The global Floating Production Storage and the 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.
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 templates, process them, and store oil until it can be offloaded onto a tanker or, less frequently, transported through a pipeline.
- Under the type segment, the new-built sub-segment is anticipated to dominate the segment for floating production storage and offloading market owing to an increase in the demand in the ultra-deep sea exploration.
- The double-Hull sub-segment is expected to grow at the highest CADR of 5.21%. This is attributed due to double hull FPSOs having two or double outer watertight layer, which covers the entire structure of the vessel, as they protect the vessel from marine pollution and water ingression. These factors are projected to contribute to the growth of the double hull segment in the market during the forecast period.
- However, the high cost of the FPSO is anticipated to hinder the market growth over the forecast period.
The floating production storage and the offloading market is driven by increasing demand for extracting and exploring oil, gas, and other crude oil products from deep seawater and ultra-deep seawater. Floating production storage and offloading (FPSO) is a ship-shaped vessel used for producing hydrocarbons and storing crude oil. An FPSO vessel is designed to receive hydrocarbons produced from its wells, nearby platforms, or subsea equipment. It has equipment on deck to process the hydrocarbons. It also stores the oil until it can be offloaded onto a shuttle tanker or, less frequently, transported through an export pipeline. FPSOs are often the preferred concept for frontier regions where there is no local pipeline infrastructure to export oil.
The increase in deep and ultra-deep-water oil & gas production coupled with technological advancements of FPSOs over other production systems. Moreover, the rise in oil & gas consumption chiefly in the power generation and transportation industry is also likely to augment the global floating production storage and offloading market during the forecast period.
COVID-19 Impact Analysis:
In 2020, the swift spread of COVID-19 largely impacted the global business operations, disrupting the supply chain and impairing various industries. The global trading activities were declined severely owing to the nationwide lockdowns, international border seals, and strict social distancing measures. This had a drastic impact on the global economy, as the companies across the globe were forced to either fully close or partially close their operations, leading to disruption in the supply-demand ratio.
The global Floating Production Storage and Offloading Market report covers an exhaustive analysis of all the key players in the industry. This includes a business overview, extensive portfolio, business strategies, news, financial performance, length of distribution network, and geographical presence among others. In addition to that, the report also covers company market share along with in-depth strategic developments.
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