Which Factors Will Push The Floating Production Storage And Offloading Market To Achieve $31.14 Billion By 2029?
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How Is The Floating Production Storage And Offloading Market Expected To Grow In Terms Of Size?
There has been significant growth in the size of the floating production storage and offloading market in the past years. The market, which is set to expand from $21.2 billion in 2024 to $22.7 billion in 2025, will experience a compound annual growth rate (CAGR) of 7.1%. This past growth can be tied to factors such as the development of offshore fields, fluctuations in oil prices, economic viability coupled with flexibility, changes in energy demands, geopolitical stability, and investments in offshore ventures.
The market size for floating production storage and offloading is projected to witness robust expansion in the forthcoming years. Expected to surge to $31.14 billion by 2029, it is set to demonstrate a compound annual growth rate (CAGR) of 8.2%. The upturn over the estimated period may be ascribed to factors such as the surge in deepwater exploration, reinvestment in offshore projects, escalating energy demand, decommissioning of stationary platforms, geopolitical stability, and alterations in regulations. The forecast period will likely see trends such as an emphasis on operational safety and security, collaborations to offset risks, remote surveillance and control mechanisms, commitment to environmental durability and mitigating emissions, and the implementation of small to mid-size FPSOs.
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Which Demand Drivers Are Strengthening The Floating Production Storage And Offloading Market?
The boost in offshore exploration and production activities is projected to accelerate the expansion of the floating production storage and offloading marketplace. These activities are related to the discovery, extraction, and production of oil and gas reserves situated under the sea floor in offshore territories. Owing to their versatility, cost-effectiveness in exploration, field development, production, and operational flexibility, floating production storage and offloading (FPSO) units are frequently utilized in offshore exploration and production operations. For example, the US Energy Information Administration predicted in March 2023 that U.S. crude oil production will rise to 12.4 million b/d in 2023, up from a record 11.7 million b/d in 2022. Additionally, in September 2022, the U.S. consumed an average of 86.6 billion cubic feet of natural gas daily, setting a new high for yearly natural gas consumption in the country compared to the previous year. Consequently, the burgeoning demand for offshore exploration and production activities is fueling the evolution of the floating production storage and offloading marketplace.
What Is The Segment Breakdown Of The Floating Production Storage And Offloading Market?
The floating production storage and offloadingmarket 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
Subsegments:
1) By Converted: Tanker Conversions, Other Vessel Conversions
2) By New-Build: Purpose-Built FPSOs, Modular FPSOs
3) By Redeployed: FPSOs Repositioned For New Fields, FPSOs Upgraded For New Technology Or Capacity
How Are Global Trends Impacting The Development Of The Floating Production Storage And Offloading Market?
Innovative technologies are seen as crucial emerging trends in the floating production storage and offloading market. A prevalent strategy among leading companies in the sector is to create pioneering solutions to maintain their market standing. For example, Marine Technical Limits (MTL), a British company offering structural FPSO integrity management services, launched the PYXIS Lightship technology on a digital platform in February 2022. This forward-thinking solution is aimed at aiding shipowners and operators of floating production storage and offloading (FPSOs) and fixed assets in proficiently managing their vessels’ lightship weights. The PYXIS Lightship technology provides enhanced functionality for precise monitoring and control of vessels’ lightship weights. It leverages cutting-edge sensors and data analytics for real-time knowledge of the vessels’ weight distribution and changes. A cloud-based platform is also utilized for gathering and storing data from varied sources, such as inspection reports, tank gauge data, and weather predictions. Moreover, it promotes vessel safety by ensuring proper ballasting and mitigates accident risks by pinpointing potential issues with lightship weight.
Who Are The Leading Companies Driving The Floating Production Storage And Offloading Market?
Major companies operating in the floating production storage and offloading market include Exxon Mobil Corporation, Shell plc., TotalEnergies SE, Eni S.p.A, China National Offshore Oil Corporation, Petróleo Brasileiro S.A., ConocoPhillips Company, Repsol S.A., Chevron Corporation, Woodside Energy Group Ltd, INPEX Corporation, Hess Corporation, Saipem S.p.A, HD Hyundai Heavy Industries Co. Ltd., TechnipFMC plc, Harbour Energy PLC, SBM Offshore N.V., Samsung Heavy Industries (SHI), Hanwha Ocean Co. Ltd., MISC Berhad, MODEC Inc., BP Plc., Bluewater Energy Services B.V., Teekay Corporation, Sembcorp Marine Ltd, Bumi Armada Berhad, BW Offshore Limited, DOF Subsea AS, PetroVietnam Technical Services Corporation (PTSC), Keppel Offshore & Marine
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Which Region Is Leading Innovation In The Floating Production Storage And Offloading Market?
North America was the largest region in the floating production storage and offloading market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating production storage and offloading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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