According to a new report, published by KBV research, The Global Floating Production Storage and Offloading (FPSO) Market size is expected to reach $38.89 billion by 2031, rising at a market growth of 6.7 % CAGR during the forecast period.
The Converted segment is leading the Global Floating Production Storage and Offloading (FPSO) Market by Type in 2023; thereby, achieving a market value of $24.6 billion by 2031. Converted FPSOs are existing tankers or vessels repurposed and modified to serve as FPSOs. This approach offers a cost-effective and faster alternative to constructing new units, making it an attractive option for operators looking to deploy FPSOs within shorter timeframes. The use of converted FPSOs is particularly advantageous for marginal fields or smaller-scale projects where the investment in a new build may not be justified.
The Towed segment is anticipating a CAGR of 7.3% during (2024 - 2031). Towed FPSOs, unlike self-propelled units, rely on tugboats or other vessels for movement to the offshore site. These units are often deployed in locations where mobility is less of a priority or where it is more cost-effective to use a towed system. Towed FPSOs are generally used for long-term production storage at fixed sites, and their construction can be less expensive.
The Double Hull segment is generating the maximum revenue in the Global Floating Production Storage and Offloading (FPSO) Market by Hull Type in 2023; thereby, achieving a market value of $27.8 billion by 2031. Double hull FPSOs are designed with two separate hulls, providing enhanced safety and environmental protection, especially during an oil spill or structural damage. The additional hull acts as a barrier, reducing the risk of pollution and ensuring compliance with stringent safety regulations. This design is particularly favored in deeper waters, harsher environments, and regions with stringent environmental laws. The growing demand for environmentally responsible offshore operations has contributed to the increasing adoption of double hull FPSOs.
The Deepwater segment is registering a CAGR of 6.8% during (2024 - 2031). Deepwater FPSOs are specifically designed to operate in waters typically deeper than 400 meters, making them essential for tapping into offshore oil and gas reserves located far from shore. The increasing exploration and development of deepwater oil fields, particularly in regions like the Gulf of Mexico, Brazil, and West Africa, have significantly contributed to the growth of this segment.
Full Report: https://www.kbvresearch.com/floating-production-storage-and-offloading-market/
The North America region dominated the Global Floating Production Storage and Offloading (FPSO) Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14.3 billion by 2031. The Europe region is exhibiting a CAGR of 6.3% during (2024 - 2031). Additionally, The Asia Pacific region would showcase a CAGR of 7.3% during (2024 - 2031).
By Type
By Propulsion
By Application
By Hull Type
Unique Offerings 
