Floating Production Storage and Offloading Market

Global Floating Production Storage & Offloading Market Research Report: By Type (Converted and New Build), By Hull Type (Single Hull and Double Hull), By Propulsion (Self-propelled and Towed), By Usage (Shallow Water, Deep Water, and Ultra-deep Water), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Chemical & Material | September 2023 | Report ID: EMR00105 | Pages: 217

The Global Floating Production Storage & Offloading Market was valued at USD 12.64 billion in 2022, and is predicted to reach approximately USD 32.86 billion by 2031, at a CAGR of 11.2% from 2023 to 2031. A Floating Production Storage and Offloading (FPSO) vessel is a versatile floating facility utilized in the offshore oil and gas sector. It integrates production, storage, and offloading capabilities, enabling the extraction of hydrocarbons from offshore fields. The FPSO receives unrefined oil and gas from underwater wells, processes them on the vessel, and stores them in large tanks before transferring them to tankers for transportation to refineries. By obviating the necessity for fixed offshore platforms, it becomes well-suited for remote or deep-water locations. FPSOs are engineered to withstand challenging environmental conditions and can be leased and deployed on a project-specific basis, offering flexibility and cost-effectiveness.




Report Attribute


Estimated Market Value (2022)

12.64 Bn

Projected Market Value (2031)

32.86 Bn

Base Year


Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Hull Type, By Propulsion, By Usage, & Region

Segments Covered

By Type, By Hull Type, By Propulsion, By Usage, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Floating Production Storage & Offloading Market Dynamics

Several factors drive the market for floating production storage and offloading (FPSO) vessels. The demand for FPSOs is being propelled by the increasing exploration and production activities in offshore fields, particularly in remote and deep-water locations. These vessels present a flexible and cost-effective solution for extracting oil and gas in challenging environments. Compared to fixed offshore platforms, FPSOs provide a quick time-to-market advantage, enabling swift deployment and production initiation. Moreover, FPSOs offer operational and logistical benefits by allowing easy relocation between different fields, resulting in reduced capital costs. Investments in the market are also driven by technological advancements in FPSO design, such as enhanced mooring systems and processing capabilities.


Global Floating Production Storage & Offloading Market Drivers

  • Increasing Exploration And Production Activities

The rise in exploration and production activities refers to the increasing efforts and investments made by companies in searching for and extracting oil and gas reserves. This trend is driven by the growing demand for energy, depletion of onshore reserves, and advancements in technology that enable access to previously untapped offshore fields, leading to increased exploration and production activities in the industry.

  • Operational And Logistical Benefits



  • High Upfront Costs

High upfront costs pertain to the significant initial investment required for the construction, deployment, and operation of Floating Production Storage and Offloading (FPSO) vessels. These costs encompass various aspects, including engineering, procurement, fabrication, installation, and commissioning. The substantial financial commitment can pose a challenge for operators and may require careful financial planning and capital allocation to overcome this barrier in the FPSO market.

  • Environmental Concerns



  • Technological Advancements

Technological advancements refer to continuous improvements and innovations in the design, systems, and processes related to Floating Production Storage and Offloading (FPSO) vessels. These advancements include enhanced mooring systems, processing capabilities, safety features, automation, digitalization, and remote monitoring. Technological progress drives increased efficiency, safety, performance, and cost-effectiveness of FPSOs, making them more attractive and competitive in the offshore oil and gas industry.

  • Expansion In Emerging Markets


Segment Overview

By Propulsion

Based on the propulsion, the global floating production storage & offloading market is segmented into self-propelled and towed. The self-propelled segment is dominating the market with the largest revenue share of around 60.3% in 2022. Compared to their non-self-propelled counterparts, self-propelled products and solutions provide superior mobility and flexibility. They come equipped with their own propulsion systems, enabling them to operate independently without relying on external power sources or towing. This autonomy leads to efficient operations, reduced dependence on external resources, and improved maneuverability, making self-propelled solutions highly desirable.


By Type

Based on the type, the global floating production storage & offloading market is segmented into converted and new build. The converted segment is dominating the market with the largest revenue share of around 43.1% in 2022. The transformation of pre-existing assets, such as ships or vessels, into new applications offers a cost-effective and time-efficient solution. By converting existing structures, resources can be repurposed, minimizing the requirement for extensive construction from the ground up. This aspect plays a crucial role in the substantial market share held by the converted segment. Moreover, the conversion process allows for the customization of assets to meet specific requirements, accommodating a wide range of applications and operational needs.


