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Floating Production System (FPS) Market Segmentation by Type (FPSO, TLP, SPAR, and Barge); by Water Depth (Shallow Water, and Deep and Ultra-Deep Water); and by Build (New, and Converted) – Global Demand Analysis & Opportunity Outlook 2031

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  • December 2019- Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK Line) entered into a joint venture with SBM Offshore N.V. for the charter, operation and maintenance of a Floating, Production, Storage and Offloading (FPSO *1) system for Petrobras.

  • June 2019- Shell’s Appomattox floating production system (FPS) in the deep-water Gulf of Mexico achieved its first production using TechnipFMC’s full-field subsea solution.

Global Floating Production System (FPS) Market Highlights Over 2022 - 2031

The global floating production system (FPS) market is estimated to garner a large amount of revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Rising energy demand to carry out deep water exploration activities efficiently, and growing investments to effectively store and offload oil are expected to drive market growth in the upcoming years. Furthermore, upsurge in the capital expenditure in the exploration & production industry, and high emphasis of companies on new product launches are projected to offer abundant growth opportunities to the market in the near future.

Floating Production System (FPS) Market

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Along with these, the growth of the market can also be attributed to the increasing offshore exploration activities, and high demand for crude oil across the globe. According to the International Energy Agency, the total oil demand worldwide reached a value of 4,456 million tons in 2019, up from 4,428 million tons and 4,408 million tons in 2018 and 2017 respectively.

Total Oil Demand (in Million Tons), World, 2016-2019

The market is segmented by type into FPSO, TLP, SPAR, and barge, out of which, the FPSO segment is anticipated to hold the largest share in the global floating production system (FPS) market. This can be accounted to the high popularity of this FPS as a result of its additional feature of storing and offloading produced crude oil. Apart from this, high deployment of FPSOs globally ascribing to their capability of long distances movement is also expected to bolster the growth of the market segment in the future. Additionally, on the basis of water depth, the deep and ultra-deep water segment is assessed to grab the largest share during the forecast period owing to the high investments by operators for carrying out deep and ultra-deep water exploration activities, especially in Gulf of Mexico and Western Africa.

Major Macro-Economic Indicators Impacting the Market Growth

Major Macro-Economic Indicators Impacting the Market Growth

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Floating Production System (FPS) Market Regional Synopsis

Regionally, the global floating production system (FPS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Latin America is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the increasing investments for offshore projects, especially in Brazil. In addition, growing oil and gas production and expenditure, and rising development of shale plays are also expected to boost the market growth in the region in the coming years. In December 2020, the crude oil production in Brazil was reported at approximately 3,000 barrel/day, up from about 2,700 barrel/day in the same month last year, i.e., 2019. Moreover, the market in the Middle East & Africa is also projected to occupy a notable share during the forecast period, which can be credited primarily to the escalating number of deep and ultra-deep water activities in Africa.

Floating Production System (FPS) Market Share

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The global floating production system (FPS) market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global floating production system (FPS) market includes the following segments:

By Type

  • FPSO
  • TLP
  • SPAR
  • Barge

By Water Depth

  • Shallow Water
  • Deep and Ultra-Deep Water

By Build

  • New
  • Converted

Growth Drivers

  • Increasing Number of Offshore Exploration Activities
  • High Demand for Crude Oil Across the Globe


  • High Cost of Floating Production Systems

Top Featured Companies Dominating the Market

  • Mitsubishi Heavy Industries Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • TechnipFMC PLC
  • Hyundai Heavy Industries Co. Ltd
  • Keppel Offshore & Marine Ltd
  • Samsung Heavy Industries Co. Ltd
  • Bumi Armada Berhad
  • Malaysia Marine and Heavy Engineering Sdn Bhd
  • Daewoo Shipbuilding & Marine Engineering Co. Ltd.
  • Pipavav Defence and Offshore Engineering
  • Teekay Tankers Ltd.


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