The “Floating Production Storage and Offloading – Global Market Outlook (2019-2027)” report has been added to ResearchAndMarkets.com’s offering.

According to the report, the expected to reach $36.5 billion by 2027, growing at a CAGR of 7.9% during the forecast period.

An increase in deep- and ultra-deepwater oil & gas production and increased focus on offshore exploration & production activities are the major factors propelling market growth. However, volatile oil & gas prices are hampering the development of the market.

Floating production storage and offloading is a floating service that accepts fluids like crude oil, water, and a mass of other things from a subsea and is then detached into crude oil, water, and impurities within the topsides manufacture facilities onboard. These vessels are equipped with hydrocarbon processing equipment for the separation and treatment of fluids via flexible pipelines.

Based on the propulsion, the self-propelled segment is going to have a lucrative growth during the forecast period due to it can move without any external propulsion and the transportation cost is lower than the towed FPSOs.

By geography, South America is estimated to have a lucrative growth due to modern offshore E&P developments and deepwater oil field discoveries. Brazil is anticipated to appear as a most important FPSO market in this region due to growing oil & gas activities coupled with enough government support.

Some of the key players profiled in the Floating Production Storage and Offloading Market include Chevron, MODEC, bW Offshore, SBM Offshore, bluewater Energy Services, Teekay, Shell, bP, Exxonmobil, Petrobras, Total S.A., bumi Armada, MISC berhad, Saipem, and Yinson Holdings.