Floating Production Storage and Offloading Market

The GMI Research anticipates that the Floating Production Storage and Offloading Market will likely record a CAGR of 5.9% over the forecast period. This is because of the intensified emphasis on offshore exploration and production activities and growing research in deep and ultra-Deepwater. 

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Floating Production Storage and Offloading Market Dynamics

Growth in the global floating production storage and the offloading market is attributed to the increasing globalization and growing export and import activities among the developing and developed countries. In accordance with the report publicized by the World Trade Organisation, developing countries exported a total of USD 8,779 Billion, which included the exports of fuels and mining products. Thus, the sudden surge in the international exchange activities resulted in a substantial demand for the floating production storage and offloading market.

Besides this, several other forces, such as the growing demand for the growing demand to produce and transport crude oil, primarily in the developing and developed nations, have bolstered the market growth. For example, the yearly consumption of oil is nearly 30 billion and is projected to expand continuously at a faster rate. However, the excessive investment required for the setup may restrain the Floating Production Storage and Offloading Market share. For example, the floating production storage and offloading vessels are gauged with various processing equipment for the deposition, segregation, and offloading of oil and gas from sub-sea oil wells and platforms. This leads to a high capital cost of loading and unloading the oil and gas that might be a barrier for the market.

Regional Drivers

By region, North America is projected to lead the global floating production storage and offloading market by seizing the highest share. This is attributed to the augmenting oil & gas exploration activities with a surge in international trade surplus activities from North America followed by Europe and Asia-pacific. For instance, as per the U.S. Energy Information Administration, the United States, in 2020, exported more than 8.51 MMb/d and imported nearly 7.86 MMb/d of the petroleum industry. This rise in exchange activities has compelled Floating Production Storage and Offloading Market size.

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