What is Global Floating Production Storage and Offloading (FPSO) Market?
The Global Floating Production Storage and Offloading (FPSO) Market is a significant segment of the oil and gas industry. FPSOs are essentially floating vessels used by the offshore oil and gas industry for the production and processing of hydrocarbons, and for the storage of oil. They are designed to receive hydrocarbons produced by nearby platforms or subsea templates, process them, and store oil until it can be offloaded onto a tanker or transported through a pipeline. FPSOs are preferred in frontier offshore regions as they are easy to install, and do not require a local pipeline infrastructure to export oil. They are cost-effective solutions for the development of offshore oil fields.
Spread Mooring, Single Point Mooring (SPM), Dynamic Positioning (DP) in the Global Floating Production Storage and Offloading (FPSO) Market:
The Global Floating Production Storage and Offloading (FPSO) Market is segmented based on the type of mooring system used, namely Spread Mooring, Single Point Mooring (SPM), and Dynamic Positioning (DP). Spread Mooring is a traditional method of mooring that involves the use of multiple mooring lines attached to the seabed. It is commonly used in shallow waters. Single Point Mooring (SPM) is a system that allows the vessel to rotate 360 degrees around the mooring point. It is typically used in deep waters. Dynamic Positioning (DP) is a computer-controlled system that automatically maintains a vessel's position and heading. It is used in ultra-deep waters where mooring lines are not feasible. Each of these mooring systems has its own advantages and is chosen based on the water depth, environmental conditions, and operational requirements.
Shallow Water, Deep Water, Ultra-deep Water in the Global Floating Production Storage and Offloading (FPSO) Market:
The Global Floating Production Storage and Offloading (FPSO) Market finds its application in various water depths including Shallow Water, Deep Water, and Ultra-deep Water. In shallow water, the use of FPSOs is driven by the need for cost-effective solutions for small to medium-sized fields where the use of fixed platforms is not economically viable. In deep water, FPSOs provide a reliable and proven solution for the production, storage, and offloading of oil and gas. They offer the flexibility to move to different locations and can be used in harsh environmental conditions. In ultra-deep water, the use of FPSOs is growing due to advancements in technology and the increasing exploration of ultra-deepwater fields.
Global Floating Production Storage and Offloading (FPSO) Market Outlook:
The outlook for the Global Floating Production Storage and Offloading (FPSO) Market is positive. The market, which was valued at US$ 21140 million in 2022, is expected to reach US$ 29900 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period 2023-2029. This growth is driven by the increasing demand for oil and gas, coupled with the growing exploration and production activities in offshore fields. The market is dominated by Latin America, which holds about 50% of the market share. The top three companies in the market also hold about 50% of the market share, indicating a high level of concentration in the market. The market is also characterized by the conversion of oil and gas tankers into FPSO vessels, which provides a flexible and economical option for oil and gas companies.
| Report Metric | Details |
| Report Name | Floating Production Storage and Offloading (FPSO) Market |
| Accounted market size in 2022 | US$ 21140 in million |
| Forecasted market size in 2029 | US$ 29900 million |
| CAGR | 5.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Dalian Shipbuilding Industry Co., Ltd, China Ocean Shipping (Group) Company, CIMC Raffles, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., Ltd., Keppel Corporation Limited, Hyundai Heavy Industries, Sembcorp Marine, China State Shipbuilding Corporation, China Merchants Industry Holdings |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