By Usage

Based on the usage, the global floating production storage & offloading market is segmented into shallow water, deep water, and ultra-deep water. In 2022, the shallow water segment emerged as the dominant segment in the floating production storage & offloading market, capturing the largest market share with around 37.2%. The primary reasons for this are diverse, including the upsurge in exploration and production activities in shallow water regions, advancements in drilling and production technologies tailored for these areas, and the existence of untapped reserves. Shallow water fields are typically more accessible and economically viable to develop in comparison to deep-water or ultra-deep-water regions.


By Hull Type

Based on hull type, the global floating production storage & offloading market is segmented into single hull and double hull. The double hull segment is anticipated to grow at a higher CAGR of 12.6% during the forecast period. The rising demand for double hull vessels can be attributed to the growing emphasis on safety and environmental protection through increased regulatory requirements and industry standards. Double hull designs offer an extra layer of protection, reducing the likelihood of oil spills and bolstering structural integrity. With governments and industry stakeholders prioritizing sustainability and risk mitigation, the demand for double hull vessels is expected to increase.


Global Floating Production Storage & Offloading Market Overview by Region

By Region, the global Floating Production Storage & Offloading Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market with around 34.6%, of the global market in 2022. The region is characterized by advanced economies such as the United States and Canada, which boast thriving industrial sectors and technological progress. These nations prioritize research and development, innovation, and entrepreneurial endeavors, resulting in the creation of state-of-the-art products and services. North America possesses abundant natural resources, including oil, gas, and minerals, which drive the energy and mining industries. Moreover, the region benefits from a well-established infrastructure, efficient logistics networks, and a stable regulatory environment that fosters business expansion. Additionally, a large consumer base, high disposable income, and a culture of consumerism contribute to a robust market demand across various product and service categories.



Global Floating Production Storage & Offloading Market Competitive Landscape

In the global floating production storage & offloading market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.


Some of the prominent players in the global floating production storage & offloading market include Chevron, Exxon Mobil, BP PLC, Equinor, Woodside Energy, Aker Solutions, Eni S.P.A., Dommo Energia, BW Offshore, Teekay, and various other key players.


Global Floating Production Storage & Offloading Market Recent Developments

In November 2022, SBM Offshore has announced a partnership with China Merchants Financial Leasing (Hong Kong) Holding Company (CMFL), a Chinese financial firm. The goal of this collaboration is to share ownership and operation of FPSO projects. They would be able to supply top-tier FPSO solutions to clients worldwide by merging their individual skills. The competence of SBM Offshore in the design, building, and management of FPSOs will be supplemented by CMFL's strong financial skills and leasing and financing experience.


Scope of the Global Floating Production Storage & Offloading Market Report

Floating Production Storage & Offloading Market Report Segmentation



By Type

  • Converted
  • New Build


By Hull Type

  • Single Hull
  • Double Hull

By Propulsion

  • Self-propelled
  • Towed


By Usage

  • Shallow Water
  • Deep Water
  • Ultra-deep Water

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:


  • Global Floating Production Storage & Offloading Market Size and Forecast:

To identify and estimate the market size for the global floating production storage & offloading market segmented by type, by hull type, by propulsion, by usage, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of floating production storage & offloading between 2019 and 2031.


  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global floating production storage & offloading market


  • Market Influencing Factors:

To find out the factors which are affecting the sales of floating production storage & offloading among consumers


  • Impact of COVID-19:

To identify and understand the various factors involved in the global floating production storage & offloading market affected by the pandemic


  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience

  • Floating Production Storage & Offloading Manufacturers
  • Raw Material Suppliers
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global floating production storage & offloading market forecast period is 2023 - 2031
According to floating production storage & offloading market research, the market is expected to grow at a CAGR of ~11.2% over the coming years.
Latin America is expected to register the highest CAGR during 2023 - 2031
North America held the largest share in 2022
The major companies operating in the global floating production storage & offloading market include Chevron, Exxon Mobil, BP PLC, Equinor, Woodside Energy, Aker Solutions, Eni S.P.A., Dommo Energia, BW Offshore, Teekay, and others.

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