FPSO sector to hit $36.6bn by 2033 on energy demand

The ability of FPSOs to operate in remote and deepwater locations, coupled with their flexibility and economic advantages, positions them as indispensable assets in the global oil and gas industry

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THE global floating production storage and offloading (FPSO) market is experiencing significant growth, driven by increasing offshore exploration and production activities, particularly in deepwater and ultra-deepwater regions.

FPSOS are vital assets in the oil and gas industry, serving as floating facilities that process and store hydrocarbons extracted from subsea reservoirs before offloading them to shuttle tankers or pipelines for transportation.

As of 2024, the global FPSO market size reached approximately $22.8 billion, with projections indicating an increase to $36.6 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.14 per cent during the period from 2025 to 2033.

This growth is attributed to the rising demand for energy, advancements in offshore technologies, and the economic viability of deploying FPSOS in remote offshore locations where traditional infrastructure is lacking.

The versatility and flexibility of FPSOs make them particularly suitable for operations in challenging environments.

Unlike fixed platforms, FPSOS can be relocated, offering operators the ability to redeploy assets as needed, thereby optimising resource utilisation.