Floating Production Storage and Offloading Market
Floating Production Storage and Offloading Market by Type (Converted, New-Build) by Propulsion (Self-Propelled, Towed) by Hull Type (Single Hull, Double Hull) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028
The global Floating Production Storage and Offloading market was valued at USD 20.63 Billion in 2020 and is projected to reach USD 33.61 Billion by 2028, growing at a CAGR of 6.29%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2026|
|Annual Market Size (2028)||33.61 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||6.29%%|
Definition and Overview
A floating production storage and offloading (FPSO) unit is a floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons, and for the storage of oil. An FPSO vessel is designed to receive hydrocarbons produced by itself or from nearby platforms or subsea template, process them, and store oil until it can be offloaded onto a tanker or, less frequently, transported through a pipeline.
The global Floating Production Storage and Offloading market report provides exhaustive analysis on segments, regions/countries, companies, and such several strategic marketing tools such as Porter’s Five Forces Analysis, Pricing Analysis, SWOT Analysis, PESTLE Analysis, Player Positioning Analysis, Downstream Buyers, List of distributors, and Value Chain Analysis among others. The report covers market size and estimations for each segment/region/country for the years 2016–2028. It provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. Moreover, the report includes a thorough analysis on competitive landscape comprising of extensive company profiles based on various parameters such as company overview, market revenue, business, product portfolio, and marketing strategies among others.
COVID-19 Impact Analysis
Outbreak of COVID-19 in 2020 compelled governments across the world to take severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to restrict swift spread of COVID-19. However, these actions had a drastic impact on the global economy, as the companies across the globe were forced to either close or partially closed their operations, leading to supply chain disruptions and impairing of various industries. Moreover, in 2021 several key markets such as U.S., India, and Brazil among other witnessed second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
Global Floating Production Storage and Offloading Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Type, Propulsion, Hull Type|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron, MODEC, Teekay, SBM Offshore, and BW Offshore.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Type, Propulsion and region. This study comprises the market size in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities.
On the basis of Type, the market is divided into Converted, New-Build. New-Build is expected to dominate the market and is projected to grow at a noteworthy CAGR within the forecast period.
Based on Propulsion, the market is divided into Self-Propelled, Towed. Self-Propelled attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Global Floating Production Storage and Offloading Market: Type Segment Analysis
Global Floating Production Storage and Offloading Market: Propulsion Segment Analysis
Global Floating Production Storage and Offloading Market: Hull Type Segment Analysis
- Single Hull
- Double Hull
Global Floating Production Storage and Offloading Market: Segment Analysis
- Shallow Water
Regional Analysis: Preview
Geographically, the global Floating Production Storage and Offloading market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report further segments the regional study into key country-level markets from each region. The regional analysis section provides extensive analysis on various factors impacting market growth such as economies, industry competition, technological advancements, import-export ratio, and raw material availability among others. Moreover, the same section will provide your detailed qualitative as well as quantitative analysis for each region country comprising of market size and estimations for each region/country. Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan. North America is anticipated to dominate the global market during upcoming years.
Market Size, 2021 (USD Billion)
Global Floating Production Storage and Offloading Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Major players in the global Floating Production Storage and Offloading market are Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron, MODEC, Teekay, SBM Offshore, and BW Offshore.. The global Floating Production Storage and Offloading market report analyzes competitive scenario in detail that includes extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. In addition to that, the report also covers company market share for the year 2020 along with in depth strategic developments.
Global Floating Production Storage and Offloading Market: Key Highlights
- The global Floating Production Storage and Offloading market was valued at USD 20.63 Billion in 2020.
- The global Floating Production Storage and Offloading Market is projected to reach USD 33.61 Billion by 2028
- is fueling the market growth
- North America held the highest share of the Floating Production Storage and Offloading market in 2020.
- Some of the major companies operating in the Floating Production Storage and Offloading market are Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron, MODEC, Teekay, SBM Offshore, and BW Offshore..
Frequently Asked Questions
the global demand for Floating Production Storage and Offloading
in terms of revenue?
The global Floating Production Storage and Offloading valued at 20.63 Billion in 2020 and is expected to reach 33.61 Billion in 2028 growing at a CAGR of 6.29%%
are the prominent players
in the market?
The prominent players in the market are Bumi Armada, Shell, BP, ExxonMobil, Petrobras, Chevron, MODEC, Teekay, SBM Offshore, and BW Offshore..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 6.29%% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Floating Production Storage and Offloading include
- The increase in deep and ultra-deep-water oil & gas production coupled with technological advancements of FPSOs over other production system. Moreover, rise in oil & gas consumption chiefly in power generation and transportation industry is also likely to augment the global floating production storage and offloading market during the forecast period.
- The increased focus on offshore exploration & production activities and emerging requirement for integrated compact systems in deep and ultra deep water offshore reserves to counter extreme conditions is also further expected to support the growth of the FPSO market in the years to come.
region accounted for the
largest share in the market?
North America was the leading regional segment of the Floating Production Storage and Offloading in 2020.