Reports - Floating Production Storage and Offloading Market
Floating Production Storage and Offloading Market Size, Share & Trends Analysis Report by Type (Converted, New-Build) by Propulsion (Self-Propelled, Towed) by Hull Type (Single Hull, Double Hull) by Usage (Shallow Water, Deepwater, Ultra-deepwater) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2017 - 2022) & Forecast (2023 - 2030)
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USD 23.02 Billion
USD 37.33 Billion
6.2%
North America
39.8%
Asia Pacific
USD 9.6 Billion
The global
Floating Production Storage and Offloading Market
USD 23.02 Billion in 2022
USD 37.33 Billion by 2030
6.2%
Premium Insights
The growth of the Floating Production Storage and Offloading market is driven by the increasing demand for oil and gas, especially in regions that have significant offshore reserves. To meet this demand, FPSOs are crucial as they provide a cost-effective and adaptable solution for offshore oil and gas production. The versatility of FPSOs is exemplified by their ability to operate in deepwater and ultra-deepwater conditions, which has contributed to their widespread adoption. Furthermore, the emphasis on safety and environmental compliance within the oil and gas industry leads to a greater demand for FPSOs, as they are perceived as safer and more environmentally friendly alternatives.
Economic Insights
The trajectory of the Floating Production Storage and Offloading market is shaped by a combination of factors in the economic landscape. The cost-effectiveness of FPSOs make them a viable option for offshore oil and gas production, offering flexibility and efficiency. The FPSO market also plays a crucial role in generating employment, fostering innovation, and contributing to the economic development of regions involved in offshore oil and gas exploration. Moreover, FPSOs are important in prolonging the life of mature oil fields and enabling the development of smaller, economically feasible reserves.
Top Market Trends
Market Segmentation
Floating Production Storage and Offloading {{Segmentation_Ext}}
Based on Type
Converted holds the largest share
The converted segment is expected to dominate the Floating Production Storage and Offloading market by type due to its robust growth is its cost-effectiveness. Converted FPSO vessels are more economically viable to build as they repurpose existing vessels, including oil tankers. Additionally, the shorter construction time of converted FPSO vessels further contributes to their popularity. By utilizing existing vessel structures, the construction process is expedited, resulting in a timely and cost-efficient solution. Another important factor is the increasing demand for FPSO vessels in deepwater and ultra-deepwater oil and gas fields.
Based on
Propulsion
Self-Propelled
will dominate the market during Forecast Period
The propulsion of self-propelled FPSO vessels is expected to dominate the Floating Production Storage and Offloading market. Self-propelled vessels have the advantage of being able to navigate on their own, which gives them increased maneuverability and precise positioning capabilities. This makes them less vulnerable to damage caused by adverse weather and sea conditions. The growing demand for FPSO vessels in deepwater and ultra-deepwater oil and gas fields is a major driver for the self-propelled segment.
Based on Hull Type
Double Hull lead the market
Double hull has dominated the Floating Production Storage and Offloading market due the safety, as the additional layer of protection reduces the likelihood of ruptures in the event of collisions or grounding, ensuring the safety of the oil and gas storage. Furthermore, the environmental impact of double hull FPSOs is noteworthy as the double hull serves as a barrier, reducing the chances of oil spills into the ocean in case of accidents.
Based on Usage
Shallow Water will account for largest market share
The shallow water segment of the Floating Production Storage and Offloading market is expected to dominate in terms of usage. Shallow water FPSO vessels are specifically designed for depths of 500 meters or less and offer a more cost-effective and compact solution compared to deepwater options. This makes them highly attractive for developing smaller oil and gas fields. The growth of the shallow water segment is driven by factors such as the increased discovery of oil and gas reserves in shallow water areas. These reserves are becoming increasingly important in meeting global energy demands, especially as deepwater and ultra-deepwater reserves continue to deplete.
Based on Region
North America will lead the market
North America is expected to dominate the market for Floating Production Storage and Offloading due to its abundant oil and gas fields, especially in the Gulf of Mexico. FPSO vessels are widely deployed in this region due to their efficient operation in deepwater and ultra-deepwater conditions. Additionally, the North American FPSO market is gaining momentum as the oil and gas industry places a greater emphasis on safety and environmental compliance. FPSO vessels are considered a safer and more environmentally friendly option compared to traditional fixed platforms.
Competitive Landscape
The Floating Production Storage and Offloading market is a dynamic and fiercely competitive industry, characterized by companies striving for market dominance and technological breakthroughs. Key players, alongside other participants, actively engage in strategic initiatives like mergers, acquisitions, and collaborations to expand their global reach and enhance their technological capabilities. Companies now focus on cost-effectiveness, safety, and environmental compliance to gain a competitive edge.
The players in the global Floating Production Storage and Offloading market include FrieslandCampina (The Netherlands), Groupe Lactalis (France), Arla Foods (Denmark), Saputo (Canada), Fonterra Co-operative Group (New Zealand), Dairy Farmers of America (US), Kerry Group (Ireland), Ornua (Ireland), AMCO Proteins (US), Prolactal (Austria), Valio (Finland), Glanbia (Ireland), Hoogwegt Group (The Netherlands), Batory Foods (US) and Ingredia SA (France) among others.
Recent Market Developments
September 2022:
November 2022:
Segmentation of the Global Floating Production Storage and Offloading Market
Source: www.vantagemarketresearch.com
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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 | |
Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Base Year
2023
Historic Year
2018 - 2022
Forecast Year
2023 - 2032
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