Floating Production System (FPS) Market Size & Share, by Type {Floating Production, Storage, Offloading (FPSO), Tension Leg Platforms (TLPs), Spars}; Water Depth (Shallow Water, Deep & Ultra-Deep Water); Build (New, Converted) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3826
  • Published Date: Jul 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 � 2035

Floating Production System Market size is expected to surpass USD 34 Billion by the end of 2035, growing at a CAGR of 10% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the floating production system was more than USD 10 Billion. The expansion of the oil and gas industry worldwide is responsible for the expanding use of these systems as they are becoming the key method for most offshore oil and gas-producing regions.

The growing demand for crude oil from several end-use industries is leading to the rapid augmentation of offshore exploration undertakings across the world. Hence, with the expanding development of offshore oil and gas production, there is a rise in the demand for floating vessels for oil storage and production and processing of hydrocarbons in the oil and gas industry. According to the International Energy Agency (IEA), in 2023, the oil demand globally is predicted to hike by 2.2 mb/d year-on-year.


Floating Production System (FPS) Market
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Floating Production System (FPS) Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in Offshore Drilling & Exploration Activity – With the rising demand for oil and other petroleum products and the enlarging development of countries to become energy independent, the exploration of potential oil reserves is on the rise. As per a report of 2021, worldwide there were ~1.73 trillion barrels of oil reserves. This is projected to bring in numerous growth opportunities for the floating production system market in the coming decade.
  • Increasing Investment & Development in Energy Industry – for instance, ExxonMobil Guyana (ExxonMobil Corporation) finalized an additional investment decision of about USD 12.7 billion for the offshore Uaru development augmenting Guyana’s energy industry. The project ascertained all government and regulatory approvals and is expected to start in 2026, adding a daily production capacity of around 250,000 barrels.

Challenges

  • Cost Involved to Develop FPS Systems is High - Most floating production units require a substantial upfront investment for installation, and regular maintenance raises overall operating costs, slowing market growth.
  • High Maintenance & Operational Cost
  • Emerging Offshore Engineering Regulations & Maritime Codes

Floating Production System (FPS) Market

Base Year

2022

Forecast Year

2023-2035

CAGR

~10%

Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2035)

~ USD 34 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa
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Floating Production System (FPS) Segmentation

Type {Floating Production, Storage, and Offloading (FPSO), Tension Leg Platforms (TLPs), Spars}

The FPSO segment in the floating production system market is anticipated to garner the largest growth share of 60% in the given years due to the growing production of hydrocarbons along with increasing developments of remote gas fields. FPSOs are widely used owing to their typical characteristics of storing and offloading the produced crude oil. It also enables long-distance movements and is used for exploration in several fields.

Water Depth (Shallow Water, Deep & Ultra- Deepwater)

Floating production system market from the deep & ultra-deepwater segment is predicted to hold the highest revenue ratio in the upcoming years.  The segment enlargement is accredited to the growing energy demand worldwide together with intensely increasing deepwater expeditions for obtaining crude oil, and natural gas.

Our in-depth analysis of the global market includes the following segments:

           Type

  • Floating Production, Storage, and Offloading (FPSO)
  • Tension Leg Platforms (TLPs)
  • Spars

           Water Depth

  • Shallow Water
  • Deep & Ultra-Deep Water

            Build

  • New
  • Converted

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Floating Production System (FPS) Industry - Regional Synopsis

Latin American Market Forecast

The floating production system market in Latin America is predicted to be the biggest with a share of about 30% by 2035. The increasing investments in offshore projects in the region, especially in Brazil, and the growing oil and gas production and expenditure with the rising development of shale players in the region are anticipated to boost the market growth in the upcoming years. In 2021, the per day oil production in Brazil touched around 3 million barrels, depicting a positive move for more than a decade.

Middle East & African Market Statistics

The floating production system market in the Middle East & Africa is estimated to be the second largest, registering a share of about 22% by the end of 2035. The existence and potential of oil reserves in the Organization of the Petroleum Exporting Countries (OPEC) especially in Saudi Arabia and the increasing contracting activity for offshore drilling rigs in West Africa are proposed to hike the demand for floaters in the region. As per the British company's Statistical Review of World Energy Report 2021, Saudi Arabia has nearly 297.5 billion barrels of oil reserves.

Research Nester
Floating Production System Market Size
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Companies Dominating the Floating Production System Market

top-features-companies
    • Mitsubishi Heavy Industries Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    •  Nippon Yusen Kabushiki Kaisha (NYK Line)
    • Shell International B.V.
    • TechnipFMC PLC
    • Hyundai Heavy Industries Co. Ltd
    • Keppel Offshore & Marine Ltd
    • Samsung Heavy Industries Co. Ltd
    • Bumi Armada Group
    • Daewoo Shipbuilding & Marine Engineering Co. Ltd.
    • Teekay Tankers Ltd.
    • Reliance Naval and Engineering Limited

In the News

  • Mitsubishi Heavy Industries Ltd. 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.
  • Shell International B.V.’s Appomattox floating production system (FPS) in the deep-water Gulf of Mexico achieved its first production using TechnipFMC’s full-field subsea solution.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3826
  • Published Date: Jul 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing demand for crude oil and natural gas along with the growing oil and gas industry and rising offshore exploration activity are the major factors driving the growth of the floating production system market.

The market size of the floating production system is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023 � 2035.

The major players in the market are Mitsubishi Heavy Industries Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Shell International B.V., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd., Keppel Offshore & Marine Ltd., Samsung Heavy Industries Co. Ltd., Bumi Armada Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Teekay Tankers Ltd., Reliance Naval and Engineering Limited.

The FPSO segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Latin America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Floating Production System Market Report Scope
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