The global Floating Production Storage and Offloading (FPSO) market is projected to grow from approximately USD 7.42 billion in 2024 to USD 11.29 billion by 2034, representing a compound annual growth rate (CAGR) of 4.7%, according to a Market Research Future report cited by EIN Presswire.
The expansion will be fueled by increasing deepwater and ultra-deepwater oilfield developments, the operational flexibility and cost efficiency of FPSOs, and advancements in digitalization and modular, redeployable designs.
Key growth regions include Brazil, West Africa, and the Gulf of Mexico, with several new projects also emerging in parts of the Asia-Pacific. Industry experts note that environmental compliance features and the rise of LNG FPSO units are expected to be pivotal in shaping the market landscape.
While the forecast differs from other market research estimates, analysts agree on the sector’s strong long-term growth potential.
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Offshore