The global Floating Production Storage and Offloading market reached a value of about USD 29.81 billion in 2021. The industry is projected to grow at a CAGR of around 11.7% in the forecast period of 2022-2027 to reach a value of about USD 57.90 billion by 2027.
The global Floating Production Storage and Offloading industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing rate of exploration activities globally is primarily driving the market's growth. Latin America is the highest category spender by region, driving the demand for the Floating Production Storage and Offloading industry.
Floating production storage and the offloading unit are floating vessels placed near an offshore oil and gas sector for hydrocarbon production, processing, and storage. FPSOs are either converted oil tankers or vessels explicitly designed for the purpose. The Floating Production Storage and Offloading industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America).
Latin America holds the largest share in the industry due to the increased expenditures to support energy infrastructure expansion and increased demand for offshore oil and gas production in countries like Mexico and Brazil. Furthermore, the enormous assets planned upstream into deep water deposits hydrocarbons assist in the region's market expansion. Due to increased oil and gas activity and enough government backing, Brazil is expected to emerge as a significant FPSO market in this area.
The industry is being propelled by the growing focus on offshore exploration and production operations and rising exploration in deep and ultra-deepwater. Furthermore, the discoveries of deepwater resources offshore in regions like Africa, Brazil, and Guyana are further propelling the industry. In addition, the reduced transportation costs and time to transfer crude oil and natural gas directly from offshore production facilities to end-user sectors such as gas liquefaction plants and refineries are boosting the industry's expansion. Also, the growing investments in the oil and gas industry to explore deepwater properties. The Higher oil prices are likely to impact the market positively.
However, factors such as environmental concerns and costs associated with intervention operations are likely to hamper the industry's expansion.
The global Floating Production Storage and Offloading industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by central global Floating Production Storage and Offloading regions, such as engagement models and contract terms, and buyer and supplier negotiation levers, among others.
The processing of oil and gas is referred to as production. Seabed wells generate hydrocarbons delivered to the FPSO through flowlines and risers. The hydrocarbons are subsequently split into oil, gas, water, and contaminants at the FPSO's production facilities. Flowlines transport hydrocarbons from a subsea well to the surface. Risers are designed for vertical movement and can be flexible or stiff. This is the part of the line that runs from the seabed to the surface. The oil is refined and then transported to cargo tanks in the vessel's double hull. Transferring the acquired material to other transfer conduits is referred to as offloading. Subsequently, crude oil is transported from the vessel to tankers and pipelines headed ashore. The gas is piped to the beach or recycled back into the field to boost output.
The industry is being aided by the ability to float production storage and offloading without a permanent structure. Furthermore, they are particularly appropriate for adverse weather circumstances since they have detachable turret systems that may be withdrawn during an emergency and reattached to resume operations, further boosting the industry's growth. The rising energy consumption and the need for more efficient production and storage technologies will aid market expansion. Furthermore, the increasing concentration of major companies on R&D activities and new product development will likely benefit the market's growth.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The leading players are presently focused on product innovations, mergers and acquisitions, new advancements, joint ventures, collaborations, and partnerships to improve their market position in the worldwide floating production storage and offloading (FPSO) market. Market participants may benefit greatly from advancements in production and unloading technology.
1. Executive Summary
2. Floating Production Storage and Offloading Market Snapshot
2.1. Floating Production Storage and Offloading Market Outlook
2.2. Region Overview
2.2.1. North America
2.2.2. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East
3. Impact of Recent Events
4. Floating Production Storage and Offloading Value Chain Analysis
5. Floating Production Storage and Offloading Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Floating Production Storage and Offloading Cost Structure
9. Floating Production Storage and Offloading Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Floating Production Storage and Offloading Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. SBM Offshore N.V.
14.2. MODEC Inc.
14.3. BW Offshore Limited
14.4. Bumi Armada Berhad
14.5. Teekay Corporation
The global Floating Production Storage and Offloading market size were valued at USD 29.81 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 11.7%.
The significant demand for energy worldwide is one of the essential drivers of the Floating Production Storage and Offloading market growth.
SBM Offshore N.V., MODEC Inc., BW Offshore Limited, Bumi Armada Berhad, and Teekay Corporation are some of the prominent players in the market.
The Latin America region of the Floating Production Storage and Offloading industry holds the major share in the market.
The global Floating Production Storage and Offloading market attained a value of USD 29.81 billion in 2021, driven by the growing focus on offshore exploration and production operations and rising exploration in deep and ultra-deep water. Aided by the ability to float production storage and offloading without a permanent structure paired with growing technological advancement, R&D activities, and new product development, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 11.7%. The market is projected to reach USD 57.90 billion by 2027. Some of the leading players in the industry are SBM Offshore N.V., MODEC Inc., BW Offshore Limited, Bumi Armada Berhad, and Teekay Corporation.
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