO market anticipates continued vigor, poised to burgeon to $28.8 billion by 2028, propelled by a resilient CAGR of 7.5%. This foresight is underpinned by escalating deepwater exploration, renewed investments in offshore ventures, heightened energy demands, the phased decommissioning of fixed platforms, geopolitical stability, and regulatory evolutions. Noteworthy trends in the forecast period encompass a heightened focus on operational safety and security, strategic partnerships for risk mitigation, the integration of remote monitoring and control systems, a steadfast commitment to environmental sustainability, and a dedicated pursuit of emissions reduction. One of the noteworthy trajectories involves the widespread deployment of small to mid-size FPSOs.
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 2024, 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 2024. 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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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
Top 5 Major Players:
- Exxon Mobil Corporation,
- Shell plc.,
- TotalEnergies SE,
- Eni S.p.A,
- China National Offshore Oil Corporation
The technological landscape within the FPSO domain is undergoing a paradigm shift, with major industry players at the forefront of innovation. An illustrative example is Marine Technical Limits (MTL), a UK-based structural FPSO integrity management services firm, which unveiled its groundbreaking PYXIS Lightship technology on a digital platform in February 2022. This pioneering solution is expressly designed to empower ship owners and operators of FPSOs and fixed assets, offering an effective mechanism for managing the vessels’ lightship weight. The PYXIS Lightship technology is distinguished by its advanced capabilities, leveraging innovative sensors and data analytics to provide real-time insights into weight distribution and changes within the vessel. Operating on a cloud-based platform, it aggregates data from diverse sources, including inspection reports, tank gauge data, and weather forecasts. By ensuring appropriate ballasting, it not only enhances vessel safety but also mitigates the risk of accidents by proactively identifying potential issues related to lightship weight. This represents a noteworthy stride toward fostering a safer, more efficient future for the FPSO industry.
1. Executive Summary
2. Floating Production Storage And Offloading Market Characteristics
3. Floating Production Storage And Offloading Market Trends And Strategies
4. Floating Production Storage And Offloading Market – Macro Economic Scenario
5. Global Floating Production Storage And Offloading Market Size and Growth
….
32. Global Floating Production Storage And Offloading Market Competitive Benchmarking
33. Global Floating Production Storage And Offloading Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Floating Production Storage And Offloading Market
35. Floating Production Storage And Offloading Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Floating Production Storage And Offloading Market, Segmentation By Vessel Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Floating Production Storage And Offloading Market, Segmentation By Propulsion Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Floating Production Storage And Offloading Market, Segmentation By Design, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 76: Exxon Mobil Corporation Financial Performance
Table 77: Shell plc. Financial Performance
Table 78: TotalEnergies SE Financial Performance
Table 79: Eni S.p.A Financial Performance
Table 80: China National Offshore Oil Corporation Financial Performance
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